econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



12Oct2015 Market Update: WTI Oil Slipping Seriously, Averages Can't Advance Through Resistance, Investors Waiting For U.S. Banks Quarterly Results

Written by Gary

The averages traded well into the resistance this morning, but could not find enough bulls to push through this 'major' line in the sand. Some analysts say investors are waiting before a busy week of quarterly results from U.S. banks and several Dow 30 companies. But a slide in oil prices starting early this morning dragged down energy shares and keeping a lid on gains in other sectors.

Going into the afternoon session, oil is still declining in a big way which will assure the markets will not advance anymore today.


Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 0.47%, while the IPC is leading the S&P 500 lower. They are down 0.41% and 0.07% respectively.

Other analysts are wondering if we have seen the top of the channel and further declines are in order. Personally, I think it is way too soon to call anything one way or the other.

WTI oil is in the mid $47's seriously declining from Friday highs of $50.13 (Chart Here) and the U.S. Dollar is trading now in the high $94's, up from its low at $94.66 this morning (Chart Here).

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 66%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 44%
Investors Intelligence sets the breath Above 50 bullish 38.3%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold.

88.73

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 31.02%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 45.11%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 50.60%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 20.90
StockChart.com Consumer Discretionary ETF (XLY) As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy 77.95
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,347

What Is Moving the Markets

Here are the headlines moving the markets.

Oil slides on profit taking and as OPEC boosts output

NEW YORK (Reuters) - Oil prices tumbled on Monday, as traders took profits after last week's surge to an 11-week high, and on a report that OPEC continued to boost crude production despite a persistent glut.

AB InBev raises offer for SABMiller

LONDON/BRUSSELS (Reuters) - Anheuser-Busch InBev raised its proposed takeover offer for SABMiller on Monday, as the world's largest brewer tries to win over its smaller rival to the idea of creating a giant that would make nearly a third of the world's beer.

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 technology powerhouse.

Facebook pushes shopping features in move to e-commerce

SAN FRANCISCO (Reuters) - Facebook Inc wants its users to shop for clothes and other products from their mobile phones without ever leaving its app.

Fed's Lockhart says 'lot more' economic data available in December

ORLANDO, Fla. (Reuters) - There could be sufficient economic data for the Federal Reserve to consider a rate hike at their meeting later in October but there will be a lot more data on hand in time for the December meeting, Atlanta Federal Reserve Bank President Dennis Lockhart said on Monday.

FTC review date for Staples-Office Depot deal extended

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

VIX Drops For 10th Day In A Row, Breaks Significant Technical Support

For the first time since October 2010, VIX has fallen for 10 straight days (crashing from over 28 to under 17). The collapse in the 'fear' index has also broken it back below its 200-day moving-average for the first time since breaking above on August 19th.

Down 10th day in a row:

Breaking the 200DMA:

And after first decoupling after the August flash crash, then re-coupling two weeks ago, SPY-XIV has once again broken its historical relationship:

Note the recoupling lower in the SPY-XIV pair trade, just as we predicted on August 30 with our "no-brainer" trade idea.

XIV - ES: "no brainer" pair trade of the week pic.twitter.com/sAIanK2gMW

â€" zerohedge (@zerohedge) August 30, 2015

U.S. Stocks Higher, But Constrained by Energy Sector

U.S. stocks turned slightly higher on Monday but a slide in oil prices dragged down energy shares, keeping a lid on gains in other sectors.

Market Extra: Investors may call for more corporate breakups at industrial firms, says Jefferies

There has been a “strong trend†toward so-called demergers in U.S. industrial companies, and investors are beginning to ramp up the pressure for leaner operations at European companies, says Jefferies.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

leading Stock Positions

Leading Stock Quotes powered by Investing.com

Current Commodity Prices


Commodities are powered by Investing.com

Current Currency Crosses

The Forex Quotes are powered by Investing.com.



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

gary@econintersect.com

Click here for Historical Releases Listing










Make a Comment

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

search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


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
Main Home
Analysis Blog
Joan Robinson’s Critique of Marginal Utility Theory
The Truth About Trade Agreements - and Why We Need Them
News Blog
Early Headlines: Asia Stocks Mixed, Oil Steady, Bank Mafia, Trump To Remain TV Producer, US Life Expectancy Down, India Stocks Suffering, Park Impeached, China Struggles To Support Yuan And More
Heavy Metal And Hard Rock Albums That Went Certified Diamond Status
Down The Drain: Wastewater With The Most Cocaine
Apple's App Store Set For 5 Million Apps By 2020
How Can The UK Government Meet Its Legal Air Pollution Targets?
Most Gun Deaths In The United States Have A Tragic Motive
What We Read Today 08 December 2016
Five Mysterious Space Diseases That Could Kill Astronauts Before They Get To Mars
03 December 2016 Initial Unemployment Claims Rolling Average Insignificantly Worsens
November 2016 CBO Monthly Budget Review: Down by 3 Percent in the First Two Months of Fiscal Year 2017
Putting Grassroots Terrorism In The Proper Perspective
Crude Oil Prices: "Random"? Hardly. The More Emotional The Market, The More Predictable It Is.
Infographic Of The Day: Job-Hopping
Investing Blog
Are Your Trade Entries Patient Enough?
Investing.com Technical Summary 08 December 2016
Opinion Blog
Looking At Everything: Trump's $1 Trillion Infrastructure Plan
The Global Financial Mess Is Due To Political Failure
Precious Metals Blog
Silver Prices Rebounded Today: Where They Are Headed
Live Markets
08Dec2016 Market Close: Wall Street Closes Higher, But Not Without Pause For Indicators That Spell CAUTION In Capital Letters
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government



Crowdfunding ....






























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved