Dow jumped up a very big 269 (closing near the highs), advancers over decliners almost 6-1 & NAZ surged 97. The MLP index shot up 10+ to the 312s & the REIT index gained 6+ to the 354s. Junk bond funds were higher & Treasuries were only slightly lower. Oil rose to the high 47s (see below). amp; gold settled back,still above 1300.
AMJ (Alerian MLP Index tracking fund)
CLQ16.NYM
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.6292496716840907)
EU leaders pressed the UK to spell out how it wants to move forward after voting to leave the bloc, saying uncertainty surrounding the process risks damaging them all. As David Cameron attended his last EU summit as prime minister, fellow gov chiefs warned that delaying the period before the UK formally activates the EU’s exit mechanism will prevent the start of negotiations over any future relationship. Cameron was due to brief his 27 counterparts on the referendum outcome over dinner. Leaders signaled a growing frustration across Europe that the Jun 23 referendum has left a power vacuum in the UK & the whole EU in a state of limbo. ECB pres Mario Draghi told the session that growth in the euro area could decline as much as 0.5 percentage points for the next 4 years as a result of the UK referendum outcome. “There shouldn’t be the slightest misunderstanding about the conditions laid out in the European treaties for a case like this,” Merkel said in a speech to Germany's parliament. “My only advice to our British friends is: Don’t delude yourself about the necessary decisions that need to be taken.” Merkel won applause from German lawmakers as she laid out her approach to the 2-day summit of EU leaders. “I’ll be explaining that Britain will be leaving the European Union but I want that process to be as constructive as possible and I hope the outcome can be as constructive as possible because, of course, while we’re leaving the European Union, we mustn’t be turning our backs on Europe,” Cameron said when he arrived for the summit. The premier has already announced he will quit after the vote & back in London the race to succeed him is heating up. His gov has signaled it prefers a gradual exit from the EU while the euro region's 3 largest economies want to set a timetable to contain the economic damage. “We will ensure the cherry-picking principle won’t apply in the negotiations,” Merkel said. “There must be -- and there will be -- a palpable difference between a country that wants to be part of the European Union and one that doesn’t.”
EU Chiefs ‘Held Hostage’ Tell Cameron to Lay Out Brexit Plan
Oil rose 2% with investors taking advantage to buy back into the market after a 2-day rout triggered by Britai's vote to leave the EU. Potential oil supply outages & crude inventory drawdowns also returned investors' attention to market fundamentals. A looming strike at several Norwegian oil & gas fields that threatened output in western Europe's biggest producer helped put a floor beneath crude futures after an 8% price slump over 2 days. Investors were also counting on a sizeable & a 6th weekly drop in US crude stockpiles, with oil market analysts forecasting a 2.4M-barrel drawdown. The American Petroleum Institute will issue a preliminary report on crude inventories this evening, ahead of official stockpiles data from the US gov tomorrow.
Oil Rises on Post-Brexit Bargain Hunting, Norway Strike
Microsoft, a Dow stock, will stop producing its Surface 3 tablet in Dec. The Surface 3 was introduced in May of 2015 as a replacement for the Windows RT-based Surface 2. The main "claim to fame" for this particular device is that it packs an Intel (INTC, another Dow stock) Atom processor, which allows it to run a full-fledged copy of Windows as well as the many applications that run on full Windows. The original Surface RT & the Surface 2 (based on Windows RT) didn't fare well in the marketplace. These tablets used a version of the Windows operating system aimed specifically at the ARM architecture. This meant that these devices could not run the vast library of applications designed for traditional Windows PCs, as those require Intel x86-compatible processors. The stock gained 1.01. If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Bargain hunting brought back buyers. But the chaos on planning the UK exit from the EU lingers on. One way to look at this rise is traders who wanted to bail out were given another chance while the financial leaders are meeting, trying to untangle this whopper size mess.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
CLQ16.NYM
| Crude Oil Aug 16 | ....47.83 |  ...1.50 | (3.2%) |
EU leaders pressed the UK to spell out how it wants to move forward after voting to leave the bloc, saying uncertainty surrounding the process risks damaging them all. As David Cameron attended his last EU summit as prime minister, fellow gov chiefs warned that delaying the period before the UK formally activates the EU’s exit mechanism will prevent the start of negotiations over any future relationship. Cameron was due to brief his 27 counterparts on the referendum outcome over dinner. Leaders signaled a growing frustration across Europe that the Jun 23 referendum has left a power vacuum in the UK & the whole EU in a state of limbo. ECB pres Mario Draghi told the session that growth in the euro area could decline as much as 0.5 percentage points for the next 4 years as a result of the UK referendum outcome. “There shouldn’t be the slightest misunderstanding about the conditions laid out in the European treaties for a case like this,” Merkel said in a speech to Germany's parliament. “My only advice to our British friends is: Don’t delude yourself about the necessary decisions that need to be taken.” Merkel won applause from German lawmakers as she laid out her approach to the 2-day summit of EU leaders. “I’ll be explaining that Britain will be leaving the European Union but I want that process to be as constructive as possible and I hope the outcome can be as constructive as possible because, of course, while we’re leaving the European Union, we mustn’t be turning our backs on Europe,” Cameron said when he arrived for the summit. The premier has already announced he will quit after the vote & back in London the race to succeed him is heating up. His gov has signaled it prefers a gradual exit from the EU while the euro region's 3 largest economies want to set a timetable to contain the economic damage. “We will ensure the cherry-picking principle won’t apply in the negotiations,” Merkel said. “There must be -- and there will be -- a palpable difference between a country that wants to be part of the European Union and one that doesn’t.”
EU Chiefs ‘Held Hostage’ Tell Cameron to Lay Out Brexit Plan
Oil rose 2% with investors taking advantage to buy back into the market after a 2-day rout triggered by Britai's vote to leave the EU. Potential oil supply outages & crude inventory drawdowns also returned investors' attention to market fundamentals. A looming strike at several Norwegian oil & gas fields that threatened output in western Europe's biggest producer helped put a floor beneath crude futures after an 8% price slump over 2 days. Investors were also counting on a sizeable & a 6th weekly drop in US crude stockpiles, with oil market analysts forecasting a 2.4M-barrel drawdown. The American Petroleum Institute will issue a preliminary report on crude inventories this evening, ahead of official stockpiles data from the US gov tomorrow.
Oil Rises on Post-Brexit Bargain Hunting, Norway Strike
Microsoft, a Dow stock, will stop producing its Surface 3 tablet in Dec. The Surface 3 was introduced in May of 2015 as a replacement for the Windows RT-based Surface 2. The main "claim to fame" for this particular device is that it packs an Intel (INTC, another Dow stock) Atom processor, which allows it to run a full-fledged copy of Windows as well as the many applications that run on full Windows. The original Surface RT & the Surface 2 (based on Windows RT) didn't fare well in the marketplace. These tablets used a version of the Windows operating system aimed specifically at the ARM architecture. This meant that these devices could not run the vast library of applications designed for traditional Windows PCs, as those require Intel x86-compatible processors. The stock gained 1.01. If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft Corporation to Halt Surface 3 Production in December
Microsoft (MSFT)
Bargain hunting brought back buyers. But the chaos on planning the UK exit from the EU lingers on. One way to look at this rise is traders who wanted to bail out were given another chance while the financial leaders are meeting, trying to untangle this whopper size mess.
Dow Jones Industrials
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