Authored by Duane Norman via Free Market Shooter blog,
In spite of low volumes, US stock markets made fresh all-time highs today:
The Dow Jones industrial average rose about 140 points and hit intraday and closing records, surpassing a previous all-time high of 21,391.97, which was set last week.
Why not...
The Dow is up 1.5% since the Thursday close before the FANG Crash (with both S&P and Dow at new record highs this morning), but Nasdaq contonues to lag...
Hovering at flash-crash ledge levels for now... (with VIX tumbling towards a 9 handle once again)
FANG stocks are up led by AMZN at new record highs...
NFLX continues to lag...
And as AMZN and WFM continue higher so Retailers and REITs are extending losses...
Via Global Macro Monitor,
Before hitting the hay we need to call a big B.S. on the bastard ‘bots from Rip (Off) City. They screwed us again yesterday (June 14) in crude oil futures.
First, before we get into the trade, a little background.
We have posted about our experiences of being ripped off by these “so-called” trading ‘bots, who prey and stalk the markets, looking to pick-off traders through blatant market manipulation. Flash crash, my arse.
After an exuberant spike in April, US Manufacturing output dropped 0.4% MoM in May (the biggest drop since Feb 2015), missing expectations of a 0.1% rise by three standard deviations.
Manufacturing Output has been swinging violently in the last 3 months...
Headline Industrial Production also disappointed (unch vs +0.2% exp), the weakest print since January.
After three yuuge months for Industrial Production gains, the Trump train appears to have stopped.
Finally there's this...
Is it going to be another May 17, when US stocks tumbled as concerns of a Trump impeachment over obstruction of justice and impeachment surged ahead of Comey's tetimony?
Overnight, S&P500 futures accelerated their decline following yesterday's WaPo report that Special Counsel Mueller has launched a probe into potential obstruction of justice by Trump...