Japan Q1 GDP is a huge 5.9%, the strongest in over two
years, as shoppers ramped up purchases ahead of the sales tax increase so expect
a big drop-off going forward. Dollar/yen 101.90. NIKK loses -0.8%. Financials
are hit with Sumitomo Mitsui down -3% on weak profits and Credit Saison down
almost -13% due to weak earnings. SSEC -1.1%. HSI +0.7%. China property shares
are down about -2% across the board. Tencent catapults +6% on strong earnings.
India markets are higher with the BSE gaining +0.4% ahead of the final election
results due out tomorrow. KOSPI trades sideways with Posco Steel losing -1%.
The Russian Ruble is 34.7035 ................
[Text is Redacted: Purchase May 2014-05 to Read the Complete Chronology]
[Text is Redacted: Purchase May 2014-05 to Read the Complete Chronology]
Traders are shaken-up over the failure of the 2.50% level on
the 10-year Treasury yield. The 2.46%-2.48% level is strong support where the
yield bounced intraday. Gasoline prices at the pump are not moving lower as
many analysts promised one month ago.
Fed Chair Yellen speaks in the evening and highlights that US
small business confidence is at a six-year high. Notable technical analyst
Ralph Acampora says the stock market may drop from -10 to -15% or more. The
small caps may drop -20% to -25%. Acampora says, “I have a sick feeling.” The
Israeli Defense department says chemical attacks are continuing to occur in
Syria.
Latest SEC filings show David Tepper’s Appaloosa Management
buying GOOG, FB, EXPE and PCLN and exiting EMC and VZ. David Einhorn of
Greenlight Capital likes NOK, CONN and HTS and exits his entire position in GM.
Leon Cooperman has also ditched his shares of GM. Cooperman continues to call
for SPX 2000 this year. Warren Buffett bets big on WMT going forward. Jim
Chanos continues to short CAT and is also shorting VRX.
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