Mon Jan 26, 2015 6:54am EST
(Reuters) – Packaging companies Rock-Tenn Co (RKT.N) and MeadWestvaco Corp (MWV.N) said they would combine to form a company worth $16 billion, with MeadWestvaco shareholders owning a majority stake.In the new company, whic…
Mon Jan 26, 2015 6:18am EST
(Reuters) – Ready-to-eat cereal maker Post Holdings Inc (POST.N) said it would acquire privately held rival MOM Brands Co for $1.15 billion in cash and stock.Post, the maker of Raisin Bran and Honey Bunches of Oats, will pa…
At the Safeway in the Oakland Hills, co-workers call checker Roberto McCoy “the Experience.”
Dish Network’s new online Sling TV service doesn’t offer enough programs to make me want to cancel my cable TV service immediately.
If Sling performs as well as it did during my test of a review account last week — I only “broke it” once — Dish Network should have a hit on its hands, provided the company finds a way to offer a better selection of networks.
Sling breaks new ground because it’s an online-only service costing a flat $20 per month, with no long-term contracts, no equipment to rent or install, and no extra franchise fees, taxes or confusing charges.
[…] Sling set up an online account that included its basic 12-channel Best of Live TV package of networks, plus two different $5-a-month add-on packages and a selection of pay-per-view movies.
The biggest sluggers in Sling TV’s base lineup are the 24-hour sports channels ESPN and ESPN2 — a major coup for the service since live sports are one of the biggest reasons customers hang on to their cable or satellite services.
Sling also offers TNT and TBS, which mainly air entertainment programs but also carry nationally televised basketball, baseball and college football games.
[…] to round out the entertainment side, you can watch Food Network, HGTV, Travel Channel, Adult Swim, Cartoon Network, Disney Channel and ABC Family.
The biggest segment of that group are Millennials — young adults who have already abandoned traditional TV for other forms of digital entertainment, from online streaming services like Netflix and Amazon Prime to multiplayer video games.
All they would want is sports, news and cooking, and if they’ve got young kids to keep quiet, there’s Disney.
Instead of a grid with a long list of stations and programs, Sling TV groups them by easy to find categories — sports, entertainment, family and news.
Picking a category calls up a line of recognizable network logos, with upcoming programs displayed across the bottom of the screen.
The only hiccup: I broke the stream when, in a test of my multitasking abilities, I tried watching the Australian Open on ESPN on my iPad and “The Help” on the Roku 3 simultaneously.
Again, Sling TV isn’t designed to replicate cable TV, which lets you watch different channels on different TVs at the same time.
[…] you might still need an antenna or basic cable service to receive local broadcast TV stations, which air most major sporting events.
Comcast, which makes big bucks selling cable TV service, would not have an incentive to offer its regional sports to a rival.
Richard Bates, a software engineer who works at eBay, admitted last week in the Silk Road trial that he helped build the internet’s largest illegal drug marketplace, Wired reports.
Bates was a college friend of Ross Ulbricht, the man accused of creating The Silk Road. He claims that he helped Ulbricht build The Silk Road from 2010 through to 2011, although he wasn’t always aware of what he was working on.
By the end of 2010, Bates was regularly meeting up with Ulbricht, who was busy building The Silk Road. Bates claims that he didn’t know what the site was, but offered regular “coding advice.” However, Bates continued to assist in the site’s development after Ulbricht revealed to him that the site was a marketplace for illegal drugs.
FBI agents visited Bates after Ulbricht was arrested in 2013. Bates claimed in court on Thursday that he lied to the agents about his involvement with the site, but later admitted that he helped develop The Silk Road, and even bought marijuana, ecstasy, Vicodin, mushrooms, and antibiotics through the marketplace.
Bates will avoid being prosecuted for helping to build The Silk Road and ordering drugs through it because he is standing as a witness in Ulbricht’s trial. “I knew I could go to prison for a very long time,” Bates said.
Mon Jan 26, 2015 5:52am EST
(Reuters) – Axis Capital Holdings Ltd (AXS.N) and PartnerRe Ltd (PRE.N) have agreed to an $11 billion merger to create one of the world’s largest reinsurers, PartnerRe said on Sunday.The move is the latest indication that f…
Steve Jobs made no secret of the fact he experimented with LSD while in college. The late Apple cofounder said taking the psychedelic drug was a profound experience, and “one of the two or three most important things I have done in my life.” But we’ve now got a new window into the legendary tech visionary’s drug use.
CNN spoke to Daniel Kottke, an old friend of Jobs’ and early Apple employee, about his and Jobs’ psychedelic experiences together. Kottke says he “was uncomfortable discussing these experience while Jobs was alive,” but is now finally willing to talk on the record.
So what is it like to take powerful mind-altering substances with the man who would become responsible for the world’s most valuable company?
“We weren’t really talking much,” Kottke reminisces. “We were more of in a meditative space.” The two would go hiking and camp out on the beach, brought together by a shared interest in consciousness and spirituality.
“We would take psychedelics and whole new vistas opened up.”
“Steve and I developed a friendship when we figured out we had both read this amazing book called ‘Be Here Now,'” Kottke told CNN, “which is about psychedelics and spirituality.” (The New York Times has described the text as a “countercultural bible.”)
The two were also “reading books about chakras and psychic energy and the chi and the Kundalini serpent that was going to rise up our spine.” Jobs also paid for the pair to travel around India — Kottke says they were “monk-wannabes,” shaving their heads and acting like hippies.
Jobs’ experiments with LSD stopped once he launched Apple, however. “Once Apple started, Steve was really focused with all of his energy on making Apple successful… and he didn’t need psychedelics for that.”
Watch the full CNN interview below:
A hoax caller was put through to British prime minister David Cameron, posing as the director of spy agency GCHQ. Afterwards, he telephoned The Sun to talk about what he’d been up to and said it was all “so easy”.
The Downing Street blunder followed a prank call to the spy agency itself, which saw a mobile phone number disclosed for its director, Robert Hannigan. It’s not yet clear whether the same individual is behind both incidents, and Cameron is said to have ended the call when the joke became obvious.
When the man talked to The Sun about his actions, he said he was “off my face on booze and cocaine”. He also explained to the paper: “I’ve just made complete monkeys out of GCHQ. I’ve got the mobile number of the director. I’m definitely going to do it again. It was so easy”.
Although no secret material was given out during the call to the prime minister, it’s a pretty notable security breach for his office. The BBC says Downing Street is going to review its security procedures and GCHQ is also examining what happened. The GCHQ director’s number that was given out is said to be an “unclassified phone” and not a secure line for sensitive information.
A government spokesperson reports that a notice has been given out to departments to be wary of more hoax calls and stressed that no sensitive information was revealed as a result of Cameron’s conversation with the man. the spokesperson added: “Both GCHQ and Number 10 take security seriously and both are currently reviewing procedures following these hoax calls to ensure that the government learns any lessons from this incident.”
Christine Lagarde, Managing Director of the International Monetary Fund (IMF) reacts during the session ‘The BBC World Debate: A Richer World, but for Whom?’ in the Swiss mountain resort of Davos January 23, 2015.
Credit: Reuters/Ruben Sprich
A group of people travel in one of the 45 new train wagons that were bought from China’s CNR, in a Buenos Aires’ subway station February 14, 2013.
Credit: Reuters/Enrique Marcarian
Good Morning Traders,
As of this writing 4:40 AM EST, here’s what we see:
US Dollar: Up at 95.255, the US Dollar is up 202 ticks and is trading at 95.255.
Energies: March Crude is down at 44.90.
Financials: The Mar 30 year bond is up 14 ticks and trading at 150.09.
Indices: The Mar S&P 500 emini ES contract is down 14 ticks and trading at 2040.50.
Gold: The February gold contract is trading down at 1281.90 and is down 107 ticks from its close.
This is not a correlated market. The dollar is up+ and oil is down- which is normal and the 30 year bond is trading higher. The Financials should always correlate with the US dollar such that if the dollar is lower then bonds should follow and vice-versa. The indices are down and Crude is trading down which is not correlated. Gold is trading lower which is correlated with the US dollar trading up. I tend to believe that Gold has an inverse relationship with the US Dollar as when the US Dollar is down, Gold tends to rise in value and vice-versa. Think of it as a seesaw, when one is up the other should be down. I point this out to you to make you aware that when we don’t have a correlated market, it means something is wrong. As traders you need to be aware of this and proceed with your eyes wide open.
Asia traded mixed with half the exchanges trading higher and the other half lower. As of this writing all Europe is trading mainly higher with the exception of the London and Milan exchanges which are fractionally lower.
Greek Parliamentary Election – All Day Sunday. This is major.
On Friday the Swiss Franc made it’s move at around 10 AM EST right around the time that the Existing Home Sales numbers came out. The USD hit a high at around that time and the Swiss Franc hit a low. If you look at the charts below the USD gave a signal at around 10 AM EST, while the Swiss Franc also gave a signal at just about the same time. Look at the charts below and you’ll see a pattern for both assets. The USD hit a high at 10 AM EST and the Swiss Franc hit a low. These charts represent the latest version of Trend Following Trades and I’ve changed the timeframe to a Renko chart to display better. This represented a long opportunity on the Swiss Franc, as a trader you could have netted 20 plus ticks on this trade. We added a Donchian Channel to the charts to show the signals more clearly. Remember each tick on the Swiss Franc is equal to $12.50 versus $10.00 that we usually see for currencies.
Click on an image to enlarge it.
|Swiss Franc – March, 2015 – 1/23/15|
|USD – March, 2015 – 1/23/15|
On Friday we said our bias was neutral as every instrument we track was pointed higher. When everything is pointed either higher or lower, there is no correlation and as such our bias was neutral. A neutral bias means the markets could go in any direction. The Dow dropped 141 points and the S&P lost 11 with only the Nasdaq gaining ground to the tune of about 8 points. Today we aren’t dealing with a correlated market however our bias is to the downside.
Could this change? Of Course. Remember anything can happen in a volatile market.
Thus far this year of 2015 we’ve witnessed nothing but complete volatility and some pundits are saying that the Dow trades 300 points on a daily basis. Whereas volatility is good for trading, it does not resemble a market with any sense of normalcy. This past month we’ve been hit with one thing after another. Lower crude prices, a new Congress in DC, European austerity and on Sunday we have an election in Greece which could have a wider range of controversy. You might be asking what do I mean by this? Let me explain. In late December the Greek parliament couldn’t approve Prime Minister Antonis Samaras’s preferred candidate for president. According to the Greek constitution this means an election. The far left political party: Syriza seems to be poised to win and their candidate: Alexis Tsipras has pledged an end to austerity. Syriza, if elected wants to renegotiate the terms of the bailout agreed to years ago by the EU and Greece. In other words they want to scrap it and start over. Somehow this party is convincing the populace that they can do this and the populace is buying it! When last I heard the time to negotiate a deal is when it’s happening, not years after the fact. The truth is Greece has never adopted any of the austerity means and has no intention of doing so. So what if Syriza gains power and the EU doesn’t agree to negotiate? Greece has threaten to leave the EU. After all how could the EU call themselves a democracy without the original democracy as a member? Are these guys for real? Hey Greece, it’s not about the nationalism, it’s about the capital…
As an update to this story, the Greek Leftist Party; Syriza has won the election….
Just so you understand, Market Correlation is Market Direction. It attempts to determine the market direction for that day and it does so by using a unique set of tools. In fact TradersLog just published an article on this subject that can be viewed at:
As readers are probably aware I don’t trade equities. While we’re on this discussion, let’s define what is meant by a good earnings report. A company must exceed their prior quarter’s earnings per share and must provide excellent forward guidance. Any falloff between earning per share or forward guidance will not bode well for the company’s shares. This is one of the reasons I don’t trade equities but prefer futures. There is no earnings reports with futures and we don’t have to be concerned about lawsuits, scandals, malfeasance, etc.
Anytime the market isn’t correlated it’s giving you a clue that something isn’t right and you should proceed with caution. Today our bias is to the downside. Could this change? Of course. In a volatile market anything can happen. We’ll have to monitor and see.
As I write this the crude markets are declining and the futures are trading lower. This is not normal. Crude and the markets are now reverse correlated such that when the markets are rising, crude drops and vice-versa. On Friday March crude dropped to a low of $45.23 a barrel; breaching the $50 threshold. It would appear at the present time that crude has support at $44.35 a barrel and resistance at $46.40. This could change. We’ll have to monitor and see. Remember that crude is the only commodity that is reflected immediately at the gas pump. On Monday, December 22nd OPEC reiterated their stance not to cut production. OPEC appears to be adamant about keeping production where it is as they believe that oil will rebound. What they haven’t figured out yet is that the more countries like Canada and the US produce their own crude (by whatever means) the more crude prices will fall.
If trading crude today consider doing so after 10 AM EST when the markets gives us better direction.
So Tuesday night we had the State of the Union address or should I say the opening salvo in the Obama wars?
If anyone is thinking or considering that political gridlock will subside for the next two years. Think again. President Obama is already proposing tax hikes for the wealthy via increased inheritance taxes and capital gains. This will not go over well with the GOP who will abruptly shoot down any such notion. On the Obama side; he’s already said that he’ll veto the Keystone XL pipeline even if it passes thru Congress. Additionally he’s already stated that he’ll veto 4 other bills if it passes Congress and lands on his desk. So I think it’s safe to say that we won’t see DC coming together anytime soon.
This is the problem with a two party system. You only have one other choice to go to if you don’t like what the prevailing party is doing. The US really needs a third political party to break the gridlock of the other two and to act as a bulkhead against the extremes of the other two parties.
Crude oil is trading lower and the markets are declining. This is not normal. Crude typically makes 3 major moves (long or short) during the course of any trading day: around 9 AM EST, 11 AM EST and 2 PM EST when the crude market closes. If crude makes major moves around those time frames, then this would suggest normal trending, if not it would suggest that something is not quite right. As always watch and monitor your order flow as anything can happen in this market. This is why monitoring order flow in today’s market is crucial. We as traders are faced with numerous challenges that we didn’t have a few short years ago. High Frequency Trading is one of them. I’m not an advocate of scalping however in a market as volatile as this scalping is an alternative to trend trading.
Nick Mastrandrea is the author of Market Tea Leaves. Market Tea Leaves is a daily newsletter that is dedicated to your trading success. We teach and discuss market correlation. Market Tea Leaves is published daily, pre-market in the United States and can be viewed at www.markettealeaves.com. Interested in Market Correlation? Want to learn more? Signup and receive Market Tea Leaves each day prior to market open. As a subscriber, you’ll also receive our daily Market Bias video that is only available to subscribers.
Nick Mastrandrea is the author of Market Tea Leaves. Market Tea Leaves is a free, daily newsletter that discuses and teaches market correlation. Market Tea Leaves is published daily, pre-market in the United States and can be viewed at www.markettealeaves.com Feel free to visit and subscribe.
Nick has traded various financial instruments in his career but is currently focused on the Futures markets. At one time Nick held a NASD Series 7 license and currently holds a Life, Health and Variable Authority. He resides in the Princeton area of New Jersey and can be reached at email@example.com or Skype: nmastran
USDJPY Elliott Wave Analysis: Corrective Pause Within Uptrend
USDJPY is bullish on a larger time frame, but seems like that it will take longer than firstly thought, before pair may revisit the highs again. Price is sideways, longer than we anticipated, so we think that pair is trapped within fourth wave range that can be a triangle, thus be aware of more sideways in this week, but sooner or later pair will revisit the highs back from December.
USDJPY Elliott Wave Analysis
Please vote for us on FXstreet Nominations “Best Analysis” answer 5 #”Elliott Wave Corner” by EW-Forecast >> https://t.co/gqbdRgydrF
Gregor Horvat is based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market.
Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success.
Chief Technical Strategist
London-based peer-to-peer money transfer service TransferWise has raised $58 million in a new round of funding that values the company close to $1 billion.
The Series C funding round is led by US venture capital firm Andreessen Horowitz. Previous investors Valar Ventures, Index Ventures and Seedcamp also participated, reports TechCrunch.
Ben Horowitz, a founding partner at Andreessen Horowitz with an interest in financial technology, is to join TransferWise’s board — a first for him for a European startup, according to the Financial Times.
TransferWise allows users to transfer money across borders and currencies significantly cheaper than the transfer options offered by traditional banking services. Founded by former Skype employees, it’s transferred more than $3 billion on its platform and is growing steadily — between 15% and 20% every month, reports the FT.
That Andreessen Horowitz led the round is a strong sign of increasing US interest in the European technology scene. Google Ventures also launched a European arm last year.
Horowitz said in a statement that he is “thrilled to be backing [TransferWise founders] Taavet [Hinrikus] and Kristo [Käärmann]. They discovered an important secret and are are uniquely prepared to pursue it… Not only is their solution 10 times better than the old way of exchanging foreign currency, but it could not have come at a better time. Since there has been little to no innovation from the traditional banking sector, we see massive opportunity for new financial institutions like TransferWise.”
CEO Taavet Hinrikus said that “Andreessen Horowitz’s interest in TransferWise shows how ripe financial services are for disruption… For too long legacy providers’ dominance of the market has allowed consumers to be hoodwinked into paying huge hidden charges for services as basic as currency exchange.”
The new funds will help finance global expansion and more than double the currency options it offers.
The news comes less than a week after music-discovery service Shazam, another British startup, announced that a new round of funding had valued the company at more than $1 billion. TransferWise falls just short of this “unicorn” status — for now.
Good morning! It’s a rainy start to the week in London. Here’s the tech news you need to know this Monday morning.
1. Apple will announce that it has sold more iPhones in China than in the US last year. That’s the first time that China has surpassed the US in sales.
2. Box had its IPO on Friday. It was up 52% after a strong start.
3. The Xbox One outsold the PlayStation 4 over the holiday season. 2014 was a tricky year for Microsoft’s latest console.
4. Facebook looks set to kill off FBX, the first social media ad exchange. An executive from the company hinted at the service’s demise.
5. Apple has hired another Burberry executive ahead of the launch of the Apple Watch. Chester Chipperfield managed user experience at the fashion brand.
6. Netflix won three awards at the SAG Awards last night. “Orange Is The New Black” and “House Of Cards” were among the winners.
7. New photos may show Apple’s new MacBook Air design. The images show a new, glossy logo.
8. Expedia has acquired Travelocity for $280 million (£186 million). Expedia also owns sites like hotels.com.
9. The most-reliable Apple analyst is predicting sky-high iPhone sales. Ming Chi Kuo predicts 73 million iPhones were sold last quarter.
10. SpaceX has dropped its lawsuit against the US Air Force. The case was about a deal between the Air Force, Boeing, and Lockheed Martin.
Zinc down 2475
Tin down 40
Lead down 50
Nickel up 1308
NASAA down 120
Steel billet unchanged
Copper up 1700
Aluminium down 5250
Aluminium Alloy unchanged
S&P 500 ($ES_F) Bull Shift Rejected; Negative Bias for 2019.25, Maybe 2005.25
S&P 500 ($ES_F) Bull Shift Rejected; Negative Bias for 2019.25, Maybe 2005.25
See the full report with screencasts and levels, today for FREE http://ow.ly/HVnNp
And you can trial all our Stock Futures reports for a week for FREE too: sign up NOW http://ow.ly/HVnWt
4 Hour S&P 500 E-mini Future chart
Steve Miley, the Market Chartist brings 22 years of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.
He is the current winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy 2013 and was the winner of Best FX Research & Strategy 2012. Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.
He has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including central banks, real money accounts, hedge funds and other financial institutions.
What does Market Chartist do?
We provide daily technical analysis research on all the major asset classes, with 21 daily reports. This allows our client base to benefit from the high levels of correlation that currently influence markets. The time horizons for this analysis range from what we anticipate happening in the next few hours and days up until the next 1-2 weeks.
The daily reports allow our clients to gain a better understanding of the directional bias and levels to watch within the securities they look at each day.
So what is different? We provide up to date, audio-visual podcast reports, which allows the client to see how the analysis is arrived at, to see what is happening on the chart and provides the analyst with a platform to better explain and describe the view.
Static charts and longwinded text are the past. Market Chartist delivery is the future!
German IFO Current Assessment (Jan) M/M 11.7 vs Exp. 110.8 (Prev. 110.0)
German IFO Expectations (Jan) M/M 102.0 vs Exp. 102.5 (Prev. 101.1)
Hello! Here’s what you need to know for Monday.
1. Radical leftist party Syriza won the Greek election Sunday night by a landslide.
2. After Syriza’s victory, the party will be looking for coalition partners this morning to form a new government.
4. The official Malaysia Airlines website was hacked Monday by a group calling itself the “Official Cyber Caliphate.”
5. The journalist who first reported the death of Argentine state prosecutor Alberto Nisman has fled Argentina fearing for his life.
6. 80% of Pakistan was in darkness Sunday after a reported militant attack on the the national electricity grid.
7. The 32 victims of the Costa Concordia shipwreck died because of chaos and errors and not because the cruise ship crashed into a reef, a prosecutor said in the closing arguments of the captain’s trial.
8. The Church of England will consecrate its first female bishop, 48-year-old Libby Lane.
9. Japan’s trade deficit expanded to a record $109 billion (£725 billion) in 2014.
IFO Business Climate Jan M/M Exp. 106.5 (Low. 105.5 , High 107.5 ) Prev. 105.5
IFO Current Assessment Jan M/M Exp. 110.8 (Low. 110 , High 111.5 ) Prev. 110
IFO Expectations Jan M/M Exp. 102.5 (Low. 101.5 , High 104 ) Prev. 101.1