The Dow appears to have broken through the top of the Channel formation that fell in the 20,800-21,000 ranges. If it closes above 21,300 on a monthly basis then despite the markets being overbought, the Dow could surge past 22K before running into a strong zone of resistance. Market Update June 18, 2017
Give the resiliency of this market; the Dow could very easily trade to 22K before it trades to 19K. The masses need to show some enthusiasm; if they don’t and the market pulls back strongly, then it has to be viewed as a screaming buy. For now, the masses seem to be locked in the pessimistic mode. The bullish sentiment has never traded to the 60% ranges even once this year; it did not even make it to the 55% ranges, and that is very telling. On the same token, the number of individuals in the neutral camp has generally continued to trend higher and higher. Market Update July 6, 2017
What’s next for the Dow?
Not only did the Dow trade to 22K but it surpassed this target and is now dangerously close to striking 23K. The sentiment is still not bullish, so the path of least resistance is upward. As for Dow 30K; there is a good chance that the Dow could strike this target. We discuss that in full detail in this article titled “Dow Could Trade to 30K But not before This Happens ”
If you prefer to watch a video; then the video covers the essential points of the above article
DES MOINES, Iowa (AP) — Presidential candidate Elizabeth Warren has announced the endorsement of one of Iowa’s last two uncommitted Democratic elected officials, state Treasurer Michael Fitzgerald.
“She’s the one I think can address the biggest problems we have, and that is the hollowing out of the middle class,” Fitzgerald said in an interview with The Associated Press. “She’s clear, you understand her message, and I want her fighting for me and all of us.”
Fitzgerald was an early supporter of then-Sen. Barack Obama, who went on to win the presidency. Iowa Attorney General Tom Miller also supported Obama but is endorsing Montana Gov. Steve Bullock for 2020. Iowa’s last remaining uncommitted statewide elected Democrat is Auditor Rob Sand.
Asked what stood out about Warren in a field of Democrats often aligned on key issues, Fitzgerald declared that Warren “is a Democrat, she is a capitalist, and she wants to make our system work.” He said he’d do whatever the Warren campaign needed to help her win the caucuses.
Warren’s organization is seen as one of the strongest in Iowa, but compared with the other top-tier contenders in the field Warren has been relatively slow to roll out endorsements in the state. After a trickle of endorsement announcements, her first major haul of supporters in Iowa came out just last week, after her strong performance in the primary debate in Houston.
Fitzgerald marks Warren’s 25th Iowa endorsement and her sixth endorsement from an Iowa elected official. Full Story
Jimmy Carter says he couldn’t have managed presidency at 80
ATLANTA (AP) — Weeks shy of his 95th birthday, former President Jimmy Carter said he doesn’t believe he could have managed the most powerful office in the world at 80 years old.
Carter, who earlier this year became the longest-lived chief executive in American history, didn’t tie his comments to any of his fellow Democrats running for president in 2020, but two leading candidates, Joe Biden and Bernie Sanders, would turn 80 during their terms if elected. Full Story
Sri Lankan doctors strike over salary ‘injustice’
COLOMBO, Sri Lanka (AP) — Doctors at state-run hospitals across Sri Lanka began a 24-hour strike on Wednesday, demanding that the government resolve what they say is a salary “injustice.”
Two years ago, the government gave an unusually high salary increase to legal officers in the government sector, creating what Dr. Haritha Aluthge, secretary of the Government Medical Officers Association, called “a severe injustice to doctors and other professionals.” Full Story
Brexit news: The UK and EU “should not pretend to be negotiating” a Brexit deal if there are no new proposals on the table, the EU’s chief negotiator has said.
Michel Barnier said the UK telling the EU what it does not like about the current agreement was “not enough”.
He cast doubt on two ideas put forward by the UK – a single all-Ireland zone for agriculture and livestock and a Northern Irish veto over EU rules.
Boris Johnson has said there is a “landing zone” for an agreement.
He has said a deal is possible at a crucial summit of EU leaders on 17 October – although ministers have said they are reluctant to reveal the details of new proposals in advance for fear they will be “rubbished” by the EU.
Mr Johnson has insisted he will not accept a further delay beyond 31 October despite MPs passing a law requiring him to seek an extension if there is no deal by 19 October.
After meeting Mr Barnier and Mr Juncker in Luxembourg on Monday, Mr Johnson said the process of trying to get a deal on the terms of exit would be accelerated.
Briefing the European Parliament, Mr Juncker said the lunch had been “friendly and constructive” but there had been no progress on the main sticking point – the UK’s demand that the Northern Irish backstop should be removed from the current agreement. Full Story
Live facial recognition surveillance ‘must stop’
UK police and companies must stop using live facial recognition for public surveillance, politicians and campaigners have said.
The technology allows faces captured on CCTV to be checked in real time against watch lists, often compiled by police.
Privacy campaigners say it is inaccurate, intrusive and infringes on an individual’s right to privacy. Full Story
Inside Afghanistan’s ‘no-man’s land’
Earlier this year the UN released data showing that more civilians were killed by allies than insurgents in Afghanistan.
The BBC has gained incredibly rare access to Taliban-controlled territory, in Faryab province, to meet those civilians most at risk. Full Story
Israel election: Netanyahu and rival headed for deadlock
Unofficial results in Israel’s second election in five months suggest it is too close to call, Israeli media say.
Incumbent PM Benjamin Netanyahu’s party and that of his main challenger, Benny Gantz, are neck and neck with 32 seats each, the Kan public broadcaster says.
A prime minister needs to command a 61-seat majority in parliament. The smaller Yisrael Beiteinu party appears to hold the balance of power.
Official partial results are expected on Wednesday morning. Full Story
Trump Syria: WASHINGTON (AP) — President Donald Trump declared success in Syria and created a bumper-sticker moment to illustrate his campaign promise to put a stop to American involvement in “endless wars.”
But with his abrupt withdrawal from what he called “bloodstained sand,” the Republican president ceded American influence over a huge swath of the region to rivals and may have spun the Middle East into a new season of uncertainty.
In remarks at the White House, Trump made the case that American administrations before him wasted too much money and blood on sectarian and tribal fighting in which the U.S. had no place meddling.
“We have spent $8 trillion on wars in the Middle East, never really wanting to win those wars,” Trump said Wednesday. “But after all that money was spent, and all those lives lost, the young men and women, gravely wounded so many, the Middle East is less safe, less stable and less secure than before these conflicts began.”
But analysts and lawmakers said Trump declared victory for a crisis along the border of Turkey and Syria that was arguably of his own making, while underplaying the reality that he has strengthened the hand of Russia.
Critics also say the move will roll back advances made by U.S.-led forces in the fight against the Islamic State group. Full Story
Ukrainian leader felt Trump pressure before taking office
KYIV, Ukraine (AP) — More than two months before the phone call that launched the impeachment inquiry into President Donald Trump, Ukraine’s newly elected leader was already worried about pressure from the U.S. president to investigate his Democratic rival Joe Biden.
Volodymyr Zelenskiy gathered a small group of advisers on May 7 in Kyiv for a meeting that was supposed to be about his nation’s energy needs. Instead, the group spent most of the three-hour discussion talking about how to navigate the insistence from Trump and his personal lawyer Rudy Giuliani for a probe and how to avoid becoming entangled in the American elections, according to three people familiar with the details of the meeting. Full Story
The Latest: Police: 39 dead in UK truck were from China
LONDON (AP) — The Latest on the death of 39 people found in a truck container in southeastern England (all times local):
British police have confirmed that 39 people found dead in a container truck near an English port were Chinese citizens.
The Essex Police force says the dead found Wednesday in the southeastern city of Grays included 31 men and eight women. The force says one victim previously thought to be a teenager was a young adult woman.
The 25-year-old truck driver, who is from Northern Ireland, is being questioned on suspicion of attempted murder but has not been charged. Police in Northern Ireland have searched three properties there as they try to reconstruct the path of the truck and the victims’ final journey. Full Story
Francisco Franco ‘s remains of Spanish dictator are being moved from a vast mausoleum to a low-key grave, 44 years after his elaborate funeral.
Thursday’s long-awaited relocation fulfils a key pledge of the socialist government, which said Spain should not continue to glorify a fascist who ruled the country for nearly four decades.
His family unsuccessfully challenged the reburial in the courts.
The Franco era continues to haunt Spain, now a robust democracy.
Family members are present to witness the ceremony at the Valley of the Fallen, a national monument and basilica carved into a mountain about 50km (30 miles) from Madrid that was built in the Franco era.
The remains will be moved by helicopter.
Prime Minister Pedro Sánchez said the exhumation was “a great victory for dignity, memory, justice and reparation – and thus for Spanish democracy”.
Only a few people are being allowed to attend the event, which is taking place under high security. They include the justice minister, an expert in forensics, a priest and 22 descendants of Francisco Franco. Media are excluded but more than 200 journalists are near the site.
As part of the ceremony, a crane will need to lift a concrete slab weighing 1,500kg that covers the coffin. In total, the exhumation and re-burial will cost about €63,000 (£54,000; $70,000).
Inside Bosnia’s ‘nightmare’ camp for migrants trying to enter the EU
Aid agencies are warning of a humanitarian disaster in Bosnia, with people facing a winter without proper accommodation.
Bosnia is now a major route into the EU – 45,000 migrants have arrived in the country since the start of 2018. Full Story
Leonardo da Vinci five centuries on: Louvre in Paris opens long-awaited exhibition
It took more than a decade to prepare and was almost thwarted by a diplomatic row. Now, one of the world’s most expensive art exhibitions – to commemorate the 500th anniversary of Leonardo da Vinci’s death – is finally opening to the public.
The Louvre museum in Paris, home to Da Vinci’s Mona Lisa, opens its doors on Thursday to a display of more than 160 Renaissance-era paintings and drawings, some of which are on loan from Queen Elizabeth II and Bill and Melinda Gates. Full Story
What caused Black Monday: The stock market crash of 1987?
Monday October 19,1987, is known as Black Monday. On that day, stockbrokers in New York, London, Hong Kong, Berlin, Tokyo and just about any other city with an exchange stared at the figures running across their displays with a growing sense of dread. A financial strut had buckled and the strain brought world markets tumbling down.
In the United States, sell orders piled upon sell orders as the Dow shed value of nearly 22%. There had been talk of the U.S. entering a bear cycle – the bulls had been running since 1982 – but the markets gave very little warning to the then-new Federal Reserve Chairman Alan Greenspan. Greenspan hurried to slash interest rates and called upon banks to flood the system with liquidity. He had expected a drop in the value of the dollar due to an international tiff with the other G7 nations over the dollar’s value, but the seemingly worldwide financial meltdown came as an unpleasant surprise that Monday.
Exchanges also were busy trying to lock out program trading orders. The idea of using computer systems to engage in large-scale trading strategies was still relatively new to Wall Street and the consequences of a system capable of placing thousands of orders during a crash never had been tested. These computer programs automatically began to liquidate stocks as certain loss targets were hit, pushing prices lower. To the dismay of the exchanges, program trading led to a domino effect as the falling markets triggered more stop-loss orders. The frantic selling activated yet another round of stop-loss orders, which dragged markets into a downward spiral. Since the same programs also automatically turned off all buying, bids vanished all around the stock market at basically the same time. Full Story
The Crash of ’87, From the Wall Street Players Who Lived It
On Wall Street, when things decline, you tend to remember. When things decline a lot, you remember the date. Oct. 19, 1987, is one such example. The biggest single-day stock market collapse in history—a 23 percent drop—rendered once-trusted ideas useless and redefined the financial landscape for market professionals.
One of them was a rising Salomon Brothers bond salesman named Michael Lewis, who had yet to pen Liar’s Poker. “The markets in a panic are like a country during a coup, and seen in retrospect that is how they were that day,” he would later write of the chaos he witnessed. “One small group of people with its old, established way of looking at the world is hustled from its seat of power.”
Black Monday, as the day became known, is part of financial history’s fossil record, a divide between old and new markets. It was the first significant instance of computer-driven trading run amok. The nascent equity options market saw assumptions based on the Black-Scholes model overturned and replaced by a more complex world of volatility skews. And Federal Reserve Chairman Alan Greenspan, just two months on the job, got to glimpse a market panic and sell his first “Greenspan Put” under the U.S. equity market. Full Story
Remembering the worst day in Wall Street history
It was a day so terrible, it will forever be known as Black Monday.
On October 19, 1987, the stock market collapsed. The Dow plunged an astonishing 22.6%, the biggest one-day percentage loss in history. Even bigger than the 1929 stock market crash, just before the Great Depression.
Nothing since Black Monday has come close. Not the selloff after the September 11 terror attacks or the 2008 financial crisis.
On that day in 1987, as the cameras rolled on the frenzied floor of the New York Stock Exchange, prices on the ticker tumbled, the panic spread, and the crash worsened. By the closing bell, the Dow stood at 1,738.74, down 508 points. Full Story
Facing US ban, Huawei emerging as stronger tech competitor
SHENZHEN, China (AP) — Long before President Donald Trump threatened to cut off Huawei’s access to U.S. technology, the Chinese telecom equipment maker was pouring money into research that reduces its need for American suppliers.
Huawei’s founder says instead of crippling the company, the export curbs are making it a tougher competitor by forcing managers to focus resources on their most important products.
Little-known to Americans, Huawei Technologies Ltd. is the No. 2 smartphone brand worldwide and the biggest maker of switching gear at the heart of phone networks. Its equipment is used by 45 of the 50 biggest global phone carriers.
Huawei is a pioneer in the emerging field of next-generation, or 5G, telecoms. It promises not just faster internet but support for self-driving cars and other futuristic applications. That fuels Western security concerns and makes 5G politically sensitive. The U.S. claims the company might aid Chinese spying, though Huawei denies that and American officials have provided no evidence.
Huawei needs some American innovations, especially Google services used on Android phones, but industry experts say the company is increasingly self-sufficient after spending 485 billion yuan ($65 billion) on research and development over the past decade.
“They have a strategy to become completely independent from U.S. technology. And in many areas they have become independent,” said Bengt Nordstrom of North Stream, a research firm in Stockholm. Full Story
Protest likely to greet Trump fundraising trip in California
RIO RANCHO, N.M. (AP) — President Donald Trump is making a rare visit to California, a Democratic stronghold where he is expected to rake in millions of dollars during a series of fundraisers for his reelection effort that are almost certain to be met with jeering protests.
Trump has routinely mocked California over its liberal culture, policies and politics. His visit Tuesday and Wednesday signals that despite the state’s decidedly leftward swing in recent years there are still plenty of wealthy Republicans who support him. Full Story
Iran’s supreme leader: No talks with the US at any level
TEHRAN, Iran (AP) — Iran’s supreme leader announced on Tuesday that “there will be no talks with the U.S. at any level” — remarks apparently meant to end all speculation about a possible U.S.-Iran meeting between the two countries’ presidents at the U.N. later this month.
Iranian state TV quoted Ayatollah Ali Khamenei as saying this is the position of the entire leadership of the country and that “all officials in the Islamic Republic unanimously believe” this.
“There will be no talks with the U.S. at any level,” he said. Full Story
Trudeau news: Justin Trudeau’s Liberal Party has retained power in a narrow Canadian election win but he will now be prime minister of a minority government.
The Liberals are projected to win 157 seats, 13 short of a majority, and will find it harder to pass legislation in Mr Trudeau’s second term.
The opposition Conservatives are expected to win the popular vote but have not translated that into seats.
They are projected to take 121, up from the 95 they held before.
Although Monday night’s results saw a sharp decline in seats for the country’s left-leaning New Democratic Party (NDP), its leader, Jagmeet Singh, could become the kingmaker.
The NDP is projected to take 24 seats in the 338-seat parliament.
Quebec’s separatist party, the Bloc Québécois, which competes only in that province, fared much better. It is expected to take 32 seats, compared to the 10 it won in 2015.
Turnout is currently listed at 66%.
The federal election was seen as a referendum on Mr Trudeau, who had a bumpy first term, tainted by scandal.
Mr Trudeau told cheering supporters in Montreal that voters had “rejected division and negativity… and they rejected cuts and austerity and voted in favour of a progressive agenda and strong action on climate change”.
He said: “Thank you for having faith in us to move our country in the right direction.”
And to those who did not back him, he promised his party would govern for everyone. Full Story
The Kenyan ghost writers doing ‘lazy’ Western students’ work
University students in Europe and the US are paying Kenyans to do their academic work for them.
The global market for academic writing is estimated to be worth $1bn (£770m) annually.
For some, ghost-writing university essays for students who don’t have the time or desire to do them can be lucrative, especially in countries with high unemployment among young graduates. Full Story
The race to build a flying electric taxi
For any commuter the prospect of being whisked to and from work in a fraction of the time it usually takes is pretty irresistible.
No traffic jams, no train delays and no cold platforms – what’s not to love?
This is the promise of more than a hundred companies developing electric vertical take-off and landing (eVTOL) aircraft. Full Story
Boris Johnson: LONDON (AP) — British Prime Minister Boris Johnson was headed for a showdown Tuesday with lawmakers who want to put the brakes on his drive to push his European Union divorce bill through the House of Commons in just three days and take Britain out of the European Union by Oct. 31.
Johnson said that if Parliament imposes a longer timetable and “decides to delay everything until January or possibly longer,” he will withdraw the bill and call a vote on holding a snap general election.
“I will in no way allow months more of this,” said Johnson, who took power in July vowing that the U.K. will leave the EU on Oct. 31, come what may. His only hope of doing that is to pass the Brexit-implementing bill through Britain’s fractious Parliament before then.
Johnson’s announcement piles pressure on lawmakers as they consider whether to approve the government’s legislation, which would finally take Britain out of the EU — more than three years after voters opted to leave the bloc.
The bill faces two votes Tuesday, with lawmakers first being asked to approve it in principle, followed by a vote on the government’s schedule for debate and possible amendments.
Johnson said backing the bill would allow lawmakers to “turn the page and allow this Parliament and this country to begin to heal and unite.” Full Story
Iraq: American troops leaving Syria cannot stay in Iraq
BAGHDAD (AP) — U.S. troops leaving Syria and heading to neighboring Iraq do not have permission to stay in the country, Iraq’s military said Tuesday as American forces continued to pull out of northern Syria after Turkey’s invasion of the border region. Full Story
Russia, Turkey leaders hold talks on fate of Syria border
ANKARA, Turkey (AP) — The presidents of Turkey and Russia met in the Black Sea resort town of Sochi on Tuesday, hours before a five-day cease-fire between Turkish troops and Kurdish fighters in northeastern Syria was set to expire. Full Story
If there was such a thing as a perfect food, eggs would be a contender. They’re readily available, easy to cook, affordable and packed with protein.
“The egg is meant to be something that has all the right ingredients to grow an organism, so obviously it’s very nutrient dense,” says Christopher Blesso, associate professor of nutritional science at the University of Connecticut in the US.
Eating eggs alongside other food can help our bodies absorb more vitamins, too. For example, one study found that adding an egg to salad can increase how much vitamin E we get from the salad.
But for decades, eating eggs has also been controversial due to their high cholesterol content – which some studies have linked to an increased risk of heart disease. One egg yolk contains around 185 milligrams of cholesterol, which is more than half of the 300mg daily amount of cholesterol that the US dietary guidelines recommended until recently.
Does that mean eggs, rather than an ideal food, might actually be doing us harm?
Cholesterol, a yellowish fat produced in our liver and intestines, can be found in every one of our body’s cells. We normally think of it as “bad”. But cholesterol is a crucial building block in our cell membranes. It also is needed for the body to make vitamin D, and the hormones testosterone and estrogen. Full Story
Israel election: Netanyahu in tough fight in this year’s second vote
Prime Minister Benjamin Netanyahu called the snap election after failing to form a governing coalition with a viable majority after April’s vote.
The final opinion polls put his right-wing Likud party neck and neck with its main challenger, the centrist Blue and White party led by former military chief Benny Gantz.
Smaller parties could therefore have a big say in the final outcome. Full Story
Hong Kong: Looking back at 100 days of protests
Hong Kong has been gripped by huge and at times violent protests since an extradition bill was proposed which would have made it possible for people in Hong Kong to be extradited to mainland China.
The unrest has seen millions of people pressure the government to withdraw the bill and call for full democracy. Full Story