WTI oil has fallen sharply to it key support and does not look like it it is going to hold for much longer. Some analysts are predicting a 10% to 20% 'correction' depending on time frame. The longer it takes to start the 'correction', the greater the decent.
Here is the current market situation from CNN Money
U.S. Markets are continuing to fall with continuing fears of Greece being able to pay its debt obligations, U.S. slower-than-expected economic growth, and sharp swings in government bonds across the globe.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages.
Authored by Yanis Varoufakis, originally posted at Project Syndicate,
On September 6, 1946 US Secretary of State James F. Byrnes traveled to Stuttgart to deliver his historic "Speech of Hope." Byrnes' address marked America's post-war change of heart vis-Ã -vis Germany and gave a fallen nation a chance to imagine recovery, growth, and a return to normalcy. Seven decades later, it is my country, Greece, that needs such a chance.
Until Byrnes' "Speech of Hope," the Allies were committed to converting "...Germany into a country primarily agricultural and pastoral in character." That was the express intention of the Morgenthau Plan, devised by US Treasury Secretary Henry Morgenthau Jr. and co-signed by the United States and Britain two years earlier, in September 1944.
Indeed, when the US, the Soviet Union, and the United Kingdom signed the Potsdam Agreement in August 1945, they agreed on the "reduction or destruction of all civilian heavy-industry with war potential" and on "restructuring the German economy toward agriculture and light industry." By 1946, the Allies had reduced Germany's steel output to 75% of its pre-war level. Car production plummeted to around 10% of pre-war output. By the end of the decade, 706 industrial plants were destroyed.
Byrnes' speech signaled to the German people a reversal of that punitive de-industrialization drive. Of course, Germany owes its post-war recovery and wealth to its people and their hard work, innovation, and devotion to a united, democratic Europe. But Germans could not have staged their magnificent post-war renaissance without the support signified by the "Speech of Hope."
ATHENS/BRUSSELS (Reuters) - Leftists in Prime Minister Alexis Tsipras' party vented fury on Thursday at terms proposed by Greece's creditors for a last-ditch deal to stave off bankruptcy and European officials acknowledged that large gaps remain to be bridged.
(Reuters) - Dish Network Corp and T-Mobile US Inc are discussing a deal to combine the second-largest satellite TV operator in the United States with the fourth-largest wireless carrier, a person familiar with the matter said on Thursday.
(Reuters) - U.S. stocks slipped in choppy trading on Thursday after data showed U.S. nonfarm productivity fell sharply and investors digested the International Monetary Fund's comment urging the Federal Reserve to delay a rate hike.
ZURICH/GENEVA (Reuters) - HSBC agreed on Thursday to pay Geneva authorities 40 million Swiss francs ($43 million) to settle a money laundering investigation at its Swiss private bank, one of a number of probes facing its Geneva-based wealth manager.
WASHINGTON (Reuters) - The U.S. Federal Reserve should delay a rate hike until the first half of 2016 until there are signs of a pickup in wages and inflation, the International Monetary Fund said in its annual assessment of the economy on Thursday.
Submitted by David Stockman via Contra Corner blog,
U.S. companies announced $141 billion of new stock buyback programs last month and $243 billion of new M&A deals. Both figures are all-time records, and according to bubblevision are further evidence that CEOs are bullish on their companies and the economic outlook.
You might say that. Then, again, it might put you in mind of swarming moths heading for a light bulb. In his excellent post yesterday, Wolf Richter didn't bother with the long-form chart on M&A deals since, say, the turn of the century. He just cut to the chase with this self-explanatory comparison of pre-crash peak monthly deal rates:
In a similar vein, the run rate of 2015 stock buyback announcements is on pace to reach $1.2 trillion for the full year, shattering the 2007 record of $863 billion. Yes, indeed, there is much bullish enthusiasm in the C-suite, with the weekly announcement line literally going parabolic.
Econintersect wants your comments,
data and opinion on the articles posted. As the internet is a
"war zone" of trolls, hackers and spammers - Econintersect must balance its
defences against ease of commenting. We have joined with Livefyre
to manage our comment streams.
To comment, using Livefyre just click the "Sign In" button at the top-left corner of
the comment box below. You can create a commenting account using your
favorite social network such as Twitter, Facebook, Google+, LinkedIn or
Open ID - or open a Livefyre account using your email address.
You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com