U.S. MARKETS:
Stocks moved mostly higher over the course of the trading day on Tuesday, extending the upward trend seen over the past several sessions. With the continued advance, the Dow and the S&P 500 reached their best closing levels in well over a month.
The major averages pulled back off their best levels going into the close but remained in positive territory. The Nasdaq jumped 121.08 points or 0.9 percent to 13,639.86, the S&P 500 climbed 12.40 points or 0.3 percent to 4,378.38 and the Dow rose 56.74 points or 0.2 percent to 34,152.60.
Profit taking contributed to the initial weakness on Wall Street, as some traders looked to cash in on the recent strength in the markets.
Selling pressure waned shortly after the start of trading, however, with continued optimism about the outlook for interest rates contributing to the subsequent rebound.
The rebound by stocks also came as treasury yields showed a notable move back to the downside after surging in the previous session.
Meanwhile, traders looked ahead to speeches by Federal Reserve Chair Jerome Powell on Wednesday and Thursday.
Powell is due to deliver opening remarks at the Division of Research and Statistics Centennial Conference on Wednesday and participate in a policy panel discussion before the 24th Jacques Polak Annual Research Conference on Thursday.
Traders are likely to pay close attention to Powell's remarks, looking for additional confirmation the Fed will leave interest rates unchanged for the foreseeable future.
In U.S. economic news, a report released by the Commerce Department showed the U.S. trade deficit widened by more than expected in the month of September.
The Commerce Department said the trade deficit increased to $61.5 billion in September from a revised $58.7 billion in August.
Economists had expected the trade deficit to climb to $60.2 billion from the $58.3 billion originally reported for the previous month.
The wider than expected deficit came as the value of imports surged by 2.7 percent to $322.7 billion, while the value of exports jumped by 2.2 percent to $261.1 billion.
Sector News
Software stocks turned in a strong performance on the day, driving the Dow Jones U.S. Software Index up by 1.6 percent to its best closing level in well over three months.
Considerable strength was also visible among biotechnology stocks, with the NYSE Arca Biotechnology Index climbing by 1.2 percent.
Airline, retail and tobacco stocks also showed notable moves to the upside, while energy stocks moved sharply lower along with the price of crude oil.
With crude for December delivery plummeting $3.45 to $77.37 a barrel, the Philadelphia Oil Service Index plunged by 3.9 percent and the NYSE Arca Oil Index dove 2.4 percent.
Gold stocks also saw significant weakness amid a decrease by the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 2.7 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan's Nikkei 225 Index tumbled by 1.3 percent, while Hong Kong's Hang Seng Index dove by 1.7 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index inched up by 0.1 percent, the U.K.'s FTSE 100 Index edged down by 0.1 and the French CAC 40 Index fell by 0.3 percent.
In the bond market, treasuries showed a strong move back to the upside following the sharp pullback seen on Monday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled 9.1 basis points to 4.571 percent.
Looking Ahead
Powell's speech is likely to be in focus on Wednesday, while results of the Treasury Department's ten-year note auction may also attract attention, as they could impact treasury yields.
VTI -TOTAL MARKET INDEX - WEEKLY. AT A DOWNTREND LINE. WILL IT BREAKOUT OR BREAKDOWN FIRST?
U.S. DOLLAR
CANADIAN DOLLAR
URANIUM
METALS
COMMODITIES
Could We See Traditional Fall Market Rally?
https://www.howestreet.com/2023/11/could-we-see-traditional-fall-market-rally-mark-leibovit/
CRYPTO UPDATE AS OF NOVEMBER 7, 2023:
Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called ‘Project Bora Bora’ -CNBC
by Hugh Son
banksWhen Citigroup CEO Jane Fraser announced in September that her sweeping corporate overhaul would result in an undisclosed number of layoffs, a jolt of fear ran through many of the bank’s 240,000 souls.
“We’ll be saying goodbye to some very talented and hard-working colleagues,” she warned in a memo.
Employees’ concerns are justified. Managers and consultants working on Fraser’s reorganization — known internally by its code name, “Project Bora Bora” — have discussed job cuts of at least 10% in several major businesses, according to people with knowledge of the process. The talks are early and numbers may shift in coming weeks.
Fraser is under mounting pressure to fix Citigroup, a global bank so difficult to manage that its challenges consumed three predecessors dating back to 2007. Already a laggard in every metric that matters to investors, the bank has fallen further behind rivals since Fraser took over in early 2021. It trades at a price-to-tangible book value ratio of 0.49, less than half the average of U.S. peers and one-third the valuation of top performers including JPMorgan Chase.
Why Banks Are Suddenly Closing Down Customer Accounts -DNYUZ
The reasons vary, but the scene that plays out is almost always the same.
Bank customers get a letter in the mail saying their institution is closing all of their checking and savings accounts. Their debit and credit cards are shuttered, too. The explanation, if there is one, usually lacks any useful detail.
Or maybe the customers don’t see the letter, or never get one at all. Instead, they discover that their accounts no longer work while they’re at the grocery store, rental car counter or A.T.M. When they call their bank, frantic, representatives show concern at first. “Oh, no, so sorry,” they say. “We’ll do whatever we can to fix this.”
But then comes the telltale pause and shift in tone. “Per your account agreement, we can close your account for any reason at any time,” the script often goes.
These situations are what banks refer to as “exiting” or “de-risking.” This isn’t your standard boot for people who have bounced too many checks. Instead, a vast security apparatus has kicked into gear, starting with regulators in Washington and trickling down to bank security managers and branch staff eyeballing customers. The goal is to crack down on fraud, terrorism, money laundering, human trafficking and other crimes.
In the process, banks are evicting what appear to be an increasing number of individuals, families and small-business owners. Often, they don’t have the faintest idea why their banks turned against them.
The 'biggest threat to global order since the 1930s'
More and more CEOs are considering the role geopolitics play in the health of their corporations. They can see the dangers that lie ahead if America doesn't get this latest one right; and our current leadership isn't exactly instilling confidence. If the threat exists for them, it exists for all of us. Which is why we should all be considering our investment choices carefully as these events unfold.
The 'biggest threat to global order since the 1930s' is underway and every CEO is talking about it -CNBC
mapThe United States is facing its fourth major inflection point in history since the early 20th century, and if world leaders get it wrong, the results could be similar to what occurred during the 1930s and ultimately led to World War II. That’s according to Frederick Kempe, CEO of foreign policy think tank Atlantic Council, and it is a fear he says more CEOs of major corporations are focused on today.
JPMorgan CEO Jamie Dimon recently warned, “This may be the most dangerous time the world has seen in decades.”
According to Kempe, that’s a feeling shared in many corporate boardrooms.
“Every CEO, all the banks I am talking to, are factoring in geopolitics in their thinking in a way they didn’t five years ago,” Kempe said at the CNBC Global Evolve virtual summit on Thursday.
This shift has not happened suddenly with the outbreak of war in the Middle East between Israel and Hamas, Kempe said. It has been building over the past five years as a series of exogenous shocks have upended the status quo in markets.
America's debt bomb
$2,000 gold is just the beginning. Here’s what might happen next - Sovereign Man
Will gold continue going up? We've already seen a 21% increase this year and it appears that's just the start for this new gold bull. Global tensions, both political and financial, are mounting by the day and are creating the perfect launchpad for soaring gold prices. Now is the perfect time to shore up your portfolio with physical metal.
by Simon Black
Public Law 93-373 was supposed to be so boring that Congress didn’t even bother to give it a name.
You know how most laws passed by Congress have some fancy name– like the “Inflation Reduction Act” or the “USA PATRIOT Act” or some such nonsense?
Well, on November 7, 1973, US Senator James Fulbright introduced a very short bill– it was only ONE page– that didn’t even have a name. But Fulbright’s unnamed bill ended up being one of the most important pieces of legislation in US history.
By the time Fulbright introduced his bill, it had been two years since the legendary “Nixon Shock” of 1971. That was when US President Richard Nixon implemented wage and price controls, and canceled the US dollar’s convertibility into gold.
Nixon famously promised the American public that there wouldn’t be any negative consequences from his actions. Yet inflation hit 3% the following year, in 1972. Then 4.7% in 1973. Then 11.2% in 1974.
The fuse on America's debt bomb just got shorter -Fox Business
The US debt problem is not news to anyone ... unless you've been living under a rock for the last several decades. What may be news is that we've incurred as much additional debt in six months than what we did in the previous 12. This is a non-sustainable trajectory by anyone's measures. The downward spiral this will create in our financial markets is nothing short of terrifying!
by E.J. Antoni
debtIf you thought it was scary when the Treasury Department recently dropped a financial bomb, announcing the deficit for fiscal year 2023 was $1.7 trillion dollars, please sit down before you read on. The Treasury just released new numbers projecting borrowing of $1.6 trillion in just the first half of fiscal year 2024.
As if the 23 percent growth in last year’s deficit wasn’t enough, the Treasury is now on track to borrow almost as much in just six months as it did in the previous 12. That’s nearly a doubling of the deficit. It means the Treasury is on track to borrow over $3 trillion this fiscal year, 50 percent more than previously estimated by the Congressional Budget Office.
Besides the pandemic in 2020, America has never run deficits like the previous, current, or next quarter, at $1 trillion, $776 billion, and $816 billion, respectively. In the four quarters that preceded the pandemic, the Treasury had an average deficit of under $300 billion, about half to one-third of today’s levels.
To be clear, borrowing was much too high even before 2020. But the fact that borrowing is now almost three times as high speaks volumes about how quickly things are spiraling out of control. The federal government’s financial situation resembles a stereotypical bomb from a cartoon or cinema, spherical in shape with an impractically long fuse.
Russia Makes Huge Announcement on BRICS Currency -Watcher.guru
BRICS has been talking about launching their own currency for a while now, and that time may finally be here. The growing interest in BRICS by countries throughout the world is making this transition a very believable - perhaps inevitable - reality moving forward. What this will do to the value of the dollar remains to be seen, but most experts suggest it will not be a favorable change as it relates to the buck's future.
by Vinod Dsouza
The 15th BRICS summit in August this year ended on a high note as the alliance inducted six new countries into the bloc. The induction of new countries is historic, as the group decided on expansion after more than a decade. The expansion comes at a time when BRICS is working on the formation of a new currency to challenge the US dollar. In the latest update, Russia’s former advisor to the President and economist-turned-politician, Sergey Glazyev, made a huge announcement on the formation of the upcoming BRICS currency.
Sergey’s statements indicate that BRICS is serious about launching a new currency to take on the US dollar. Going by Russia’s economist comments, the new BRICS currency might be launched during the 16th summit in 2024.
https://tinyurl.com/2rd9wv52
OPPORTUNITY TO ACCESS MARK LEIBOVIT'S PROPRIETARY VOLUME REVERSAL INDICATOR - THIS IS THE ONLY PLACE TO DO IT!
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COME ON, DAD. IT'S TIME TO EAT
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