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09Nov2015 Market Close: Markets Closed Down After A Morning And Afternoon Session Of Testing Supports. Although Supports Have Held, The Markets Look Weak And There Are Few Investors That Want To Jump In At This Point.

Written by Gary

Markets closed down after a morning and afternoon session of testing supports. Although Supports have held, the markets look weak and there are few investors that want to jump in at this point.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. falls on rate hike, growth concerns

NEW YORK (Reuters) - The S&P 500 index suffered its worst loss in six weeks on Monday as Wall Street braced for an interest-rate hike and fretted about weak Chinese trade data.

Ford provides clues to future vehicle plans in UAW pact

DETROIT (Reuters) - Ford Motor Co's $9 billion investment plan for its U.S. operations includes two new products for a Michigan plant that will lose production of small cars, and U.S. production of a new Lincoln luxury sedan, a proposed four-year contract with the United Auto Workers shows, the UAW said on Monday.

GE lands $2.6 billion deal to supply Indian railway

NEW DELHI (Reuters) - General Electric Co has won a $2.6 billion contract to supply India's railways with 1000 diesel locomotives, as the state-owned network looks to foreign capital to help it modernize.

GM could face punitive damage claims in switch litigation

NEW YORK (Reuters) - General Motors Co may be liable for punitive damages in lawsuits it faces over an ignition switch problem that prompted the recall of millions of vehicles last year, a U.S. judge said on Monday.

Ackman says Valeant likely to pay down debt in the next 18 months

(Reuters) - Bill Ackman, Valeant Pharmaceuticals International Inc's third-largest shareholder, said the Canadian drugmaker will likely use its free cash flow to pay down debt in the next 18 months.

Target to start Black Friday deals five days early

CHICAGO (Reuters) - Target Corp said on Monday it will launch its Black Friday promotions five days early, with 10 days of deals on electronics, toys and apparel in stores and online starting Nov. 22.

'Rate-Hike-Loving' Investors Suddenly Dump Stocks, Commodities As Growth Reality Sinks In

"They would not be raising rates unless everything is awesome, right? Right?!"

Since the dismal payrolls print in October (for September), stocks are comofrtably numb and higher as everything else is red...

Since the 'awesome' payrolls print on Friday, everything is red again... as exuberantly bouncing stocks give it all back...

It appears, once again, JPM's Kolanovic was right that "the rally drivers are gone, downside risks ahead"... As all major equity indices are red post-Payrolls...

Even though Trannies surged in the middle of the day on CP-NSC news...

The End Of The Fed's Self-Deluding Feedback Loop Of False Information

Submitted by Howard Kunstler via Kunstler.com,

The economic picture manufactured by the national consensus trance has never been more out of touch with reality in my lifetime. And so the questions as to what anyone might do can hardly be addressed. How can I protect my savings? Who do I vote for? How do I think about where my country is going? Incoherence reigns, especially in the circles ruled by those who guard the status quo, which includes the failing legacy news media.

The Federal Reserve has morphed from being a faceless background institution of the most limited purpose to a clique of necromancers and astrologasters, led by one grand vizier, in full public view pretending to steer a gigantic economic vessel that has, in fact, lost its rudder and is drifting into a maelstrom.

For more than a year, the fate of the nation has hung on whether the Fed might raise their benchmark interest rate one quarter of a percent. They talk about it incessantly, and therefore the mob of financial market observers has to chatter about it incessantly, and the chatter itself has appeared to obviate the need for any actual action on the matter. The Fed gets to influence markets without ever having to do anything. And mostly it has worked to produce the false narrative of an advanced economy that is working splendidly well to the advantage of the common good.

This is all occurring against the background of a larger global network of economic relations that is quite clearly breaking apart. The rising tensions between the US, Russia, China, and the Euro Union grew out of monetary mischief "innovated" by our central bank, especially the shenanigans around debt monetization, which have created dangerous distortions in markets, trade, and perceptions of national interest. Nations are rattling sabers at ...

Keynesian-Constructed 'Markets' Will "Drift Ever Further From Reality... Impoverishing All Layers Of Society"

Submitted by Eugen von Bohm-Bawerk via Bawerk.net,

In last week's article, we explained how the yield curve could cause GDP to contract in The Yield Curve and GDP - a causal relationship. Some of our readers suggested the analysis was wrong on back of an outdated view of modern money creation. The critics claim modern banks are not dependent on central bank reserves to create additional money; citing a Bank of England article from 2014 (which we have been well aware of)

[A] common misconception is that the central bank determines the quantity of loans and deposits in the economy by controlling the quantity of central bank money — the so-called 'money multiplier' approach. In that view, central banks implement monetary policy by choosing a quantity of reserves. And, because there is assumed to be a constant ratio of broad money to base money, these reserves are then 'multiplied up' to a much greater change in bank loans and deposits. For the theory to hold, the amount of reserves must be a binding constraint on lending, and the central bank must directly determine the amount of reserves. While the money multiplier theory can be a useful way of introducing money and banking in economic textbooks, it is not an accurate description of how money is created in reality. Rather than controlling the quantity of reserves, central banks today typically implement monetary policy by setting the price of reserves — that is, interest rates.

Stocks Slip on Global Growth Concerns

U.S. stocks stumbled Monday as investors sold the some of the year’s biggest gainers and losers alike amid global growth concerns and higher expectations for the U.S. Federal Reserve to raise rates this year.

Consumers Expectations for Income Recorded Largest One Month Drop in October 2015.

from the New York Fed

The October 2015 Survey of Consumer Expectations appear mixed. The median three-year ahead inflation expectation fell slightly to its lowest level since the inception of the survey and household income expectations recorded their largest one-month drop of the series.

Bond Report: Treasury yields reach highest level in about 4 months

Treasury yields climb Monday for the sixth straight session, reaching their highest level in nearly four months, as investors’ expectations that the Federal Reserve will boost interest rates in December continued to increase.

Market Snapshot: U.S. stocks eye 4-day losing streak on rate-hike jitters

More than 90% of S&P 500 stocks fall on increased odds of a Federal Reserve rate hike in December following last week’s surprisingly strong jobs report.

Marissa Mayer moves closer to Yahoo endgame

A report portrays the CEO as an ineffective manager, and the numbers back up a gloomy reorganization scenario.

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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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