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Post by huh on Apr 24, 2017 6:53:47 GMT -5
10 things you need to know before the opening bell Macron and Le Pen move on in the French election. Centrist Emmanuel Macron and far-right National Front candidate Marine Le Pen have advanced to the second round of the French presidential election, taking 23.9% and 21.4% of the vote. The euro is holding on to big gains. The currency trades up 1.2% at 1.0859 versus the dollar, and is flirting with its best close in five months, following the French election. Stocks are flying. France's CAC (+4.4%) leads the gains in Europe after Japan's Nikkei (+1.4%) paced the advance in Asia. The S&P 500 is set to open up 1.3% near 2,380. Gold is getting crushed. The precious metal trades down 1% at $1,271.58 an ounce as traders shed havens for riskier assets. Oil is bouncing back. West Texas Intermediate crude oil trades up 1.1% at $50.18 a barrel amid hopes OPEC will extend its pledge to cut output for all of 2017, Reuters reports. WTI fell by about 6.5% last week as oil inventories fell by less than expected and gasoline stockpiles rose. German business confidence is booming. Germany's Ifo Business Climate, an assessment of current conditions, jumped to 112.9 in April from 112.4 in March. While the German economy is "growing strongly," companies are "somewhat less optimistic" about their six-month business outlooks, according to Prof. Dr. Clemens Fuest, the president of the Ifo Institute. Policymakers in China are bullish. Speaking at a G-20 summit in Washington last week, finance minister Xiao Jie said numerous positive signs were emerging from the Chinese economy, Reuters says. Jimmy Choo is putting itself up for sale. The luxury shoe brand is "seeking offers" and says its majority shareholder, JAB Luxury GmbH, supports the process. Earnings reporting heats up. Halliburton and Hasbro report ahead of the opening bell, while Alcoa and T-Mobile are among the names releasing their quarterly results after markets close. US economic data is light. Dallas Fed manufacturing will be released at 10:30 a.m. ET. The US 10-year yield is up by 5 basis points at 2.298%. www.businessinsider.com/opening-bell-april-24-2017-2017-4
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Post by huh on Apr 24, 2017 6:54:25 GMT -5
10 things in tech you need to know today 1. Apple CEO Tim Cook once personally threatened to kick Uber out of the App Store. He told Uber CEO Travis Kalanick that the Uber app violated Apple's privacy rules. 2. Uber has delayed releasing the findings for its internal investigation into sexual harassment until the end of May. The delay was referred to in an internal memo sent by board member Arianna Huffington. 3. Amber Heard has confirmed her relationship with billionaire Elon Musk following months of rumors. The US actress, 31, posted a photo of the pair together on her official Instagram account on Sunday, appearing to confirm their romance. 4. Angry customers who gave smart credit card company Plastc $9 million in pre-orders and then abruptly shut down are hoping to sue the company. Venture capital investors had also sunk a reported $4.3 million into the fintech startup. 5. The New York Times examined whether it's time to break up Google. The Californian tech giant has an 88% market share in search advertising. 6. Uber CEO Travis Kalanick hired his own private driver after a videotaped argument with an Uber driver went viral. The detail was published in a New York Times' exposé on Kalanick. 7. Facebook CEO Mark Zuckerberg explained his crazy vision for what comes next after the smartphone. It involves a world without screens. 8. Binge-watching Netflix shows can actually be good for you. That's according to a communications professor. 9. The new "Silicon Valley" season exposes a common dilemma in the tech industry known as "pivoting". During season four, the act of pivoting and what to pursue become central. 10. MIT Technology Review called out Elon Musk for saying that telepathy technology will be available in a few short years. The Tesla founder has set up a new company called Neuralink and its mission is to use brain implants to directly link human minds to computers. www.businessinsider.com/10-things-in-tech-you-need-to-know-today-april-24-2017-4
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Post by huh on Apr 24, 2017 6:55:07 GMT -5
Frontrunning: April 24 French election relief sends Europe soaring (Reuters) Gloves off as Le Pen and Macron pitch for final battle (Reuters) French Runoff Creates Fresh Political Divisions (WSJ) U.S. Government Shutdown May Hinge on Trump’s Demand for Mexico Wall (BBG) Congress returns as Trump pressures Democrats ahead of funding deadline (Reuters) The Rich Are Living Longer and Taking More From Taxpayers (BBG) Mattis Pays Surprise Visit to Kabul (WSJ) Bomb attack hits U.S. base in eastern Afghanistan (Reuters) The Electric Car Revolution Now Faces Its Biggest Test (BBG) States Seek to Blunt Insurers’ Costs in Bid to Shore Up Health Exchanges (WSJ) Top Iron Ore Forecaster Says Prices Will Sink Back Below $50 (BBG) Billionaire Doctor’s $11,000 Cancer Test Has Few Takers So Far (BBG) ‘Apartheid Without the Racism’: How China Keeps Rural Folks Down (WSJ) German Business Confidence Climbs to Highest Since July 2011 (BBG) Goldman Got Burned by These Debts in Rare Trading Miss (BBG) How a $1.4 Billion ETF Gold Rush Rattled Mining Stocks Around the World (WSJ) PPG Again Raises Bid For Akzo Nobel (WSJ) Akzo to Consider PPG's Sweetened $29 Billion Takeover Offer (BBG) IBM Says CEO Pay Is $33 Million. Others Say It Is Far Higher (BBG) U.S., Philippines scale back next month's military drills, no more 'war games' (Reuters) Samsung to Issue Galaxy S8 Software Updates After Complaints (WSJ) Local, global security firms in race along China's 'Silk Road' (Reuters) China clamps down on excess steel as Japan decries Trump 'protectionism' (Reuters) www.zerohedge.com/news/2017-04-24/frontrunning-april-24
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Post by huh on Apr 24, 2017 7:06:58 GMT -5
Wow, ES up ~27 points. Bears just never catch a break, do they?
ES was up way more than 7 before midnight last night, and so far that's been a contrarian signal batting a 100% success rate over the last few years. If that is to continue then I'd expect market to be at least near flat by the close today.
But will this be the time it finally fails? If S&P holds >2361.50 today, then its downtrend would be broken, and so too would be the perfect run of this contrarian indicator.
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Post by theMist on Apr 24, 2017 7:20:27 GMT -5
Farewell and adieu to you fair Spanish ladies, Farewell and adieu to you, ladies of Spain; For we've received orders For the sail back to Boston,
And so nevermore shall we see you again
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Post by theMist on Apr 24, 2017 7:42:57 GMT -5
Huh, do you still believe that news cannot move markets and make or break trends/patterns?
'noise'
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Post by huh on Apr 24, 2017 8:02:41 GMT -5
Huh, do you still believe that news cannot move markets and make or break trends/patterns? 'noise' What's the news for this move?
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Post by theMist on Apr 24, 2017 8:03:18 GMT -5
S&P Daily ChartI posted this chart late on Friday. I think this clearly demonstrates to never take lightly a potential cross of MACD histogram above/below zero line along with bullish/bearish cross of MACD. Even on smaller time frames, can produce big moves either way and I've watched it on VXX chart many times. You can get hurt if on wrong side of trade.
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Post by theMist on Apr 24, 2017 8:09:54 GMT -5
Huh, do you still believe that news cannot move markets and make or break trends/patterns? 'noise' What's the news for this move? I posted about it on Friday -- French Elections. Fear was that communist Melonchon (Chavez fan) would advance. He wants France out of the EU. Markets want Macron who is pro EU. Also, Le Pen has been for Frexit BUT has backpedaled somewhat from what I believe. So now it's either Macron or Le Pen who would be next French President. I don't think Market would like possibility of Frexit. France is 6th largest economy in world and 3rd largest economy in Europe. That's why I was all cash going into weekend. Markets could easily be down -200 as well right now depending on how election results turned out. That's why I was all cash going into weekend. Now, we have possibility of Tax Reform News on Wednesday. That will also be another market moving event. If Tax Reform News disappoints, Bears may have 2nd chance IMO we'll see... I don't hold positions overnight when I know there is market moving news coming up
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Post by walnut on Apr 24, 2017 8:10:20 GMT -5
Huh, do you still believe that news cannot move markets and make or break trends/patterns? 'noise' What's the news for this move? The "right" candidate did well in the French elections. Pro-euro.
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Post by theMist on Apr 24, 2017 8:12:46 GMT -5
What's the news for this move? The "right" candidate did well in the French elections. Pro-euro. Sunday May 7th is the French Presidential election. If Le Pen puts in a surprise victory it will be very interesting to see how markets react.
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Post by huh on Apr 24, 2017 8:17:15 GMT -5
And that's why I'm not a fundamentalist. I see little to no connection to our economy and the French election.
But I do believe in the "Hey, MM-Mulligan Man!"
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Post by huh on Apr 24, 2017 8:24:32 GMT -5
For example, Trump's announcement about tax news coming on Wednesday. I think bulls are being baited to buy into that news, along with this French election. If Trump truly had a tax plan, he wouldn't have signed an Executive Order on Friday creating a 150 day window for his staff to come up with a tax plan. And even if he did already have one, it would take an act of Congress to get it done, quite literally.
We'll see what happens in the next 2 days and whether or not I'm right about bulls being baited. If MM's sell hard into these pm highs today and tomorrow (as the 401K funds flow in), then it will definitely have been a, "Hey, MM-Mulligan Man!"
But I do have a plate of crow warming up, JIC
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Post by theMist on Apr 24, 2017 8:25:43 GMT -5
S&P Hourly ChartS&P now flirting with possible double bottom and IF ('IF') were to play out would take S&P to new all time highs. In order for Bulls to completely negate possibility of correction still or at least possible move down to SP2300 -- Bulls would have to get S&P back over 2400 IMO. Jim believes that with move above resistance would set tone for new highs. I don't buy into that because I've seen S&P break above resistance before only to drop back down again and form an even larger triangle (i.e. sideways action). Tax Reform News disappoints on Wednesday and markets can easily drop back down hard just as quick as they are jumping up this morning on French Election News.
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Post by clinton on Apr 24, 2017 8:29:37 GMT -5
I cant see this phony pop lasting very long.
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Post by theMist on Apr 24, 2017 8:32:04 GMT -5
If I were short the VIX SCAMs over the weekend -- I would cover for a really nice profit now
TVIX, UVXY down 16%, VXX 8% - what a move
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Post by theMist on Apr 24, 2017 8:47:05 GMT -5
Amazing how when looking back, this isn't the first time that markets were flashing signs of correction / pullback and a lot was leaning in Bears favor. And bullish argument had very little to go on and BOOM they jam the markets higher.
However, whether this move fades or not is another question and at some point S&P should fill this morning gap UP (just a question of when).
When the real correction hits, its not going to be when markets are flashing signs of falling off cliff. It almost always happens when everyone least expects it to IMO.
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Post by walnut on Apr 24, 2017 8:49:30 GMT -5
VXX is a little outside the lower BB on the hourly haha
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Post by theMist on Apr 24, 2017 8:50:53 GMT -5
VXX is a little outside the lower BB on the hourly haha Unless your holding for very long term (which I don't) -- I would definitely be covering VXX short for nice profit right now. Go long VIX SCAMs for a trade right now?! no way I see them rising up a little but I just don't have the cahunas lol
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Post by walnut on Apr 24, 2017 8:52:30 GMT -5
I'm afraid that the indicators are going to say VXX is about to bounce back up
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