WEDNESDAY 5/28/14; TOL; KORS; SPX New All-Time Intraday High; TRAN New All-Time Intraday and Closing Highs

Asia markets run higher across the board. KOSPI gains +1%. NIKK is flat. Dollar/yen 101.90. Aussie dollar 0.9278. Gold miners are hit today across the board with many losing -5%. Chinese Yuan is near an 18-month low. GSK drops -1.6% on serious allegations brought by UK authorities against the sales practices of Glaxo in China. The charges allege that GSK sales representatives may have bribed physicians and other officials to push their drugs.

Ukraine troops continue the mission against the pro-Russian separatists. The separatists say that nearly 100 of their fighters were killed in bloody skirmishes around Donetsk. This would be the highest casualties thus far but perhaps the pro-Russian separatists are ginnin’ up the numbers so Russia will come in and take over like Crimea. The Ukraine turmoil continues to create very little impact on global markets.

European indexes trade flat. The euro drops to 1.3618 as more and more traders anticipate and expect Draghi to act with stimulus measures next week although the downside may be limited until the goods are delivered. European nations wrestle over selecting the next commission president. German unemployment increases surprising analysts; the first rise in six weeks. Spain prints an all-time record low for the 10-year yield at 2.80%. It is a world gone mad where a country in such deep economic trouble is raised in exaltation. The global central banker intervention has greatly distorted price discovery across all asset classes.

[Text is Redacted: Purchase May 2014-05 to Read the Complete Chronology]

After the bell, PANW jumps +9% on a patent settlement with JNPR that bounces +1.2%. Palo Alto Networks announces strong sales and guidance. Retailer TLYS collapses -23% after earnings are in line but the forward guidance is weak. The retail sector remains challenged and the elevated gasoline prices at the pump are not making for happy consumers. AAPL announces the deal to buy Beats Electronics, the headphones maker, for $3 billion. The number of new millionaires in China is decreasing.