tyb
good. Have a nice weekend
Dow Jumps, Small Caps Slump, Healthcare Dumps
Fun-durr-mentals.
For the second day in a row, Chinese markets flatlined. (even with all that printed up freshly applied yuan)
Volatile day in European stocks to end the short-week as PMIs hit. Italy was weaker on the day and Germany best on the week.
Small Caps suffered on the week as Trannies and The Dow managed gains ahead of the long weekend.
This was the 2nd worst week for Small Caps relative to Mega Caps in 5 months.
Technology's role as the best-performing equity sector during this year's ferocious rally has it trading at more than 19.2 times forward 12-month earnings, a level it hasn't reached since 2007.
As Bloomberg notes, valuations are a notoriously poor tool for market timing, and forward earnings estimates could prove to be too low, so this alone shouldn't necessarily serve as a sell signal. However, notice the divergence in fortunes between tech and health care that's left the former trading at almost 1.4 times the forward valuation of the latter. That's a rather extreme divergence that seems like a good candidate for mean reversion.
The Healthcare sector continued to puke today, making it the worst week since 2018, but we note that it found support at the 100DMA.
(Right on the expected line in the sand-they know where to settle it that's for sure)
Treasuries round-tripped early week losses with yields tumbling the last 24 hours back to unchanged on the week.
The Dollar Index (DXY) surged today (by the most in a month) bouncing off the 97.00 level once again as German Manufacturing disappointed sending the EUR tumbling.
Crytpos continue to have a good week with Ethereum and Litecoin best today.
(hahahahahahaha!)
Gold had a lackluster* week as silver broke-even, copper tumbled today.
*edit
WTI has traded sideways for almost two weeks - unable to break the Fib61.8% retracement.
(they need to keep it up where it is at because of the aramco bond issue)
Gas prices are up a record 65 days in a row.
(where have gas prices gone in your neighborhood?.. thank the saudi's indirectly)
Finally, US economic is the worst in the world as China's soars.
Probably nothing!!
https://www.zerohedge.com/news/2019-04-18/trump-pumps-dow-jumps-small-caps-slump-healthcare-dumps
DOW-finally above average however it has had an entire quarter to bring these daily average's down so would not get too excited over this
Volume 332,625,654
Avg. Volume 305,463,870
NAS- Not here though
Volume 1,875,962,399
Avg. Volume 3,168,038,064
SP500- Nor here
Volume 2,076,075,211
Avg. Volume 3,636,355,483
https://finance.yahoo.com/quote/%5EDJI?p=^DJI
Canada extends deadline for Trans Mountain pipeline decision to June 18
CALGARY, Alberta (Reuters) - Canada has extended the deadline for a decision on whether to push forward with the expansion of the Trans Mountain oil pipeline to June 18 from mid-May, the government said on Thursday.
The Trans Mountain expansion (TMX) project would nearly triple the amount of crude flowing from Alberta’s oil sands to British Columbia’s coast, but has been beset by regulatory delays and opposition from indigenous groups, environmentalists and the government of British Columbia.
Amarjeet Sohi, Canada’s minister of natural resources, said the delay would give the federal Liberal government more time to consult with indigenous groups impacted by the pipeline.
“The Government has consistently said that a decision would only be made on the project once we are satisfied that the duty to consult has been met,” he said.
However, Conservative shadow minister for natural resource Shannon Stubbs said the delay meant another summer construction season would likely be missed.
“There is also still a very real risk that the Liberals will cancel this project for political reasons,” she said in a statement.
Last August, the Canadian government bought the pipeline from Kinder Morgan Canada for C$4.5 billion ($3.37 billion) to ensure it gets built.
That came after Canada’s Federal Court of Appeal overturned the Liberal government’s 2016 approval to expand the pipeline. The court ruled Canada’s National Energy Board (NEB) regulator had not considered marine impacts and the government had not adequately consulted indigenous groups.
Prime Minister Justin Trudeau’s government ordered a new NEB review of Trans Mountain last September, and in February the regulator recommended the government approve it a second time.
The NEB also made new recommendations to mitigate harm to Pacific Ocean killer whales, which environmentalists warn will face disruption from increased oil tanker traffic.
Alberta’s Premier-designate Jason Kenney, who won a landslide election victory in the oil-rich province on Tuesday, said he had spoken with Trudeau about the delay.
“I agree with the Prime Minister that they need to make sure they cross every ‘t’ and dot every ‘i’ when it comes to discharging the federal government’s duty to consult,” Kenney told a news conference. “We certainly do not want them to go back to the drawing board a third time on this.”
RBC Capital Markets analyst Michael Tran said the short delay to the decision would not materially impact the energy sector.
“The government is taking its time to make sure the right decision is made and it’s communicated the right way to the masses,” Tran said.
Trudeau’s Liberals face a federal election later this year in which the environment and pipelines will be major issues.
https://www.reuters.com/article/us-canada-pipeline/canada-extends-deadline-for-trans-mountain-pipeline-decision-to-june-18-idUSKCN1RU1LS?il=0
glad someone saw it. BTW when that deal was done, handing the port over to the chinese it was none other than Lanny Davis involved.
This was brought up when the military went in to the port a bit ago.
From 1996 to 1998, he served as a special counsel to President Bill Clinton, and was a spokesperson for the President and the White House on matters concerning campaign-finance investigations and other legal issues.
what was I supposed to see there? Nothing showed on my end