Friday, June 13, 2014

Markets crawl higher at the close, but volume was light

Dow advanced 41, advancers ahead of decliners 4-3 & NAZ climbed 13.  There was a tiny bit of buying going into the close.  The MLP index rose 1+ to the 502s & the REIT index gained a fraction to the 298s (both near yearly highs).  Junk bond funds were mixed while Treasuries saw selling.  Oil continue its more than 1 week rise on growing conflict in the MidEast & gold capped a 2nd straight weekly gain as escalating violence in Iraq boosted demand for a safe haven investment.

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CLN14.NYM....Crude Oil Jul 14....106.91 Up ...0.38 (0.4%)

Live 24 hours gold chart [Kitco Inc.]

China's industrial output & retail sales increased at a faster pace in May, adding to evidence that Premier Li Keqiang's support measures are stabilizing the economy.  Factory production rose 8.8% from a year earlier, the National Bureau of Statistics said, up from 8.7& in Apr.  Retail sales increased 12.5% & Jan-May fixed-asset investment growth was little changed at 17.2%.  These reports may bolster Chinese leaders’ confidence that mini-stimulus measures will prevent a deeper economic slowdown.  Even so, policy makers are contending with a property market slump, along with risks from shadow banking & rising bad loans that threaten to limit the scale of a recovery.  Home sales in the first 5 months fell 9.2% from a year earlier by area & dropped 10.2% by value.  Property investment in Jan-to-May rose 14.7%, down from a 16.4% pace in the first 4 months.  The increase in May industrial output matched the estimate & the advance in retail sales compared with a projection of 12.1% & an 11.9% gain the previous month.

China Industrial Output Climbs 8.8%, Matching Forecasts

Chevron, a Dow stock sold its stakes in an African oilfield & pipeline for $1.3B.  CVX sold a 25% stake in an oil concession in southern Chad that produced about 18K barrels of crude daily, equivalent to less than 1% of CVX’s worldwide output last year.  The transaction also involved divestiture of its interest in a pipeline that connects the Chadian oilfield to a port on Cameroon’s coast.  The stock has been strong in Jun, as oil rose, & went up another $1.15 today.  If you would like to learn more about CVX,
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Chevron Sells Africxan Oilfield and Pipeline For $1.3 Bln

Chevron (CVX)

Boeing, another Dow stock, won its biggest order from a Chinese carrier as China Eastern Airlines agreed to buy 80 737 jets valued at $7.4B.  China Eastern, the nation’s 3rd-largest airline, will buy a mix of 737-800 & upgraded Max models, to be delivered starting in 2016.  The carrier is also selling 15 older 737-300s & 5 757s back to the planemaker.  The order is a leg up for the world’s largest aircraft maker in its competition with Airbus in the market for single-aisle jets, the workhorse of the global airline fleet.  More than 50% of the commercial jetliners operating in China are Boeing planes.  Chinese carriers are bringing in more orders fas growth in the economy enables more people to fly.  That expansion has China on pace to become the world’s biggest aircraft market, making purchasing planes inevitable.  At least 13 Chinese airlines, double the existing number, will have a fleet of 100 aircraft each by the end of the decade, market researcher CAPA Centre for Aviation said.  BA said in Feb it doesn’t rule out the possibility of building a final assembly line for single-aisle planes in China in the future.  For 4 consecutive years, BA has increased its estimate for demand from China & expects the country to need 5580 new planes costing $780B through 2032.  Boeing reported it delivered a record 143 jets to China last year & expects to hand over a similar number in 2014.  In Feb, China said it will further lower the criteria for setting up a budget airline in the country & will study tax breaks for low-cost carriers to make flying more accessible.  The stock went up a dime.  If you would like to learn more about BA,
Click here for a FREE analysis of BA and be sure to notice the intermediate time frame

Boeing Wins $7.4 Billion Jet Order in Biggest-Ever Sale to Chinese Airline

Boeing (BA)

Traders began their weekend early, wanting to spend some of the money they made.  Even with light volume, remaining traders could not mount a profit taking recovery.  These are nervous times for the stock market with oil not far from its highs over the last 5 years.  What's especially scary about the Itaq mess, is that we have to deal with a new group of bad guys who are rated as worse than Al-Qaeda & they know how to capitalize on western weakness in the area.  They have one mission, to wreak havoc.

Dow Jones Industrials

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