tyb
U.S. Market Report
Some good follow on action today.
Volumes are ok but to be expected as most people are treading very cautiously. The only one that is concerning is the SP500-still well below daily average. To those who have shorted the markets a bit of advice: you can be so right that you end up being wrong. What this means is that you have done you analysis the best way that you can and sometimes the results of that are not what occurs the way you expect them to.
This is a hard lesson to learn as you MUST react to what you see and not what you think or have analyzed 'should' habben.
Have been in that position before and it is very frustrating.
If you shorted tech stocks they teased you with a slow drop early on, almost daring you to add. Hope you did not-please be careful as you are playing with real money, this pepe is not.
newfags- this pepe has no skin in this game so these reports are as unbiased as they can be.
I have no positions to defend and have not advocated buying anything as this is a public board you should not be taking advice from anyone.
Do your own research and make your own decisions.
Good volume on the close of all index's suggest that this could go on for a bit-why not?
The news dictates what this does and you cannot act quicker than the High Frequency Traders. All you can do is react to what they do if you are not in this for the long term, short or long.
Some Business and Finance headlines.
U.S. services sector activity strengthens, eases gloom over economy
https://www.reuters.com/article/us-usa-economy-services/u-s-services-sector-activity-strengthens-eases-gloom-over-economy-idUSKCN1T61Q6?il=0
Meg Whitman said she was happy to throw HP predecessor 'under the bus' over Autonomy deal
https://www.reuters.com/article/us-autonomy-hp-lynch/meg-whitman-said-she-was-happy-to-throw-hp-predecessor-under-the-bus-over-autonomy-deal-idUSKCN1T62EA?
BofA Warns Of "Carnage" In Loan Market, Which It Will Be Responsible For
Back in 2018, the list of voices speaking up about the risks inherent in the leveraged loan market, included the who is who of financial icons and regulators among them the IMF, Fed, BIS, JPMorgan, Guggenheim, Jeff Gundlach, and Howard Marks (as we documented back in December)with even Janet Yellen chiming in that declining underwriting standards for corporate loans could lead to more bankruptcies and prolong the next economic downturn.
https://www.zerohedge.com/news/2019-06-05/bofa-warns-carnage-loan-market-which-it-will-be-responsible
==Crude Crashes, Gold Gains As Defensives Dominate Stocks
Weak China PMI was greeted with a buying panic early on but by the close, Chinese stocks were lower on the day (with the tech-heavy indices leading the drop)…
US equity markets extended yesterday's gains…Trannies - green - continue to lead the week (Nasdaq - blue - flatlined from the gap open today).
see comments above on NAS.
As the short-squeeze seems to be running out of juice.
Do not think it's just this…short covering rarely produce sustainable periods of "up"-however that does not explain the action in the first part of this year-hard to tell either way.
Also do not think thee is a big rush to buy them on the long side either.
Dow futures are up almost 900 points from Sunday night lows.
POTUS PUT-using the FRB's tactic to drive it up, against them and using that in our favor imo
Very mixed day in bond-land today with the entire curve lower aside from the long-end
This is still not be ignored…some space for them today but it's very real.
Gold is up 6 days in a row.
Also not to be ignored-the longer it does this the moar people are attracted to it.
Testing February highs too.
Oil prices collapsed into a bear market today (down 22% from highs) after a surprise build across all products produced the biggest aggregate inventory build since 1990.
See Cap#4
The recent out-performance of gold (safe haven) vs oil (growth scare) is impressive (an ounce of gold now buys almost 26 barrels of WTI - up from just 20 barrels two weeks ago).
Pepe says be careful.
https://finance.yahoo.com/quote/%5EDJI?p=^DJI
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
https://www.dailyfx.com/crude-oil
American Tower Corp CEO sold $11.94m in shares-July 3
American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC's segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other. Its primary business is property operations, which include the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities, and tenants in various other industries. Its U.S. property segment includes operations in the United States. Its Asia property segment includes operations in India. The EMEA property segment includes operations in Germany, Ghana, Nigeria, South Africa and Uganda. The Latin America property segment includes operations in Brazil, Chile, Colombia, Costa Rica, Mexico and Peru. Its services segment offers tower-related services in the United States.
Number of employees : 4 752 people.
https://www.marketscreener.com/AMERICAN-TOWER-CORP-9789139/company/
https://www.secform4.com/insider-trading/1053507.htm
Shake Shack Director sold $4.47m in shares-June3-4
These keep coming from this place.
add cap#1 to cap#2.
Shake Shack Inc. operates roadside burger stands. The Company serves an American menu of burgers, hot dogs, crispy chicken, frozen custard, crinkle cut fries, shakes, beer and wine, among others. The Company's signature items are its all-natural, hormone and antibiotic-free burgers, hot dogs, crispy chicken, crinkle cut fries, shakes and frozen custard. Its menu focuses on food and beverages, crafted from a range of classic American foods. The Company's domestic menu includes a range of signature items, such as the ShackBurger, SmokeShack, Shack-cago Dog, 'Shroom Burger, seasonal frozen custard, hand-spun shakes, concretes, ShackMeister Ale, and Shack Red and Shack White wines. As of December 28, 2016, it had 114 Shacks in 13 countries and 16 states, as well as the District of Columbia. Its burgers are made with a whole-muscle blend of all-natural, hormone and antibiotic-free Angus beef, ground fresh daily, cooked to order and served on a non-genetically modified organism potato bun.
Number of employees : 4 440 people.
https://www.marketscreener.com/SHAKE-SHACK-INC-20566494/company/
these started today
Shake Shack : to Present at June Investor Conferences
On Wednesday, June 5, 2019, the Company will be presenting at William Blair’s 39th Growth Stock Conference in Chicago, IL. The presentation will begin at 3:00 p.m. ET. The presentation will also be webcast live from the
On Thursday, June 6, 2019, the Company will hold investor meetings at the 39th Annual Piper Jaffray Consumer Conference in New York, NY.
https://www.secform4.com/insider-trading/1620533.htm
they had countrywide mortgages "placed" there so they have a huge shit-pile to deal with and are just bitching about that.
Yum brands CEO sold $4.75m in shares-June 4
Yum Brands is one of the world's No. 1 fast food groups. The group develops, operates and manages its own and franchised restaurants under brands KFC, Pizza Hut, Taco Bell, LJS (Long John Silver's) and A&W. Net sales break down by type of income as follows:
-
income from franchises and licenses (41.3%): owned, at the end of 2018, 47,268 franchises;
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sales of own-managed restaurants (60.8%): 856 restaurants;
-
other (23.5%).
https://www.marketscreener.com/YUM-BRANDS-46353249/company/
https://www.secform4.com/insider-trading/1041061.htm
U.S. charges ex-CEO of cryptocurrency company Longfin with $66 million fraud
NEW YORK (Reuters) - U.S. prosecutors said on Wednesday the former chief executive of Longfin Corp has been indicted for engineering an accounting fraud that inflated the revenue of the now-defunct cryptocurrency company by more than $66 million.
The securities fraud charge against Venkata Meenavalli, 49, of India, was announced 18 months after Longfin shares went on a roller-coaster ride as cryptocurrencies were coming into fashion, rising more than 13-fold over a few days and briefly making the company worth more than $3 billion.
Prosecutors said Meenavalli generated fraudulent documents that caused Longfin to report as revenue millions of dollars of commodities “transactions” that were actually “sham, round-trip events” between the company and entities he controlled.
U.S. Attorney Craig Carpenito in New Jersey said the more than $66 million of revenue should never have been recognized, and made Longfin shares look more attractive to investors.
Longfin, which was based in New York and had offices in Lyndhurst, New Jersey, shut down last November.
Meenavalli could not immediately be reached for comment, and a lawyer for him could not immediately be identified.
A default judgment was entered in January against Meenavalli in a related U.S. Securities and Exchange Commission civil case filed in April 2018 against him, Longfin and three associates.
In that case, the SEC won a court order freezing $27 million of trading proceeds after accusing Veenamalli of arranging the issuance of Longfin shares to Andy Altahawi, Dorababu Penumarthi and Suresh Tammineedi, which were sold after the stock soared.
The SEC said those three defendants agreed to settle.
It said Altahawi will pay a $2.9 million fine, return $21 million of alleged wrongful gains, and accept a five-year public company officer and director ban, and Penumarthi and Tammineedi will pay more than $1.7 million and $241,000, respectively. None of those defendants admitted or denied wrongdoing.
The cases are U.S. v. Meenavalli, U.S. District Court, District of New Jersey, No. 19-cr-00402; and SEC v Longfin Corp et al, U.S. District Court, Southern District of New York, No. 18-02977.
https://www.reuters.com/article/us-usa-crime-longfin/u-s-charges-ex-ceo-of-cryptocurrency-company-longfin-with-66-million-fraud-idUSKCN1T62J8?il=0
China's money rates jump after Baoshang Bank takeover stokes liquidity fears
SHANGHAI, May 28 (Reuters) - China's primary money rates
rose on Tuesday as market sentiment remained fragile after the
takeover by regulators of a troubled regional bank, heralding a
possible weakening of small banks' ability to access interbank
funding.
The People's Bank of China (PBOC) vowed on the weekend to
offer liquidity support to Inner Mongolia-based Baoshang Bank
after regulators took it over, citing serious credit
risks posed by the lender.
While the central bank kept pumping liquidity into financial
system, interbank rates stayed up on worries about broader
contagion risks.
The PBOC injected a net 70 billion yuan ($10.14 billion)
through its regular open market operations on Tuesday, following
on from the previous day's 80 billion yuan net cash injection.
"The Baoshang incident is pressuring short-term liquidity,"
said a trader at a Chinese bank. "Along with month-end seasonal
factors, cash conditions are becoming tighter and pushing up the
near-date swap points higher. And that has led the swap curve
moving upward."
Chinese liquidity conditions typically tighten at month-end
as cash demand rises due to factors including bank requirements
for funds to meet regulatory requirements such as
loan-to-deposit ratios.
Ji Tianhe, China rates and FX strategist at BNP Paribas in
Beijing, said that the takeover of Baoshang could be interpreted
as a "marginal targeted deleveraging" campaign, and could change
the ecosystem of the interbank market.
"Smaller banks are supposed to serve the real economy, but
some turned out be very active in interbank trading in order to
expand their size. Now this latest move is pushing similar small
lenders back to their core business," Ji said.
He added that as small banks are not allowed to borrow in
the exchange market and have to largely rely on bigger banks for
interbank funding, "they are now facing a challenging funding
situation."
Fitch Ratings downplayed the effect of the Baoshang takeover
on interbank rates, but said that the regulatory seizure
indicated general weakness among China's smaller lenders.
"We believe the government's propensity to support small
banks is lower than for the large state banks, while the impact
that a small bank failure would have on market confidence is
untested," the rating agency said in a statement.
https://www.reuters.com/article/china-bonds/update-1-chinas-money-rates-jump-after-baoshang-bank-takeover-stokes-liquidity-fears-idUSL4N2341YP