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23Sept2015 Market Close: Markets Close Down, Investors Remain Cautious, China And Oil Still Dominate Major Investor Worries

Written by Gary

Today's session is remarkably like yesterdays in that we didn't go really higher or lower, just a sideways move. Oil again fell to its support and rebounded a few cents, but looking more bearish as each day progresses.

This not the to panic, nor is it the time to sell or buy. Many investors and traders are sitting on their collective hands waiting for Mr. Market's guidance.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Volkswagen boss quits over diesel emissions scandal

BERLIN (Reuters) - Volkswagen Chief Executive Martin Winterkorn resigned on Wednesday, succumbing to pressure for change at the German carmaker, which is reeling from the admission that it deceived U.S. regulators about how much its diesel cars pollute.

Oil tumbles; large gasoline build trumps U.S crude draw

NEW YORK (Reuters) - Global oil markets tumbled on Wednesday, with U.S. crude futures settling down 4 percent after bullish impact from lower crude inventories was offset by large gasoline builds that raised concerns about high autumn fuel supplies.

Boeing wins $38 billion in orders, commitments from China

SEATTLE (Reuters) - Boeing Co said on Wednesday it had won orders and commitments from China for 250 narrowbody 737 aircraft and 50 widebody aircraft, valued at about $38 billion at list prices.

Wall Street edges down as factory data adds to growth worries

(Reuters) - U.S. stocks were down slightly in late trading on Wednesday after weak Chinese and U.S. factory data added to global demand worries.

Hackers Took Fingerprints of 5.6 Million U.S. Workers, Government Says

The Office of Personnel Management said that when hackers, said to have been Chinese, took security dossiers, they also got the fingerprints, a much larger theft than previously disclosed.

U.S. Navy's F-35 test to include new helmet, full weapons load

FORT WORTH, Texas (Reuters) - The U.S. Navy's next round of carrier testing of the Lockheed Martin Corp F-35C stealth fighter jet will include new helmets and jets fully loaded with internal weapons, a company official told Reuters.

Survey Finds 40 Of Human Resources Executives Use Employee Assessment Software

from Challenger Gray and Christmas

As the war for talent escalates amid an improving economy and falling unemployment, employers around the country are looking for any advantage that will give them the upper hand in finding and keeping the best workers. According to one new survey, a large percentage of companies believe that advantage can be found in employee assessment software.

Bed Bath Should Plump Up Its Margins

Bed Bath & Beyond's margins should eventually stabilize. But that isn't likely to happen soon.

Stocks to Buy When the Fed's Shadow Moves

In the wake of the Federal Reserve's policy decision last week, what stocks should investors be buying? Maybe the same ones they should have been buying over the past year.

August 2015 Coincident Indicator Continue Slowing Rate of Year-over-Year Growth Trend

The year-over-year rate of growth of the US Coincident Index again declined marginally. A comparison of US Coincident Index, Aruoba-Diebold-Scotti business conditions index, Conference Board.

The Fed Killed It

Submitted by Lance Roberts via STA Wealth Management,

I had previously discussed the impact of Fed meetings on the markets stating:

"With markets oversold on a short-term basis combined with a spike in volatility and bearish sentiment, a "punt" by the FOMC will likely spark a short-term rally in the market. Such an outcome would NOT be surprising by any means since the market has rallied the week of an FOMC "no hike" meeting since 2013."

SP500-FedMeetings-NoRateHike-091515

If you look at the chart again, you will notice that while the markets have tended to rally in anticipation of the Fed meeting announcement, in many cases the market fell following the announcement. The "buy the rumor, sell the news" effect is definitely apropos in this case.

I began addressing at the end of August that the market collapse had gotten extremely oversold. As such, that set up the probability for a reflex rally back to previous support levels.

"While the volatility index (VIX) is still suppressed relative to historical corrections, it is at the highest le ...

Spot The Difference

One of these is the head of an organization with millions of religiously fanatical followers...

and the other is the Pope.

h/t @ScubaSteve732

The Youth Must Rise Up: Martin Armstrong Warns "The End Of The Noose Around Our Necks" Is Nigh

Submitted by Martin Armstrong via ArmstrongEconomics.com,

I have met with students in Paris and throughout Europe. The politicians cannot understand that they are destroying your future. All they can see is their need to retain power, but the high levels of taxes are so burdensome that they are preventing the creation of new jobs. The zero to negative interest rates has resulted in the elderly still working because they cannot afford to retire.

We are reaching the end of this noose around our neck that was placed there by Marx. It is interesting how in the USA they call me a "conservative", yet in France, they call me a "liberal" because I am against authoritative socialism. The labels change, but the message remains the same.

Why did Marxism collapse? Because government cannot create anything new for that requires the freedom to act and imagine which is exclusively an individual trait. Government creates nothing. They are the great destroyer. Companies grow and become bureaucratic. In the process, they terminate the creative genius upon which all companies are found. A creative person is a NON-CONFORMIST. Consequently, they do not suffer regulation and bureaucratic systems. So in come the lawyers and the accountants who then eject the creativity from the board, exactly as Apple got rid of Steve Jobs. Once the creative person is gone, the company begins its slow death. At first, they buy startups and pay huge money to gain creativity. In the end, bureaucracy kills the corporation for the very same reason government destroys the economy and shrinks it, no matter what they pretend.

The is just one aspect that Marx could not see for there is no differe ...

Weak factories data weigh on shares; euro rises

NEW YORK (Reuters) - Wall Street stock prices fell on Wednesday, dragged down by economic reports portraying U.S. factories growth as tepid and China in its worst manufacturing contraction since the global financial crisis.

Budget Deficit Explodes Higher In Portugal After Government Throws In Towel On Bad Bank Sale

Just over a year ago, Portugal (which, you're reminded, was just upgraded by S&P last week to BB+ stable) was forced to bailout the country's second largest bank by assets Banco Espirito Santo. Here were the details, as dileneated by Bloomberg at the time:



Portugal may use the Resolution Fund to recapitalize Banco Espirito Santo, Diario Economico reports, citing unidentified people linked to the process.

Resolution Fund may inject more than €3 billion

A "bad bank" may be created for the toxic assets of the credit portfolio

Solution aims to rescue Banco Espirito Santo without spending taxpayers' money, and is being prepared by the government and the Bank of Portugal

From Aug. 4, Banco Espirito Santo will leave the stock market and will be 100% owned by the Resolution Fund, an entity created in 2012 and financed by Portuguese banks and by revenue from the special contribution that the banking sector pays the Portuguese state

Resolution Fund will have to be given enough resources to capitalize Banco Espirito Santo, and according to legislation this can be done through a state loan or through a new special contribution imposed on the 84 institutions that contribute to the fund

Part of the €6.4b that the Portuguese state still has available in the bank recapitalization facility that was included in Portugal's bailout program may also be u ...

No Asset Is Safe!!!

Broadcast on CNBC the morning of September 21st: 0923-sand

........and then a few hours later.......

0923-sandcola

and the market, just to be really sure, covers all its bases:

0923-sandtwo

Your Complete Guide To A World In Which The Fed Is No Longer In Control

Back in December 2013 we pointed out something that virtually nobody had noted or discussed: when it comes to "credit" creation, China's $15 trillion in freshly-created bank loans since the financial crisis - ostensibly the global credit buffer that allowed China to not get dragged down by the western recession - dwarfed the credit contribution by DM central banks.

This is how we simplified what was happening at the time:

In order to offset the lack of loan creation by commercial banks, the "Big 4" central banks - Fed, ECB, BOJ and BOE - have had no choice but the open the liquidity spigots to the max. This has resulted in a total developed world "Big 4" central bank balance of just under $10 trillion, of which the bulk of asset additions has taken place since the Lehman collapse.

How does this compare to what China has done? As can be seen on the chart below, in just the past 5 years alone, Chinese bank assets (and by implication liabilities) have grown by an astounding $15 trillion, bringing the total to over $24 trillion, as we showed yesterday. In other words, China has expanded its financial balance sheet by 50% more than the assets of all global central banks combined!

And that is how - in a global centrally-planned regime which is where everyone now is, DM or EM - your flood your economy with liquidity. Perhaps the Fed, ECB or BOJ should hire some PBOC consult ...

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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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