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10Sep2015 Market Close: Markets Close Higher, DOW Up 77 Points, U.S. Dollar Closes Down Near Important Support

Written by Gary

U.S. stocks advanced, bucking declines in Asia and Europe, as investors looked ahead to a decision by the Federal Reserve on interest rates next week. The markets haved remain in a sideways trading zone for 11 sessions now while little headway is being made for the bullish pundits.

The oils have closed higher and short term indicators are very bullish while the U.S. dollar closes down near its support.

Todays S&P 500 Chart

Note that it appears S&P/Dow's failure to break overnight highs saw the rollover in stocks.

The Market in Perspective

Here are the headlines moving the markets.

U.S. Stocks Rise

U.S. stocks advanced, bucking declines overseas, as investors looked ahead to a decision by the Federal Reserve on interest rates next week.

Wall St. bounces back with Apple, biotech

(Reuters) - U.S. stocks ended higher on Thursday in another day of broad swings as investors showed nervousness ahead of next week's much-anticipated Federal Reserve meeting, but gains in Apple and biotech shares supported the day's advance.

U.S. outlines new policy for investigating corporate executives

NEW YORK (Reuters) - The U.S. Department of Justice laid out on Thursday a revised policy for prosecutors to focus on wrongdoing by corporate executives, drawing criticism it was too late after the 2008-09 financial meltdown and housing crisis.

Stocks Double-Dump As Dollar Slumps & Crude Pumps

If you did not use this phrase today at least once then you are not paying attention...

It all started with some manic manipulation overnight... in Asia...

And The US - S&P e-minis were halted twice...

But the equity algos flip-flopped between JPY and WTI Crude as the momentum igniters on the day... until NYMEX closed and ruinbed the game...

Trannies gapped higher at the open (but closed below their opening print) but everythijng faded in the afternoon

Note that it appears S&P/Dow's failure to break overnight highs saw the rollover in stocks...

Austrian Central Bank Warns Fed, "Rate Hikes Will Slow Global Growth"

Authored by Martin Feldkircher, Florian Huber, and Isabella Moder of Austria's Central Bank, originally posted at Project Syndicate,

The World When The Fed Raises Rates

The United States Federal Reserve is the world's most powerful bank, and its most powerful component is the Federal Open Market Committee (FOMC), the twelve men and women who meet eight times a year to determine - essentially by setting interest rates - the monetary policy of the world's largest economy. The last time the Fed raised interest rates was in 2006, before the growth-sapping impact of the global financial crisis persuaded it and other central banks to lower rates effectively to zero and to employ so-called quantitative easing (QE) to pump money into advanced economies.

But this year, for the first time since 2007, every advanced economy in the world is growing - including America's. And that means that the FOMC, fearful of asset bubbles, will at some point decide that America's interest rates must rise. That may (or may not, depending on the timing) be good for the US economy, but what will it mean for the rest of the world?

Our research shows why the world, especially emerging countries, will be paying nervous attention. In mid-2013, when the Fed announced that it would gradually reduce its unconventional monetary-policy measures (for example, large-scale purchases of mortgage-backed securities), emerging markets suffered large capital outflows. In other words, when the Fed even hints at tightening monetary policy, other countries suffer. Depending on just how much the FOMC decides to tighten at a future meeting, we foresee ...

U.S. regulator says Takata recall plan could include other suppliers

WASHINGTON (Reuters) - A government plan to recall and replace millions of potentially deadly Takata Corp air bag inflators could compel other manufacturers to supply automakers with the safety devices, the top U.S auto safety regulator said on Thursday.

How Apple Is Escalating the Wireless Wars

Apple's plan to finance iPhone purchases could spur fresh price competition among wireless carriers.

U.S. Jobless Claims Decline; Import Prices Fall, Too

Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 275,000 for the week ended Sept. 5, the Labor Department said on Thursday

G.E. to Seek Sale of Its Asset Management Arm

The industrial conglomerate, already moving to shed its huge lending arm, is trying to become even smaller.

Why Apple's Launch Event Was "Creepy As Hell"

Submitted by Doug Litowitz

Apple's Launch Event Was Creepy As Hell

Yesterday all eyes were on Apple's product launch.

This is because Apple has become a bellwether for the stock market as a whole.

Legendary short seller Jim Chanos spoke candidly to CNBC, explaining that institutional investors and hedge funds are treating Apple stock as a "hedge fund hotel" where they can buy a single name and ride it upwards as opposed to concocting complex trading systems as they did in the past. Indeed, SEC filings by hedge funds bear this out, and so the product launch attracted a huge audience, generating play-by-play reporting on CNBC and Yahoo Finance.

By the end of trading, Apple stock declined nearly 2%, indicating that investors were not impressed.

To paraphrase poet Horace, the mountain shuddered and gave birth to a ridiculous mouse.

I too watched the entire product launch. The Apple Watch doesn't do much more than other devices and it looks ugly next to a Rolex; the new iPhone has a few tweaks that don't amount to much; the new iPad Pro tablet is unwieldy with a humor-inducing stylus; and the Apple TV box is interesting for voice-activation but not that different from what others are already offering in streaming content.

That would be the end of my story.

But I am feel obliged to confess that I found the event creepy as hell from a psychological and cultural perspective.

After two hours of watching their best and brightest, my mind was reeling with associations of cults, lifestyle gurus, and new-age hokum.

The Man At The Helm

Let's start with the venue, which was the first thing CEO Tim Cook ...

Avon in talks with private equity firms for stake sale: WSJ

(Reuters) - Avon Products Inc , which sells cosmetics door-to-door, is in talks with private equity firms about an investment through a stake sale in the struggling company, the Wall Street Journal reported on Thursday.

Elderly Americans' Confidence Collapses To 11-Month Lows (As Middle-Aged Hope Surges)

Amid the turmoil of the markets, it appears that older Americans (those over 65 years old) are the most negatively affected as their "comfort" has collapsed to 11-month lows. Oddly, perhaps thanks to lower gas prices or simple Schdenfreude for not being as neck-deep invested in stocks as the older-generations, middle-aged Americans (from 35-44) have seen a resurgence in confidence (now at 4-month highs).

Will a fed rate hike provide just the additional 25bps on interest income that the retired (or not so retired) needs? Or will it finally crush that generation's dreams of retirement on the beach (as pitched by every wealthg manager ever) as they finally give up on the ponzi 'wealth creator' that is the US stock market?

Charts: Bloomberg

Ellen Pao won't appeal verdict in gender discrimination trial

(Reuters) - Ellen Pao, the former venture capitalist who lost a high-profile discrimination case against her former employer earlier this year, said on Thursday that she would not pursue an appeal of the court's decision.

Paul Krugman Is "Really, Really Worried" That He Might Have Screwed Up Japan

Late last year, a very important and very "powerful" man took a field trip to Japan to observe Keynesian insanity prowling around in its natural habitat...

That's right, last November Paul Krugman - the mere mention of whom is enough to strike terror in the hearts and minds of the sane - found himself in a limousine with Japanese economist Etsuro Honda who was intent on securing the Nobel laureate's help in convincing Prime Minister Shinzo Abe to delay a planned (and prudent) sales tax hike. As a reminder, here's how Bloomberg described the "historic" series of events:

When Japanese economist Etsuro Honda heard that Paul Krugman was planning a visit to Tokyo, he saw an opportunity to seize the advantage in Japan's sales-tax debate.

With a December deadline approaching, Prime Minister Shinzo Abe was considering whether to go ahead with a 2015 boost to the consumption levy. Evidence was mounting that the world's third-largest economy was struggling to shake off the blow from raising the rate in April, which had triggered Japan's deepest quarterly contraction since the global credit crisis.

Honda, 59, an academic who's known Abe, 60, for three decades and serves as an economic adviser to the prime minister, had opposed the April move and was telling him to delay the next one. Enter Krugman, the Nobel laureate who had been writing columns ...

Is This The Start Of India's Gold Confiscation

On April 5, 1933, FDR signed Executive order 6102 which made illegal "the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States" in the process criminalizing the possession of monetary gold by any individual or corporation.

This was de facto gold confiscation; De jure it wasn't, because as compensation for the relinquished gold, Americans would receive 20.67 in freshly printed US dollars for every troy ounce. Anybody who objected faced a fine of $10,000 (just under $200,000 in inflation-adjusted dollars) and up to 10 years in prison.

Once the government was confident it has confiscated enough gold, it turned around and raised the official price of a gold ounce to $35 (about $600 in today's dollars) devaluing the US Dollar by 40% overnight at a time when currencies were still backed by hard assets.

Fast forward 82 years to a time when the barbarous relic continues to be seen as the safest store of value among India's vast population (roughly 20% of the world's total), not to mention the main source of financial headaches for local authorities, one of the biggest importers of gold due to its "traditional" values and where relentless Indian demand for offshore purchases of the shiny yellow metal so plagues the government's current account and capital flow strategy, that the government may be preparing to pull a page right out of the FDR playbook.

Yesterday, Prime Minister Narendra Modi's cabinet implemented the selling of "gold-backed bonds" when it approved the gold monetization plan and sale of sovereign bonds proposed several months ago by the Reserve Bank of India, the government s ...

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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