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03Nov2015 Market Update: Markets Reported New Monthly Highs, Volume Near Anemic Levels, Afternoon Weakness Looks To Be In The Cards

Written by Gary

The markets opened fractionally lower and gradually melted up to a new monthly high, but on continuously falling daily volume and shaky quarterly earnings. Unless Mr. Markets can get investor participation, this rally is doomed. Crude climbed back up into the low 47's where it seems comfortable in spite of the increasing glut being reported in China and the US.


Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 3.91% while Mexico's IPC is up 1.34% and U.S.'s S&P 500 is up 0.18%.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 72%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 74%
Investors Intelligence sets the breath Above 50 bullish 48.6%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. +33.01
StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 39.94%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 55.52%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 71.80%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 22.12
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 81.47
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,596

What Is Moving the Markets

Here are the headlines moving the markets.

Kellogg's sales fall as U.S. consumers shun cereals and snacks

(Reuters) - Continued weak demand for cereals and snacks in the United States weighed on Kellogg Co , the maker of Corn Flakes and Cheez-It crackers, which reported a bigger-than-expected drop in quarterly net sales on Tuesday.

Activision Blizzard buys 'Candy Crush' maker in mobile push

DUBLIN (Reuters) - Video game maker Activision Blizzard will buy "Candy Crush Saga" creator King Digital Entertainment for $5.9 billion, as the heavyweight of console and PC-gaming makes a major push into the faster-growing mobile market.

Hyundai to push into premium auto market with standalone Genesis brand: sources

BEIJING (Reuters) - South Korean automaker Hyundai Motor Co appears set to launch a standalone global premium product line-up, to be called Genesis, as it seeks to boost profitability which is being squeezed by a strong won currency.

U.S. auto industry headed for record sales in 2015: GM

DETROIT (Reuters) - The U.S. auto industry is on track for a record year of annual sales, General Motors Co said on Tuesday, as the top U.S. automaker and its rivals reported October sales that far exceeded expectations.

S&P, Nasdaq flat; Dow edges up on energy stocks, Visa

(Reuters) - A rally in energy stocks and a rebound in Visa helped the Dow inch higher on Tuesday, while the S&P 500 and Nasdaq were little changed, with gains offset by a decline in healthcare and consumer shares.

AIG CEO: Icahn's break-up plan doesn't 'make financial sense'

(Reuters) - Breaking up American International Group Inc does not "make financial sense" Chief Executive Peter Hancock said on Tuesday, responding to proposals made by billionaire investor Carl Icahn last week.

Sprint shares drop as quarterly results miss forecasts

(Reuters) - Sprint Corp , the fourth largest U.S. wireless carrier, reported lower-than-expected quarterly results on Tuesday as promotional price cuts drove customer gains but weighed on growth.

U.S. factory orders fall for second straight month

WASHINGTON (Reuters) - New orders for U.S. factory goods fell for a second straight month in September as the manufacturing sector continues to struggle under the weight of a strong dollar and deep spending cuts by energy companies.

BlackRock to buy Bank of America's $87 billion money-market fund business

NEW YORK (Reuters) - Bank of America Corp, the No. 2 U.S. bank, has agreed to sell its $87 billion money-market fund business to BlackRock Inc in one of the cash-management industry's largest deals ever.

Hugh Hendry: "Today We Would Advise You That You Don't Panic!"

It was almost exactly two years ago when Hugh Hendry, one of the most notorious market skeptics and the person who in 2010 uttered the infamous line "I suggest that you panic", threw in the towel when he turned bullish admitting he "can't look at himself in the mirror." Since then his results had been mixed, with a 9.5% return in 2014, and a great start to 2015 which subsequently fizzled in the late summer to just +2.9% as of mid-October. Of course, for someone who has to manage other people's money under central planning, we do sympathize - after all he has to do whatever he must to generate profits even if the market stopped discounting the future and merely reacting to central bank liquidity long ago.

In his latest letter, he valiantly trudges on down the path of bullish abandon and tries to convince if not so much others as himself why continuing his desertion of the bearish camp he did two years ago is the right thing to do, and how in the aftermath of the VIX explosion in August, he "learned to stop worrying and love the bomb."

Key highlights:

... it is ironic that we are perhaps best known for advising “that you panicâ€. However, if you are anxious at the wrong time it can prove very painful. Today, we would advise that you don’t panic!

... by withdrawing the “Greenspan put†and using their asset
purchase schemes to eviscerate any notion of value, the authorities have
paradoxically created a safer yet more paranoid market.

Stocks Higher as Energy Shares Rally

A rally in energy-company shares propelled U.S. stocks Tuesday. Oil prices jumped on concerns about output from Libya and Brazil, and energy shares followed suit.

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.

AIG CEO Rebuffs Idea of Company Breakup

The head of AIG said management and the board have “carefully reviewed†the idea, suggested by activist investor Carl Icahn, of breaking up the insurer on many occasions and concluded such a move “did not make financial sense.â€

September 2015 Manufacturing Remains Bad

Written by Steven Hansen

US Census says manufacturing new orders declined. Our analysis says sales were not good. Unadjusted unfilled orders' growth remains in CONTRACTION year-over-year.

Market Snapshot: U.S. stocks rise but gains capped by shaky quarterly earnings

U.S. stocks are higher Tuesday, with the Dow Jones Industrial Average outperforming the S&P 500 and the Nasdaq, but the broader market failed to build on the previous session’s rally on lackluster corporate results.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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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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