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11Sep2015 Market Close: DOW Closed Above 100, Volume Light, U.S. Dollar Closes At Support

Written by Gary

Markets closed higher today with the DOW piercing the triple digit level as oil skated sideways in the high 44's. Investors are still skittish about the markets continuing the bull run as the averages have continued their narrow sideways trading and literally going nowhere but putting the S&P 500 on track for its biggest weekly gain since July. The bad news is that energy shares dropped after Goldman Sachs cut its oil price forecast through next year.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street inches higher en route to a winning week

(Reuters) - U.S. stocks edged higher late Friday afternoon, putting the S&P 500 on track for its biggest weekly gain since July, but energy shares dropped after Goldman Sachs cut its oil price forecast through next year.

Oil ends down about 2 percent as Goldman Sachs cuts price forecast

NEW YORK (Reuters) - Crude futures fell 2 percent or more on Friday after influential Wall Street trader Goldman Sachs cut its outlook on oil, but positive sentiment from rebounding U.S. stock prices and less drilling for oil helped the market pare losses.

Major car makers agree to make automatic braking standard in U.S

RUCKERSVILLE, Va. (Reuters) - A group of major automakers accounting for more than half of U.S. auto sales will make automatic emergency braking standard on new U.S. vehicles in one of the industry's biggest auto safety moves since it embraced technology to prevent rollovers more than a decade ago.

Big banks in $1.865 billion swaps price-fixing settlement

NEW YORK (Reuters) - Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors said on Friday.

NCR Is Said to Resume Attempt to Sell Itself

The move comes after talks to sell itself to the investment firm Thoma Bravo fell through this summer.

VIX Bets Behaving Badly

Volatility investment products were supposed to protect investors from market turbulence. In the recent week, they fell victim to their own volatility.

PepsiCo expands availability of soda caps for SodaStream machines

(Reuters) - PepsiCo Inc said it would offer caps filled with Pepsi and Sierra Mist drink mixes for at-home soda machines made by SodaStream International Ltd on more platforms as it tests the homemade beverages market for its products.

US Budget Deficit Drops to $64.4 Billion in August

The federal government ran up a much smaller budget deficit in August than a year ago, remaining on track to record the smallest annual deficit in eight years.

GoDaddy prevails in lawsuit over Oscar trademarks

(Reuters) - GoDaddy Inc prevailed in a cybersquatting lawsuit brought by the Academy of Motion Picture Arts and Sciences, which accused the Internet domain registrar of illegally profiting off its trademarks, including for the Oscar telecasts.

Welcome To The Recovery - Two Out Of Five American Children Experience Poverty

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

The last seven years of American history will be remembered for the unprecedented oligarch crime scene that it is. Branding what has occurred during the Obama administration an "economic recovery," represents little more than a vicious assault on human intelligence.

I've spent a lot of time on these pages proving this to be the case, and have even dubbed it the "oligarch recovery". Here's the latest proof.

From the Wall Street Journal:

Childhood poverty is far more prevalent than annual figures suggest, a new paper says, with nearly two in every five U.S. children spending at least one year in poverty before they turn 18 years old.

The findings from Caroline Ratcliffe, a senior fellow at the Urban Institute, show particularly stark divides along racial lines. Black children fare much worse. Some 75% are poor at some point during their childhood, compared to 30% of white children.

Don't worry, Obama will be on it as soon as he's done bailing out Wall Street billionaires.

The Census Bureau is set to release its annual statistics next week on household incomes and poverty fo ...

SEC can pursue insider trading case against brokers: judge

NEW YORK (Reuters) - Two New York stockbrokers must face civil insider trading charges brought by U.S. securities regulators, a U.S. judge ruled on Friday, despite a landmark appellate ruling that torpedoed the criminal case against them.

Oblivious To Risk â€" Investors In La-La-Land

Submitted by Pater Tenebrarum via Acting-Man.com,

Complacency Still Reigns

Given current market volatility and the increasing amount of evidence showing that the global central bank money printing orgy of recent years has utterly failed to produce a so-called "self-sustaining" recovery, it is quite odd how nonchalant investors remain about the outlook for "risk assets" such as stocks.

leadership_cce6_640x390

In this context, we wanted to show our readers a chart a friend has recently sent us. This chart depicts the MSCI Global Index and contrasts it with a "macro confidence" indicator ("global risk sentiment"). This indicator does not take sentiment surveys into account - instead it is purely based on a variety of market prices and positioning data that are held to reflect investor sentiment. Not surprisingly, this indicator often has contrarian implications. It is quite stunning to what extent it is currently diverging from stock prices. Apparently, investor confidence not only hasn't suffered, it has actually soared to a new high for the year:

1-MSCI World vs Sentiment 150908

Global risk sentiment (red) vs. global stock prices (black) - a huge gap has opened up between reality and perceptions

Our friend also pointed to a publicly available article by Sentix, a German compan ...

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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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