…..Housing starts down. Manufacturing production drops. Confidence in the economy sputters. Trump goes after H-1B visas. May calls snap elections for UK. BofA best big bank earnings. Goldman flops. J&J disappoints. IBM revenue declines, again. Facebook wants to augment reality. Theranos must pay in Arizona. Financial Review by Sinclair Noe for 04-18-2017 DOW – 113 = 20,523 SPX – 6 = 2342 NAS – 7 = 5849 RUT + 0.71 = 1361 10 Y – .07 = 2.18% OIL – .30 = 52.35 GOLD + 5.20 = 1290.20   One day up, one day down.   Housing starts decreased 6.8 percent to a seasonally adjusted annual rate of 1.22 million units as the construction of single-family homes in the Midwest recorded its biggest decline in three years. Last month’s decline in homebuilding was likely payback after the warm weather pulled forward construction in February. Single-family homebuilding, which accounts for the largest share of the residential housing market, fell 6.2 percent to an 821,000-unit pace last month, retreating from a near 9-1/2-year high. Single-family starts in the Midwest declined 35 percent, likely the result of harsh weather. Still, housing remains on solid footing. Overall building permits increased 3.6 percent, driven by a 13.8 percent jump in the multi-family segment. Though single-family permits fell 1.1 percent last month, they were not too far from the more than nine-year high reached in February.   In a separate report, the Fed said manufacturing production dropped 0.4 percent in March, weighed down by a 3.0 ...

…..Markets bounce after a couple of weak weeks. GDP forecasts slip. Earnings season kicks into gear. Where will earnings come from? Eurozone and emerging markets. Mnuchin: tax reform “not realistic”. United tops earnings forecast. Netflix beat earnings but missed on subs. HCA, not enough emergencies. Financial Review by Sinclair Noe for 04-17-2017   DOW + 183 = 20,636 SPX + 20 = 2349 NAS + 51 = 5856 RUT + 15 = 1361 10 Y + .02 = 2.25% OIL – .43 = 52.75 GOLD – 3.80 = 1285.00 The S&P 500 is coming off a three-day losing streak, having fallen more than 1% over that period. It has also dropped for two straight weeks, closing at its lowest level since February on Thursday. The Dow and the Nasdaq have also dropped over those periods. Also, geopolitical hotspots did not boil over during the holiday weekend, even though South Korean news agencies are reporting that 2 more US aircraft carriers are headed for the Korean peninsula. The US and South Korea are discussing joint drills, which will include the three aircraft carriers and other ships. So, we were probably due for a bounce. And today, the market turned its attention to earnings reporting season, just getting underway with an optimistic outlook. Profits of S&P 500 companies are estimated to have risen 10.4 percent in the latest quarter, the first double-digit percentage growth since the third quarter of 2014, according to Thomson Reuters.   The Atlanta Federal Reserve bank downgraded their outlook ...

Sinclair Noe interviews Ric Edelman, author of “The Truth About Your Future: The Money Guide You Need Now, Later, and Much Later”

Sinclair Noe interviews Robert Kiyosaki, author “Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!” on the 20th anniversary of the book.

Sinclair Noe interviews Peter Cohan, author of “Disciplined Growth Strategies: Insights from the Growth Trajectories of Successful and Unsuccessful Companies”.

…..JPM, WFC, and C all report. Producer prices flat, but up for the year. Consumer sentiment to 17 year high. Oil inventories increased. Iron Ore free fall. Electricity use is in long-term downtrend. Canada goes to pot. Financial Review by Sinclair Noe for 04-13-2017 DOW – 138 = 20,453 SPX – 15 = 2328 NAS – 31 = 5805 RUT – 13 = 1345 10 Y – .06 = 2.23% OIL – .07 = 53.04 GOLD + 1.20 = 1288.80   JPMorgan Chase kicked off a day of earnings reports for three of the nation’s biggest banks with first-quarter earnings that were stronger than expected. The bank reported a nearly 17 percent increase in net profit thanks to rising loans and a bump from its trading business. The bank earned $6.4 billion, or $1.65 a share — more than $1.52 a share that analysts had expected. JPMorgan closed down 1.1%   Wells Fargo has been trying to rebuild its reputation after revelations that the bankers, under pressure to meet sales targets, opened thousands of fake accounts in customers’ names. The scandal continued to weigh on the bank’s consumer businesses in the first quarter of 2017. Wells Fargo said revenue and profit were essentially flat in the quarter compared with the same period a year earlier. Mortgage banking revenue fell 23 percent from a year ago. Wells Fargo shares fell 1.7 percent. Late yesterday Berkshire Hathaway also disclosed it had cut its stake in the bank to avoid regulations on shareholders ...

China not a currency manipulator. Yellen is pretty good. Strong dollar bad. NATO not obsolete. Ex-Im is okay. Import prices dropped. Budget deficit jumped. Earnings season kicks off tomorrow. Buffett bails on Wells. Brazilian politics are even crazier. Fewer Americans own homes. United fallout. St. Louis sues Rams. Financial Review by Sinclair Noe for 04-12-2017 DOW – 59 = 20,591 SPX – 8 = 2344 NAS – 30 = 5836 RUT – 17 = 1359 10 Y – .01 = 2.29% OIL – .68 = 52.72 GOLD + 12.60 = 1287.60   The S&P 500 closed below its 50-day moving average for the first time since Nov. 8. The 50-day moving average is a good indicator of the intermediate-term trend. The dollar slumped and Treasury bond yields dropped to the lowest level this year after President Donald Trump said he will not brand China a currency manipulator and added that the greenback was getting too strong. Trump also told the Wall Street Journal that he would prefer the Federal Reserve keep interest rates low. Trump also told the Journal he’d consider re-nominating Yellen to chair the Fed’s board of governors, after attacking her during his campaign. “I like her. I respect her,” Trump said, “It’s very early.” Trump also voiced support for the Export-Import Bank, which helps subsidize some U.S. exports, after opposing it during the campaign. Finally, Trump said NATO is “no longer obsolete” during a press conference today with NATO Secretary General Jens Stoltenberg, backtracking on his past criticism of ...

…..Fewer quits. Small biz optimism fades. Oil glut continues. Grain glut continues. New York offers free tuition and details. Retail death spiral. Fly the friendly skies of United. More on the Wells Fargo report. Financial Review by Sinclair Noe for 04-11-2017 DOW – 6 = 20,651 SPX – 3 = 2353 NAS – 14 = 5866 RUT + 9 = 1376 10 Y – .06 = 2.30% OIL – .03 = 53.37 GOLD + 19.60 = 1275.00 The Labor Department’s JOLT survey, or Job Openings and Labor Turnover, shows job openings rose 2.1 percent in February to a seasonally adjusted 5.7 million. While more employers are seeking workers, hiring fell 2 percent compared to January to 5.3 million. Job openings have increased 3.2 percent over the past 12 months. More than 2.5 million people quit their jobs in February, but that was a sharp 19.6 percent decline from January. More people quitting their job is a positive sign because workers typically only quit one job when they have another job, or are optimistic they can find one. And the reason workers change jobs is typically motivated by better pay. So, this is where optimism meets reality.   The National Federation of Independent Business said its monthly sentiment gauge fell 0.6 point to 104.7. Small business optimism declined as sales expectations and earnings came back to earth after a post-election surge. In March, some warning signs appeared. The uncertainty index rose to 93, its second-highest reading on record. “More small business owners are ...

…..Fed moves to sustainability mode. Earnings season sighted. Wells Fargo still too stupid after 113-page report. Libor audio tapes implicate the Bank of England. Barclays CEO targets whistleblower. Swift-Knight. AT&T pays for 5G. And Gorsuch makes 9. Toyota’s All-American car plant. Tesla tops GM. Financial Review by Sinclair Noe for 04-10-2017 DOW + 1 = 20,658 SPX + 1 = 2357 NAS + 3 = 5880 RUT + 2 = 1367 10 Y – .01 = 2.36% OIL + .91 = 53.15 GOLD + .60 = 1255.40 Fed Chair Janet Yellen held a Q&A session today at the University of Michigan. Yellen said the Fed’s task has shifted from a post-crisis exercise of healing the economy to one aimed at sustaining progress. Yellen said, “Before, we had to press down on the gas pedal trying to give the economy all of the oomph that we possibly could.”  Now, she says the Fed is trying to “give it some gas, but not so much that we’re pushing down hard on the accelerator. The appropriate stance of policy now is closer to, let me call it neutral.” That still likely means two more rate hikes this year. Minutes of their March meeting showed that most Fed officials also expect to begin shrinking the bank’s $4.5 trillion balance sheet later this year, gradually reversing emergency bond purchases made during the financial crisis and recession.   In last week’s minutes, the Fed policymakers warned that stock prices were on the high side, specifically saying: “Broad equity ...

…..98,000 jobs added in March – missing expectations. Unemployment rate drops to 4.5%. Financial Review by Sinclair Noe for 04-07-2017 DOW – 6 = 20,656 SPX – 1 = 2355 NAS – 1 = 5877 RUT +0.14 = 1364 10 Y + .03 = 2.37% OIL + .65 = 52.35 GOLD + 2.20 = 1254.80 The economy added 98,000 net new jobs in March, far fewer than expected. The unemployment rate dropped from 4.7% to 4.5%, and that is the lowest level in 10 years.  The January report was revised lower, from 238,000 to 216,000. And the February report was revised lower, from 235,000 to 219,000; or a loss of 38,000 jobs from earlier reports.   A more accurate measure of the pace of hiring, the three-month average, shows the US is adding 178,000 jobs a month so far in 2017. That’s down slightly from 187,000 a month in 2016 and well below the recent high-water mark of 250,000 a month in 2014. In March, the year-over-year change was 2.13 million jobs. Decent job growth. Despite weakness in March, the labor market is fairly healthy, and it would be difficult to maintain a hiring pace above 200,000, at least for any length of time.   There are a couple of explanations for the weak number – and it basically boils down to statistical noise. February was unusually warm and pleasant weather for much of the country, resulting in a surge of hiring, especially for construction jobs. In March, the ...