S&P 500 Closes At Record High, All Other Indexes Rise on Week

allpennystocks Newsletter

You can read the original version online:

http://ymlp240.net/z7qEVl ——————————————————————————– May 25, 2014 Week In Review…

Week In Review For May 19 to May 23, 2014 Spotlight Companies Mentioned This Week:

* Music of Your Life, Inc. (OTCQB:MYLI) This week on AllPennyStocks.com:

* Article Published, May 20, 2014:Amazon Most Popular Online Place for Pet Food and Supplies According to Pethealth Survey (http://www.allpennystocks.com/aps_ca/special-reports/423/Amazon-Most-Popular-Online-Place-for-Pet-Food-and-Supplies-According-to-Pethealth-Survey.htm) (CDN Company) * Article Published, May 21, 2014:Empire Global Signs Definitive Agreement to Acquire Italian Online Gaming Operator Multigioco (http://www.allpennystocks.com/aps_us/special-reports/447/Empire-Global-Signs-Definitive-Agreement-to-Acquire-Italian-Online-Gaming-Operator-Multigioco.htm) (U.S. Company) * Article Published, May 23, 2014:Shares of Theratechnologies Slip Lower on Production Delay of Egrifta (http://www.allpennystocks.com/aps_ca/special-reports/424/Shares-of-Theratechnologies-Slip-Lower-on-Production-Delay-of-Egrifta.htm) (CDN Company) Video charts for the week:

* May 23rd Technical Video Chart For NVTL.The Novatel Wireless chart has been in a steady down trend for more than a year, but is showing signs of a positive divergence between the MACD and the price per share. This, coupled with a new support at $1.50, is enough to keep the chart on watch for upward movement. view:

( http://www.youtube.com/watchv=AHrM7EJazRs ) * May 23rd Technical Video Chart For AVL:CA.The Avalon Rare Metals chart keeps falling through supports since a high of 89 cents in March. A new support is established at 54 cents as a bullish cross looks to be coming with the MACD and the RSI ekes upward, providing enough evidence to keep the chart on watch for upward pressure unless the support fails. view:

( http://www.youtube.com/watchv=NMxigf1MAfI ) _______________________________________________________________ Featured Link: Try the AllPennyStocks.com Pro newsletter / member area free for 14 days. Members receive exclusive Canadian and U.S.

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_______________________________________________________________ WEEKLY UPDATE – STOCKS STORM AHEAD AT FRONT AND BACK OF NORTH AMERICAN HOLIDAYS It was a solid week for North American stocks, highlighted by a three-day rally heading into the long weekend in the US that left the Dow Jones Industrial Average, the S&P 500 and Nasdaq all ahead for the year, the first time all three major indexes have been in positive territory at the same time in 2014. The S&P 500 even ended Friday above 1,900 for the first time ever on a closing basis. With Bay Street shuttered in celebration of Victoria Day, US equities were led higher by tech stocks in a session with markedly low volumes on Monday. In fact, Monday was the third-lowest trading volume of the year for the S&P 500 with earnings season winding down and an empty economic docket for the day, allowing stocks to ride a little momentum from the prior Friday to coast higher as one mega-merger was announced and another was rebuffed.

Traders also found some optimism from San Francisco Fed President John Williams saying it will probably be more than a year before the main bank starts raising interest rates, calming some nerves about rate hikes potentially as early as March. Dallas Fed President also chimed in with remarks about how Congress is not doing enough (or anything really) to help the economy, calling it “the choke point,” hopefully prodding for action from the nation`s lawmakers as the Fed winds down its latest stimulus package.

With a blank economic slate on Tuesday, traders focused on some earnings misses by retailers and Philadelphia Fed President Charles Plosser saying that the Fed may act sooner than some of his colleagues believe if the economy accelerates after a sluggish start, as many predict will happen. The markets don`t like speculation about the possibility of sooner-than-expected Fed action, leading to a triple-digit loss for the Dow and one of the worst days of the month.

That was the end of the negativity for the week, though, with a Wednesday rally that erased Tuesday`s losses with the Dow`s biggest move in five weeks as the minutes were released from the latest meeting of the Federal Open Markets Committee April 29-30. The minutes showed that Fed officials are looking at a variety of options to exit QE3, with an emphasis on remaining flexible with the central bank`s easing practices. Another point of interest was the Fed recognizing that inflation remaining low gives them wiggle room to continue to be accommodative to try and bring unemployment down and move towards a 2-percent inflation target. By large, most Fed officials are looking past the weak first quarter and expecting inflation and economic growth to stabilize, meaning that it is time to start talking in terms of how to cautiously exit the stimulus package as it draws closer. The minutes were in line with New York Fed President William Dudley, a voting member of the FOMC, who said that there will be a “considerable time” between the end of asset purchases by the Fed and the raising of interest rates.

Speaking of inflation, Statistics Canada reported that rising energy costs helped consumer prices climb 2.0 percent in April, compared to April 2013. It was the first time that inflation hit the Bank of Canada`s target since April 2012, helping the Toronto markets rise closer to a five-year high hit early in the month. The benchmark TSX rose in each of the four trading days last week after taking Monday off. The smaller Venture exchanged tripped on Tuesday, but rose in each of the last three days of the week.

It`s been a better than expected earnings season, although revisions to guidance set the bar low for the first quarter. With only a handful of companies in the US left to report, about 68% of companies topped Q1 earnings expectations, above the 66% average for the past year. So far in 2013, the Dow is up 0.2%, the S&P 500 is up 2.8%, the Nasdaq has gained 0.2%, the TSX Composite has moved ahead about 8.2% and the Venture has risen about 5.9 percent.

Overseas, Ukraine is holding presidential elections today. These elections have been a topic of debate as they will likely determine the direction of the country against the backdrop of pro-Russian separatist advocacy and the recent annexing of Crimea. Not only do the elections hold serious implications about the future of Ukraine, they are also being closely watched by the world because any signs of interference by Russian President Vladimir Putin in the elections has already been warned will lead to sharp sanctions against Russia (the world`s second largest oil exporter), which could impact global oil supply chains.

The markets rode the momentum of optimism last week predicated on the idea that the Fed isn`t going to take away stimulus too quickly.

There are certainly mumblings of concern around Wall Street about rising yields showing a disconnect between the rising markets and the true state of the economy, so that is something to pay attention to.

Don`t get us wrong, we like to see the bulls running as much as the next guy, but the markets certainly seem frothy at or near record highs without quite enough data to support the moves. Americans will rest on Monday in observance of Memorial Day and the economic calendar is somewhat light, although there will be key data coming on durable goods orders and gross domestic product that certainly have market moving potential.

The Canadian dollar lost ground early in the week against the US dollar, but regained the losses to end the week virtually unchanged.

The Canadian dollar has been holding up against the USD against the backdrop of analysts carrying a negative outlook for the currency.

After retreating early in the week, the loonie shook of soft Canadian retail data on Thursday to pick up some ground and closed with a solid day on Friday on the back of inflation rising to the Bank of Canada`s target in April. This rise in consumer prices greatly diminishes the chances that the next move by the central bank will be a rate cut, lending support to the CDN. The rebound came after the USD climbed as high at C$1.0943 on Wednesday, marking its highest level since May 6 with the American currency broadly strengthening against world currencies as sliding US Treasuries drove yields higher. The ICE Dollar Index, which measures the greenback against a basket of six leading currencies, added 0.41% for its third straight weekly rise to close at the highest level since the final week of March. On the week, the Canadian dollar edged down by 0.03%, or $0.00028, against the USD, meaning next week will begin with one Canadian dollar buying US$0.920415.

Commodity Snapshot:

* Gold futures were caught in a range last week as investors mulled global events with economic growth and general favoritism for equities. Gold inched ahead to start the week against a slightly weaker dollar and any real lack of a catalyst to move bullion one way or the other. The World Gold Council noted, as European central banks agreed to a new Central Bank Gold Agreement, that European central banks are holding on to their gold, selling less than 25 metric tons of gold over the past five years (mostly for coin printing), in a sign of commitment to the precious yellow metal as a monetary reserve. The WGC also reported that gold demand in the first quarter was essentially flat from Q1 2013, lending to the idea of no real catalyst for gold price movement. Further, gold seesawed with the Fed minutes, eventually slipping to a two-week low as investors interpreted the minutes as bullish for the economy and an ending of quantitative easing. A modest loss on Friday for June contracts, the most actively traded, resulted in a weekly loss of $1.70, or 0.13%, per ounce to $1,291.70.

* Silver futures couldn`t pick a direction and continues to trend in the mid-$19`s, only slightly above lows this year. Societe Generale thinks the trend will continue a little lower throughout this year and then move even lower going forward, predicting last week an average price of $19 per ounce for 2014 and $18 per ounce in 2015. The French multinational bank believes that the US Fed tapering and ending its stimulus package will weigh on the precious metal complex and that investors will move away from gold and silver to seek higher returns in equities and that silver will be hit by slowing in global economies. The bank was wrong for the week anyway as July contracts for silver were the most actively traded, rising 8.9 cents, or 0.46%, to $19.418 per ounce.

* Copper futures dipped mid-week, but rebounded to close near three-month highs as investors focused on inventory levels that a week prior dropped to a six-year low. Analysts were calling for a 300,000-tonne copper surplus in 2014, but binge buying by China (to the tune of 200,000 tonnes in recent months) has played a role in copper stockpiles dropping 49% this year. Manufacturing in the country, by far the world`s biggest copper consumer, contracted for the fifth straight month in May, but still delivered its best performance so far this year. The US housing market expanding has also played a role in copper appreciating due to its many uses in new construction. July contracts were the most actively traded on New York`s COMEX exchange during the week; advancing by 2.05 cents, or 0.65 percent, to $3.1675 per pound.

* Oil futures moved ahead early in the week to extend gains from the week prior as possible supply chain disruptions surfaced again with conflict in Libya and Ukraine. Germany threatened Russian President Putin with more sanctions if he disrupts Ukrainian elections next week against the backdrop of troops posturing at the Ukraine/Russia border.

Chaos erupted in Libya with a militia group storming Parliament, reportedly disbanding leadership and once again keeping a noose on crude exports that are repeatedly expected to start increasing.

Tempering supply concerns, the Obama administration is reported to be considering easing restrictions on oil exports amid the shale boom creating excess supply. On the stockpile note, the U.S. Energy Information Administration said that crude inventories declined by 7.2 million barrels in the week ended May 16, a decline more than 23 times the 300,000-barrel reduction analysts predicted, taking oil to a one-month high. Crude futures have surged about 4% in May and are now within striking distance of 2014 highs. July contracts for West Texas Intermediate Crude were the most actively traded; advancing $2.33, or 2.28%, to $104.35 per barrel.

Equity Market Snapshot:

(All percentages on a weekly basis unless otherwise noted) * Major gold miners continued to provide little support to the Toronto markets. Agnico-Eagle Mines (TSX:AEM, -0.88%), Goldcorp (TSX:G, -0.45%) and Barrick Gold (TSX:ABX, -0.55%) fell lower, although Yamana Gold (TSX:YRI, +2.11%) and Kinross Gold (TSX:K, +1.17%) moved ahead.

* Major energy plays were mixed despite rising crude prices.

Talisman Energy (NYSE:TLM, -2.47%) was a weak spot, but Suncor Energy (NYSE:SU, +0.44%), Imperial Oil Ltd. (NYSE:IMO, +1.62%), Cenovus Energy (NYSE:CVE, +1.18%), Canadian Natural Resources (NYSE:CNQ, +3.16%), Exxon Mobil (NYSE:XOM, +0.58%) and Chevron Corp. (NYSE:CVX, +0.15%) logged gains. XLE, the Energy Select Sector SPDR, snapped a two-week losing streak with an advance of 0.80 percent.

* The biggest of banks in the US were finally a source of strength.

Wells Fargo & Co. (NYSE:WFC, +2.20%), UBS AG (NYSE:UBS, +1.10%), Goldman Sachs Group (NYSE:GS, +2.38%), JPMorgan Chase (NYSE:JPM, +2.29%), Citigroup (NYSE:C, +1.83%) and Bank of America (NYSE:BAC, +1.45%) all gained ground. XLF (NYSE:XLF, +1.36%), the financial select sector SPDR that tracks the financial stocks in the S&P 500, advanced after two red weeks.

* The upward theme was in place for Canada`s biggest banks, the most heavily weighted component of the TSX Composite, as earnings started rolling in. Bank of Nova Scotia (TSX:BNS, +1.39%), Bank of Montreal (TSX:BMO, +1.99%), Canadian Imperial Bank of Commerce (TSX:CM, +2.39%), Royal Bank of Canada (TSX:RY, +3.38%), Toronto-Dominion Bank (TSX:TD, +3.45%) and National Bank of Canada (TSX:NA, +1.86%) closed ahead.

* In big merger news, AT&T (NYSE:T, -3.87%) agreed to buy satellite-television company DirecTV (NYSE:DTV, -3.01%) for $67.1 billion (including debt) in cash and stock. The merged company, which still has to clear regulatory anti-trust hurdles, would be the second biggest provider of television subscribers in the U.S., trailing only Comcast (NASDAQ:CMCSA, +3.55%)/Time Warner Cable (NYSE:TWC, +3.37%), which agreed to merge earlier this year (a deal still not approved by regulators). Cumulatively, AT&T/DirectTV and Comcast/TWC would control over half of the U.S. market.

* AstraZeneca (NYSE:AZN, -9.97%) rejected the “final” offer by Pfizer (NYSE:PFE, +1.27%) to acquire its European rival for £55 a share (US$89.96), citing there are risks to shareholders and that price still undervalues the company. Pfizer had bumped its previous offer up from $106 billion to $120 billion only days earlier.

* Royal Bank and TD Bank were the first of Canada`s big banks to report financials from the first quarter. Royal Bank said that quarterly net earnings were up 15 percent from Q1 2013 to $2.2 billion, or $1.47 a share. Cash diluted earnings per share were $1.49, beating analyst predictions of $1.44 per share. TD Bank said its quarterly profits climbed to $1.98 billion from $1.71 billion a year prior. On an adjusted basis, net income was $2.07 billion, or $1.09 per share, exceeding analyst expectations of $1.02 per share.

* 139 protesters were arrested outside McDonald`s (NYSE:MCD, -1.11%) world headquarters in Oak Brook, Illinois last week as they gathered to protest for higher wages as the company held its annual shareholders` meeting. The people were arrested for trespassing as they crossed a police barricade, chanting catchy phrases, such as, “No Big Macs, No Fries, Make our Wage Supersize!”.

* Target`s (NYSE:TGT, -4.33%) stock fell after posting first quarter earnings of 70 cents per share against analyst estimates of 71 cents per share in profits as the leading retailer continues to struggle in the wake of massive data breaches in December.

* On the point of data breaches, eBay (NASDAQ:EBAY, +0.13%) asked 145 million users to change their passwords as a precaution after discovering it was the target of a massive hack earlier this spring.

eBay says it doesn`t believe any credit card information was accessed, but the thieves got hold of personal information, such as names, birthdays, email addresses and passwords.

* YouTube, a property of Google Inc. (NASDAQ:GOOGL, +6.72%), reached a deal to buy privately held Twitch, a video-streaming service for gamers, for more than $1 billion, according to sources supposedly close to the matter. In other things Google, the tech giant struck a deal with Apple Inc. (NASDAQ:AAPL, +2.78%) in which both parties will drop all outstanding patent disputes against each other, even though no cross-licensing component was part of the pact. Shares of AAPL have risen in five of the last six weeks, equating to gains of about 18 percent and putting the stock at its highest level since October 2012.

* Hewlett-Packard (NYSE:HPQ, +3.69%) said that it plans to cut between 11,000 and 16,000 jobs, running the total number of jobs eliminated since Meg Whitman took control in 2012 to approximately 50,000. The world`s largest personal computer maker reported adjusted earnings of 88 cents per share in the first quarter on sales of $27.3 billion. Both top and bottom figures were short of analyst expectations, but investors seemed to like the idea of further expense cuts.

* The board of directors at TMX Group (TSX:X, -0.62%) has officially begun the search for a new CEO, with Thomas Kloet set to retire in August. TMX Group, which owns the Toronto Stock Exchange, says that it is looking both internally and externally for a successor to Kloet, who has been seated as the top executive for six years.

* Reuters reported that tobacco giant Reynolds American Inc.

(NYSE:RAI, +1.95%) is in advanced negotiations to buy rival cigarette maker Lorillard Inc. (NYSE:LO, +4.50%). Citing sources close to the matter, the merger would also include British American Tobacco, since British American Tobacco owns 42% of Reynolds American. Merging the industries second and third biggest companies would put the new company in close proximity to the 50% market share that is currently controlled by Altria Group Inc. (NYSE:MO, -0.02%). Shares of MO were essentially flat last week, but had climbed in the prior 12 weeks and 14 out of the last 15 weeks.

* Embattled iconic retailer Sears Holdings Corp. (NASDAQ:SHLD, -6.23%) dropped for the third straight week after reporting that its Q1 net loss widened to $402 million, or $3.79 per share, versus a net loss of $279 million, or $2.24 per share, in the year prior quarter.

Sales, which slipped by 6.8% to $7.88 billion, have been declining at Sears in 29 straight quarters now. Sears recently said it`s considering selling its 51% stake in Sears Canada (TSX:SCC, -7.27%), which posted a net loss that more than doubled to $75.2 million in the first quarter as sales plunged 11 percent to $705.8 million. It was Sears Canada`s worst quarterly sales performance in five years.

* Netflix (NASDAQ:NFLX, +15.00%), a popular momentum stock, ran ahead upon saying that it is planning further expansion in Europe by the end of 2014.

Weekly Indices Results:

The S&P TSX Composite Index rallied after two straight down weeks, tacking on 193.04 points, or 1.33%, to 14,708.10. The TSX-Venture Composite Index bounced off a three-month low, climbing 11.29 points, or 1.16%, to 987.84.

In the States, the Dow Jones Industrial Average posted a new record high, ending the week up by 114.96 points, or 0.70%, to 16,606.27.

The much-broader S&P 500 roared to a new all-time closing high, jumping 22.67 points, or 1.21%, to close at 1,900.53. The tech-rich NASDAQ Composite was the strongest performer of the week, moving up by 95.22 points, or 2.33%, to 4,185.81.

Canadian Economic Data:

* Following two consecutive monthly gains, wholesale sales decreased 0.4% to $50.5 billion in March, according to Statistics Canada. Lower sales were recorded in three of the seven subsectors, which together accounted for 51% of wholesale sales. The motor vehicle and parts subsector (-3.0%) recorded the largest decline in March. Excluding this subsector, sales edged up 0.1% to $42.3 billion. Sales in the machinery, equipment and supplies subsector declined 1.4% to $10.6 billion, a third decrease in four months. In volume terms, wholesale sales were down 0.2%.

* Stats Can said that 509,800 people received regular Employment Insurance benefits in March, little changed from February. The number of beneficiaries has been relatively stable since May 2013, following a long-term downward trend that began in the summer of 2009. The number of people receiving benefits in March was down in Prince Edward Island (-1.8%), British Columbia (-1.7%), New Brunswick (-1.2%) and Saskatchewan (-1.2%), while it increased in Quebec (+1.9%). There was little change in the other provinces.

* The nation`s number crunchers also report that, following gains in January and February, retail sales edged down 0.1% in March to $41.1 billion, against economist expectations of a 0.3% advance. Sales were lower at motor vehicle and parts dealers (-0.7%) and clothing and clothing accessories stores (-1.4%). However, these declines were largely offset by gains at gasoline stations (+0.8%) and food and beverage stores (+0.4%). Sales declined in 7 of 11 subsectors representing 59% of retail trade. In volume terms, retail sales decreased 0.2%.

* Lastly, Stats Can reported the Consumer Price Index rose 2.0% in the 12 months to April, following a 1.5% increase in March, matching economist expectations. It was the first time in two years that the inflation rate met the 2% target of the Bank of Canada and biggest year-over-year rise in the same time span. An 8.4% rise in energy prices paced the gains in April, following a 4.6% hike in March.

Prices for natural gas increased 26.0% year over year in April, after posting a 17.9% gain in March. The rise in the natural gas index in April was mainly attributable to a price increase in Ontario.

Excluding energy, the CPI advanced 1.4% year over year in April, after increasing 1.3% the previous month.

This week, major economic data reports will be silent until the Industrial Product Price Index, Raw Materials Price Index and GDP on Friday.

U.S. Economic Data:

* The Labor Department reported that initial jobless claims, a measure of weekly layoffs, rose to 326,000 in the week ended May 17, up 28,000 from a revised seven-year low of 298,000 a week earlier.

Economists were expecting a rise in claims to 310,000. The four-week moving average, a less volatile gauge of the labor market, dropped by 1,000 to 322,5000, continue to hover around per-recession lows and suggesting an improving jobs situation.

* The National Association of Realtors said that existing home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops) climbed 1.3 percent in April from March to an annual rate of 4.65 million units. Economists predicted a slightly higher 4.68 million unit annual rate. Sales of existing properties had fallen in each of the first three months of 2014, including a 0.2% decline in March from February. Compared to April 2013 existing home sales were down by 6.8 percent. The median price for all types of homes was $201,700 in April, up 5.2 percent from last April, although the NAR added that the pace of increasing prices is slowing.

* The Census Bureau reported that new home sales climbed 6.4% month-over-month to a seasonally adjusted annual rate of 433,000, adding to the idea that the housing markets gained some traction to start the second quarter. Economists predicted a 425,000 annual rate.

Sales were still down from last April`s annual pace of 452,000. New home sales were up in the South and Midwest, flat in the West and down in the Northeast. The median sales price was $275,800, down from $279,300 in April 2013.

This week, data in the States will include Durable Goods Orders on Tuesday; GDP and Initial Jobless Claims on Thursday; and Personal Income and Outlays on Friday.

Company Spotlight:

Our latest corporate spotlight, Music of Your Life, Inc. (OTCQB:MYLI, +13.33%), had a strong weekly gain on the back of their PR from Wednesday. The Company announced that it completed its acquisition of the registered iRadio trademarks. In addition to its previously acquired “Entertainment Services” trademark, which includes radio programming, the Company has just acquired the trademark for “Internet Radios and Vehicle Radios”.

Music of Your Life, Inc. CEO, Marc Angell commented, “With the addition of this iRadio trademark, Music of Your Life can stake its claim in the connected car environment. iRadio is the perfect brand for accessing content over the Internet and into your car. We`re actively looking for the right group to license, partner, or manufacture in-dash iRadios, including our iRadio programming.” Angell added, “As we continue to develop additional programming channels for our expanding iRadio service, we maintain our “Stars Playing the Stars” mantra, using celebrity DJ`s to host many of our shows. Most of our competitors in the Internet music space are great as an online jukebox, but radio to us includes personalities sharing stories and talking about the music.” For more information on Music of Your Life, Inc., click here: (http://www.allpennystocks.com/aps_us/company_spotlights/archives/myli.asp).

————————- Forward Looking Statements This report includes forward-looking statements that reflect the mentioned companies current expectations about its future results, performance, prospects and opportunities. the mentioned companies has tried to identify these forward-looking statements by using words and phrases such as “may,” “will,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “we are confident” or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause the mentioned companies actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company`s growth expectations and ongoing funding requirements, and specifically, the Company`s growth prospects with scalable customers, and those outlined above. Other risks include the Company`s limited operating history, the Company`s history of operating losses, consumers` acceptance, the Company`s use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company`s securities, the possible volatility of the Company`s stock price, the concentration of ownership, and the potential fluctuation in the Company`s operating results.

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