Presidential race

Despite the arrogance of Hillary's campaign claiming to be "pleased" that the Justice Department granted immunity to an IT specialist who worked on Hillary's private email server, Fox News reports Bryan Pagliano has told the FBI key details, about how and what devices she used, citing an intelligence source who called him a "devastating witness." Having been warned that she should be "terrified" since "they would not be immunizing him and thereby inducing him to spill his guts unless they wanted to indict someone,"

Via ConvergEx's Nick Colas,

Today we engage in a simple thought experiment: what 3 pieces of information would you need to confidently call the 2016 end-of-year level on the S&P 500?

 

A brief survey of senior Convergex traders yielded this list: year-end worldwide central bank rates, Chinese GDP growth in 2016, actual 2016 US corporate earnings, the winner of the U.S. presidential race, and the pace of increases in the Fed Funds rate for the year. 

 

Via Dana Lyons' Tumblr,

The current test of a 30-year trendline could determine whether or not the bounce in oil stocks is sustainable.

After yesterday's last hour selloff sent the S&P to the very edge of the critical support trendline which, as shown yesterday, meant 1980 had to be defended at all costs...

... so far the support has held, and in overnight trading European stocks have managed to rebound on the back of more levitation in oil, while US equity futures have ignored a drop in the USDJPY which touched 112.20 in morning trading, and have jumped by 0.5% as of this moment, up 10 points to 1,990.

A reader who is a college professor writes: