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03Nov2015 Pre-Market Commentary: U.S. Futures Down, Oil And US Dollar Volatile, Markets Not Likely To Set New Historic Highs This Week

Written by Gary

U.S. stock future indexes are down fractionally and future gains are going to be tough sledding, but not impossible. WTI oil is becoming volatile as is the US dollar prior to the opening bell. Asian markets closed in the red and the European markets are currently down fractionally.

Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.37% while France's CAC 40 is off 0.30% and London's FTSE 100 is lower by 0.19%.

What Is Moving the Markets

Here are the headlines moving the markets.

Sprint revenue misses estimates, shares fall

(Reuters) - Sprint Corp , the fourth-largest U.S. wireless carrier, reported quarterly revenue well below estimates as more customers shift to monthly leasing plans from traditional two-year contracts.

Kellogg sales miss estimates on low cereal, snacks demand

(Reuters) - Kellogg Co , the maker of Corn Flakes and Rice Krispies, reported a bigger-than-expected drop in quarterly net sales as demand for its snacks and cereals remained weak in the United States.

Toyota, Chrysler report robust October U.S. auto sales

DETROIT (Reuters) - The U.S. auto industry was on its way to reporting another month of booming sales in October on Tuesday, despite concerns about consumer spending and stagnant wages.

Ackman's fund lost 7.3 percent in October, off 19 percent for year

BOSTON (Reuters) - Billionaire investor William Ackman's Pershing Square Holdings portfolio has lost 19 percent this year after his bet on Valeant Pharmaceuticals International soured, turning one of last year's biggest winners into one of this year's most prominent losers.

Bank of America to sell $87 billion money-market fund business to BlackRock

NEW YORK (Reuters) - Bank of America Corp , the No. 2 U.S. bank, has agreed to sell responsibility for about $87 billion in money-market funds and other products it manages to BlackRock Inc in one of the money market industry's largest deals ever.

UBS waters down targets on tougher economy, capital rules

ZURICH (Reuters) - UBS , Switzerland's biggest bank, watered down some of its financial targets on Tuesday due to a tough economic backdrop and new Swiss capital rules, overshadowing a forecast-beating rise in third quarter net profit.

Activision Blizzard to buy 'Candy Crush' maker King for $5.9 billion

(Reuters) - Video game maker Activision Blizzard Inc said it will buy "Candy Crush Saga" creator King Digital Entertainment for $5.9 billion to strengthen its mobile games portfolio.

Stock futures slightly lower as investors pause after rally

(Reuters) - U.S. stock index futures were slightly lower on Tuesday as investors paused a day after a rally in energy and healthcare stocks pushed the Nasdaq 100 to a 15-year high.

WTI Crude Algo Buying Panic Takes Out Yesterday's Highs

The Keyser Soze bid is back... panic buying crude futures to run stops above yesterday's high before being gone... just like that...

Heavy volume in the sudden burst of bids...

No obvious catalsyst justified this move though some have commented that Libya news increased uncertainty:



Charts: Bloomberg

Lack Of Participation Could Become Weighty Issue For Stock Rally

Via Dana Lyons' Tumblr,

Participation among all stocks in the recent stock rally, as measured by an equal-weight index, has been relatively weak - as it has been since last spring.

In several posts last week, we looked at the developing weakness among "equal-weight" indexes versus their comparable cap-weighted versions. As the name implies, an equal-weight index applies an equal weighting to all of the components in the index, regardless of price or market cap. Taking this more democratic view of the index makes it easier to assess how strong the broader group of stocks really is, as opposed to a weighted index which may be supported by a relatively small number of its biggest constituents. This weakening among the equal-weight indexes showed marked acceleration over the past few weeks. But is it possible that the cap-weighted indexes were merely catching up to their equal-weight counterparts?

We offer as evidence of this variant view, the performance of the Equal-Weight Russell 1000 Large-Cap Index versus the traditional, cap-weighted Russell 1000 as the market was emerging from its late September lows. As this chart shows, in the initial rally off the lows, the Equal-Weight Russell 1000 handily beat its cap-weighted counterpart, as well as both the Russell 1000 Growth and Russell 1000 Value. This demonstrates that it was not just the style of stocks accounting for the leadership, it was the breadth of stocks. The equal weighting of the smaller components in the index allowed for the out-performance of the cap-weighted Russell 1000 Index.

Standard Chartered Plans Capital Raising, Job Cuts

Standard Chartered said it plans to raise $5.1 billion in a rights issue and won’t pay a final dividend this year as the bank reported what it called “disappointing†third-quarter earnings.

Freddie Mac Swings to Loss

Mortgage-finance company Freddie Mac said it swung to a loss in its third quarter and won’t send the U.S. Treasury a payment in December.

2nd In A 6 Part Series In Macroeconomy: Exploring Differences In Unemployment Risk

from Liberty Street Economics

-- this post authored by Benjamin Pugsley, Rachel Schuh, and Aysegul Sahin

The risk of becoming unemployed varies substantially across different groups within the labor market. Although the "headline" unemployment rate draws the most attention from the news media and policymakers, there is rich heterogeneity underlying this overall measure. We delve into the data to describe how unemployment and job loss risk vary with demographics (gender, age, and race), skill (educational attainment), and job characteristics (occupation and earnings).

Are we in another tech-stock bubble?

The addition of cloud architecture to the mobile revolution has spurred yet another round of financial optimism, but that doesn’t mean we’re in another bubble.

Will Apple and Google be the next corporate technology giants?

Spending growth in the consumer technology sector has slowed, leading more big companies to look to serve corporations as they search for growth.

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