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02Nov2015 Market Close: Markets Close Higher Pushing Into Resistance, Indicators Neutral Indicating A Possible Top Forming, Oil Prices Steady At 46

Written by Gary

U.S. markets closed near the session highs and nixing any thought of a sharp reversal today. The averages are pushing hard against a resistance established between March and August this year and just may test historic highs sooner than later. Falling daily volume is not a good sign the bulls are going to pull off a new bull run along with a weak economy, falling oil prices and China unable to keep its pants up.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. rallies, Nasdaq 100 hits 15-year high

NEW YORK (Reuters) - U.S. stocks added to their recent run with sharp gains on Monday, as the beaten-down energy group and the acquisition-driven healthcare industry led increases across all sectors.

JPMorgan settles California debt collection charges

(Reuters) - JPMorgan Chase & Co will pay $50 million to settle charges that it engaged in abusive credit card debt collection practices against tens of thousands of people in California, state Attorney General Kamala Harris said on Monday.

Porsche, more Audi models pulled into VW emissions scandal

WASHINGTON (Reuters) - Volkswagen used devices to cheat air pollution tests in diesel luxury vehicles in model years 2014 through 2016, U.S. and California environmental regulators said on Monday, widening their investigation into the carmaker's emissions scandal.

Ecuador-Occidental arbitration award reduced to $1 billion: Correa

QUITO (Reuters) - A World Bank tribunal reduced to about $1 billion the amount Ecuador must pay Occidental Petroleum Corp in compensation for seizing the U.S.-based company's assets, President Rafael Correa said on Monday.

U.S. on track to grow 1.9 percent in fourth quarter: Atlanta Fed

NEW YORK (Reuters) - The U.S. economy is on track to grow 1.9 percent in the fourth quarter with expected weaker consumer spending and equipment investment growth following a private report on U.S. manufacturing in October, the Atlanta Federal Reserve's GDPNow forecast model showed on Monday.

Quebec sees no trade dispute risk around Bombardier investment

TORONTO (Reuters) - Quebec is sure that its $1 billion lifeline for Bombardier Inc will not result in any trade disputes triggered by concerns from the train and plane maker's rivals, the Canadian province's finance minister said on Monday.

Confusion: US Equities Drift Lower (China Higher), Yuan Surges & Purges As China Manufacturing Misses (And Beats)

Confusion reigns... China's Manufacturing PMI is in contraction according to both the Official and Markit/Caixin measures (but the former was flat and missed while the latter rose and beat "confirming economic stability" according to the 'official' press). Following the largest strengthening fix for the Yuan in 10 years, both the onshore and offshore Yuan are weakening by the most since the August devaluation. Finally, having cliff-dived at the open, Chinese stocks have bounced back to unchanged on the Ciaxin PMI beat (but US equities drift lower still).

It's a rise and a beat & a miss and a drop for Chinese manufacturing...

The last two times the Caixin measure has diverged positively from the official data, it has converged lower in the next 3 months.

After the biggest strengthening fix in 10 years...

Onshore (and offshore Yuan) are weakening by the most since the August devaluation...

Dow Pushes Into Positive Territory for 2015

The Dow Jones Industrial Average pushed into positive territory for the year on Monday, driven by health-care and energy stocks.

George Soros's Firm Pulls $500 Million Investment With Bill Gross

George Soros’s firm has pulled its roughly $500 million investment with Bill Gross, less than a year after the billionaire investor gave the former bond king his stamp of approval.

Short Seller's Valeant Report Offers No New Allegations

A short seller attacking Valeant Pharmaceuticals offered no new allegations in an updated report on the company Monday, after he hinted Friday he would unveil new bombshell accusations.

Bond Report: Treasury yields jump to highest level since mid September

Treasury yields rise Monday to their highest level in over a month, as investors’ expectations of a December interest-rate hike by the Federal Reserve continued to increase.

The Wall Street Journal: Alphabet fires back at EU antitrust officials, suggesting long battle for Google

Google owner Alphabet Inc. accused European Union regulators of making an unexplained about-face in their decision to file antitrust charges against the U.S. search giant, and warned that there was “no basis†for imposing fines, according to a redacted copy of Google’s response.

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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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