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19Oct2015 Market Close: Markets Turn Upward In The Afternoon Session To Mark A Second Attempt To Break Through Resistance, Bears Can Be Heard Growling In The Forest

Written by Gary

Markets closed higher after making a mid afternoon dip on 'stronger' volume. The rise belies the fact that the SP500 tried to break through the 2034 level again from this morning, making a double top, and failing. Oil prices fell to the mid 46's, gold and the US dollar remained relatively stable.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Oil down about 4 percent; gasoline drop adds to China, Iran worries

NEW YORK (Reuters) - Crude oil fell about 4 percent on Monday after a tumble in gasoline futures added pressure to a market slumping on slower growth in China and signs that Iranian oil will return to the market soon following implementation of its nuclear deal.

Wall St. flat; energy shares, Morgan Stanley results weigh

(Reuters) - Weak quarterly results from Morgan Stanley and sliding oil prices weighed on U.S. stocks in late trading Monday, offsetting a rebound in biotech shares.

Morgan Stanley's trading rout sets grim tone for fourth quarter

(Reuters) - Morgan Stanley on Monday warned that there was little hope for a quick turnaround in its key trading business given the persistence of global growth concerns that helped pummel the bank's third quarter earnings.

Fed's Williams sees rate rises appropriate in 'near future'

SAN FRANCISCO (Reuters) - Despite strong headwinds from overseas that are holding down U.S. inflation, the Federal Reserve should soon begin to raise interest rates to slow down economic growth before it becomes unsustainable, a top Fed official said on Monday.

Oprah's support of Weight Watchers doubles share price

(Reuters) - Oprah Winfrey will buy a 10 percent stake in Weight Watchers International Inc , adding her celebrity and consumer appeal to a diet brand that has been shedding subscribers.

Lufthansa makes new offer in pay and pensions dispute

FRANKFURT (Reuters) - German airline Lufthansa said on Monday it had offered cabin crew additional retirement benefits if they worked beyond the age of 55 as well as wage increases in a bid to end a protracted labor dispute.

United says to release more details about CEO's hospitalization

(Reuters) - United Continental Holdings Inc said it expected to release more details about the hospitalization of its chief executive officer, Oscar Munoz, later on Monday or on Tuesday.

Valeant CEO sees new drug pricing environment ahead

(Reuters) - Valeant Pharmaceuticals International Inc , which has come under fire for raising drug prices and is being investigated by the U.S. government, predicted on Monday that lower price increases are ahead for the whole industry.

Halliburton revenue misses on weak drilling in North America

(Reuters) - Halliburton Co , the world's No.2 oilfield services provider, reported a bigger-than-expected 36 percent drop in quarterly revenue, hurt by weak drilling and pricing in North America.

"In God We Don't Trust" - Zambia's 'Day Of Prayer' To Boost Currency Fails

The Zambia Kwacha, down over 45% year-to-date against the dollar, is the world's worst currency. Last week, in a desperate bid to end the pain, President Edgar Lungu closed all bars and clubs, cancelled all sports and entertainment and demanded his people to pray, on a national day of devotion and fasting, as "hope seems to have deserted the minds of the people.. as anxiety and distress prevail throughout the land." Given the continued drop in both Copper and the Kwacha... god did not answer their prayers.

"God save the kwacha."

That's what Zambian President Edgar Lungu wants his people to pray for on a national day of devotion and fasting on Sunday to reverse a decline in the world's worst currency and fix a litany of problems from plunging copper prices to electricity shortages. As Bloomberg reported:

All bars, nightclubs and entertainment venues have been instructed by the government to shut on the day, while the Football Association of Zambia has canceled domestic games. Church leaders are rallying their members to heed the president's call in a nation where more than 80 percent of the 15 million population are Christian.

"These days are like the last days," Gordon Chanda, a driver for a law firm, said as he sipped a Mosi beer at Sylvia's Comfort bar, taking cover from a heat wave that hit the capital, Lusaka, this week. "We need more prayers."

Lungu, 58, is seeking divine intervention to help an economy in crisis as government efforts fail to halt the kwacha's 45 percent slump against the dollar this year, the most of 155 ...

Morgan Stanley Disappoints on Trading Revenue

Morgan Stanley’s bid to make its earnings less prone to market swings sputtered in the third quarter after drops in the trading and private-equity businesses led the New York firm to miss analysts’ estimates.

For Hedge Funds, a Can't-Miss Trade Goes Bust

â€'Hot money’ gets burned after hedge-fund and private-equity managers are caught in crude oil’s fall.

Deutsche Bank Shares Rise After Shakeup

Deutsche Bank employees and investors positively graded the lender’s overhaul, saying they welcomed clarity on how businesses will be judged.

What Adjustments Have The Most Influence On Appraisal Reports?

from CoreLogic

Appraisal adjustments are standard procedure and certain adjustment features result in greater appraisal adjustments. But how many times are adjustments made in the appraisal process and for what specific features of the home? Using a national sample of approximately 1.3 million appraisal reports between 2012 and 2015, new analysis from CoreLogic shows which home features are being adjusted the most frequently, as well as which are being adjusted for the most money, thereby having the greatest impact on appraisal values,

Bond Report: Treasury yields rise for third consecutive session

Treasury prices fall slightly Monday morning, pushing yields higher, as the market gives back some of its gains from the previous week’s rallies.

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Earnings Summary for Today

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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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