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12Oct2015 Pre-Market Commentary: Futures Trading At The Unchanged Line, WTI Trading Near The $50 Level, May Be A Quiet Session

Written by Gary

U.S. stock futures indexes are trading at the unchanged line this morning taking a breather from the recent positive rally. The Dow and SP500 are trading at a critical resistance levels now and we could see today's session testing that area.

We expect the markets to open flat, possibly make the morning dip and climb back up to positive territory by the close. That's my guess, what is yours?

Here is the current market situation from CNN Money

European markets are mixed. The DAX is higher by 0.29%, while the FTSE 100 is leading the CAC 40 lower. They are down 0.52% and 0.31% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Review date for Staples-Office Depot deal extended

(Reuters) - Office supplies retailer Staples Inc said it agreed with the Federal Trade Commission to extend the review period for its $6.3 billion takeover of Office Depot Inc .

Europe shares pause; dollar dips on U.S. rate outlook

LONDON (Reuters) - European shares paused on Monday after their strong start to the fourth quarter while the dollar dipped towards three-week lows, with investors unconvinced the U.S. Federal Reserve would raise interest rates this year.

Dell to acquire EMC in $67 billion record tech deal

(Reuters) - Computer maker Dell Inc said on Monday it had agreed to buy data storage company EMC Corp in a $67 billion record technology deal that will unite two mature companies and create an enterprise tech powerhouse.

SABMiller investors speak out as they hope for higher bid

JOHANNESBURG/LONDON (Reuters) - Three of SABMiller's top 10 shareholders have spoken out in support of the brewer's board spurning bigger rival Anheuser-Busch InBev's $100 billion takeover offer, piling pressure on the maker of Budweiser to raise its bid.

Oil rises after Kuwait sees higher prices ahead

LONDON (Reuters) - Oil prices rose on Monday after Kuwait's oil minister said economic growth and the removal of high-cost producers would help tighten global fuel balances and OPEC forecast more demand for its oil next year.

Stock futures little changed ahead of busy earnings week

(Reuters) - U.S. stock index futures were little changed on Monday, ahead of a busy week of quarterly corporate results.

EU diesel testing push may price diesel cars out of market - ACEA

FRANKFURT (Reuters) - A rushed and overly tough change to European emissions tests in the wake of the cheating scandal at Volkswagen could make diesel vehicles so expensive that manufacturers have to stop selling them, a trade body warned on Monday.

'Stars aligned' for AB InBev's megabrew merger plan

BRUSSELS (Reuters) - Anheuser-Busch InBev's CEO says a study of SABMiller's African beer markets and talks with top shareholders led to an "alignment of stars" that drew it to its nearest rival.

BlackRock, The Stock Market, & The Alleged Evils Of "Volatility"

Submitted by Pater Tenebrarum via,

The Alleged Evils of "Volatility"

Whenever there is talk in the popular press or in the mainstream financial press about "heightened volatility" in the stock market, it is a euphemism for "the sucker is going down!". Naturally, with most market participants positioned for rising prices, especially when said prices are in nosebleed territory (stocks are always at their most popular when their valuations are nothing short of crazy), nobody likes that to happen - or let us rather say, only a small minority would welcome it.


This minority consists essentially of the following people: those who believe the market is overvalued and are either shorting it in the hope of profiting from a reversion to the other extreme ("mean reversion" is relatively rare in financial markets), or those who cannot bring themselves to invest in an overvalued market and are patiently waiting for the same event in order to be able to justify buying.

1-MuFu cash

A chart demonstrating how persistent and intense the positioning for more upside is among mutual fund managers nowadays. While this is only one of the groups active in the market, it is probably a useful microcosm of general sentiment - click to enlarge.


Why Gold Is Surging: BofA Says To Expect A "Massive Policy Shift In 2016"

While US equity futures have gone nowhere overnight, which is surprising considering (the incorrect) interpretation that by boosting overall liquidity through expanded collateral China has finally unleashed shadow QE (more on this later), which led to a rally for Chinese stocks if not US risk, one asset class that has been quietly levitating higher overnight is gold. Perhaps a lot of this is due to the realization that while the PBOC may not have launched QE now, it has no choice but to do so eventually.

Or perhaps the real realization is what Macquarie said over the weekend when it laid out quite correctly what the next big policy step will be after the current QE craze fizzles. This is what we said on Saturday:

To summarize what Australia's biggest investment bank just said, in a nutshell, "small and incremental is out", and will be replaced by big and "paradroppy", a step which as Macquarie succinctly puts it, will "ban capitalism and by-pass banking and capital markets altogether."

Crazy? Not at all: since the status quo will be fighting for its life, this step is all too likely if it means perpetuating a broken system, and an economic orders based on textbook after textbook of lies. In fact, we would go further and say war (of the global variety) is also inevitable, as the global "1%" loses control. It won't go quietly.

Finally, we most certainly agree that the catalyst to unleash the "endgame" cycle will be some "combination of a major accident in several asset classes and/or sharp global slowdown." But long before that even, keep an eye on gold: having provided a tremendous buying opportunity for the past 4 years because for some idiotic reason "conventiona ...

Central Bankers Urge Fed to Get On With It

Officials who gathered in Lima, Peru, for the IMF's annual meeting delivered a message to their American counterparts: Please stop dithering and raise rates.

Global Stocks Edge Lower

Stocks edged mostly lower Monday following a week of strong gains for financial markets.

Do Large-Scale Refinancing Programs Reduce Mortgage Defaults?

from the Congressional Budget Office

In March 2012, the Federal Housing Administration (FHA) announced that it would reduce the premiums it charges to participate in its streamline refinance (SLR) program. The reduction in premiums was substantial: A borrower with a $200,000 mortgage and a loan-to-value (LTV) ratio greater than 95 percent could expect to save $3,480 in up-front premiums and $1,200 per year in annual premiums. However, only borrowers whose mortgages FHA endorsed by May 31, 2009, were eligible for the reduced premiums.

London Markets: FTSE 100 facing first loss in nine sessions

U.K. stocks move lower Monday, with the market’s benchmark easing back from last week’s performance that marked its best in nearly four years.

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