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10Nov2015 Market Close: Averages Closed Mixed, Gains In Healthcare Stocks Offset Falling Apple, Investors Hunkering Down In Wait And See

Written by Gary

Large caps closed mostly higher while the small caps closed fractionally lower. Short-term indicators are neutral as the large caps trended upward in the afternoon session

Gains in healthcare stocks were offset by a drop in Apple and investors hunkered down for a potential interest rate hike next month.

Todays S&P 500 Chart

World stocks slip as gloomy forecasts for growth add to jitters over Fed's rate plans

TOKYO (AP) — World stock markets drifted lower Tuesday amid concern over the world economy's outlook and the Federal Reserve's rate hike plans.

GLOBAL OUTLOOK: Investors were spooked by more signs of a slowdown in the world economy. China's inflation rate fell to an annual 1.3 percent in October from 1.6 percent the month before. Low inflation is a sign of economic weakness, though it should give the central bank space to offer more stimulus.

The Market in Perspective

Here are the headlines moving the markets.

U.S. sues to block United Airlines from Newark expansion

WASHINGTON/CHICAGO (Reuters) - The U.S. Justice Department on Tuesday sued to stop United Continental Holdings Inc from acquiring 24 take-off and landing slots at Newark Liberty International Airport, a move that could thwart United's expansion at its New Jersey hub.

U.S. charges three in huge cyberfraud targeting JPMorgan, others

NEW YORK (Reuters) - U.S. prosecutors on Tuesday unveiled criminal charges against three men accused of running a sprawling computer hacking and fraud scheme that included a huge attack against JPMorgan Chase & Co and generated hundreds of millions of dollars of illegal profit.

Molson Coors nears deal to buy rest of Miller Coors: source

(Reuters) - Molson Coors Brewing Co is nearing a deal to buy the rest of its U.S. joint venture with SABMiller Plc , as well as the rights to Miller brands internationally, for $12 billion, according to a person familiar with the matter.

McDonald's CEO says no plan to spin off properties into REIT

(Reuters) - McDonald's Corp will not spin off its properties into a real estate investment trust (REIT), Chief Executive Steve Easterbrook said at the company's investor meeting on Tuesday.

Drugmaker Valeant to feel sting of closing controversial pharmacy

TORONTO/WINNIPEG (Reuters) - Valeant Pharmaceuticals International Inc said on Tuesday its dermatology business would be hurt in the short term as it moves rapidly to sever ties with a controversial specialty pharmacy.

AB InBev, HSBC, Google, 8 others to testify at EU tax hearing

BRUSSELS - Anheuser-Busch InBev , HSBC , Google and eight other companies will be quizzed by EU lawmakers next week on their European tax deals as part of a campaign to ensure multinationals pay their fair share of taxes.

U.S. data show benign inflation, steady growth pace

WASHINGTON (Reuters) - U.S. import prices fell in October as the cost of petroleum and a range of goods declined, indicating that a strong dollar and soft global demand continued to exert downward pressure on imported inflation.

Why Hank Paulson Is Laughing: 4 Of 5 Regional Fed Voters In 2017 Will Be Ex-Goldman

Spin revolving door, spin.

At a certain level, the staffing of government agencies, regulators, and other public sector bodies with former Wall Streeters and various bulge bracket bigwigs has become so ubiquitous that it’s hardly even news.

Still, it’s worth paying attention to the dynamic because losing track of who’s really running things is a bad idea if you want to understand why it always seems like regulatory outcomes are never commensurate with the crime and if you think monetary policy and all types of other high level decisions regarding the economy are conducted at the behest of those who are ultimately beholden to the bankers.

Case in point: Less than two months ago, Harvard professor Robert S. Kaplan who until 2006 was vice chairman of none other than Goldman Sachs replaced Richard Fisher at the Dallas Fed and amusingly, Fisher went on to become an “advisor†for Barclays.

Well, with the appointment of Neel Kashkari to the Presidency of the Minneapolis branch of the Eccles cabal, we get just the latest example of what amounts to egregious regulatory capture. Here’s The New York Times attempting to be polite about it:

Mr. Kashkari is the third new president of a regional reserve bank named this year, and all three of the men previously worked at Goldman Sachs. The Philadelphia Fed in March appointed Patrick Harker, a former Goldman trustee, as its new ...

For The First Time Ever, Corporate Bond Inventories Turn "Negative" - What This Means

As we noted previously, for the first time ever, primary dealers' corporate bond inventories have turned unprecedentedly negative. While in the short-term Goldman believes this inventory drawdown is probably a by-product of strong customer demand, they are far more cautious longer-term, warning that the "usual suspects" are not sufficient to account for the striking magnitude of inventory declines... and are increasingly of the view that "the tide is going out" on corporate bond market liquidity implying wider spreads and thus higher costs of funding to compensate for the reduction is risk-taking capacity.

As Goldman Sachs' Charlie Himmelberg notes,

Following several weeks of sharp declines, dealer inventories of long-term IG bonds and HY bonds have turned negative for the first time since the NY Fed started reporting corporates separate from non-agency mortgage MBS. While inventory levels are often negative for Treasuries, this is the first time in the available data that corporate bond inventories have ever turned negative (detailed data on corporates go back only a few years, but broader aggregates of corporates plus non-agency MBS have never gotten remotely close to zero).

To some degree, the inventory drawdown is probably a by-product of strong customer demand. The rally in credit spreads since Oct. 2 was helped in part by a resumption of mutual fund inflows (especially in HY) at a time when dealer inventories were already substantially depleted. In addition, HY new issue volumes - which drive dealer inventory holdings because they drive secondary trading volume -- have cooled somewhat over the past month as wider spread levels helped to deter issue ...

U.S. Stocks Inch Higher, But Tech Losses Keep Gains in Check

U.S. stocks inched up Tuesday, but declines in technology-company shares, including Apple, muted the gains.

Charges in J.P. Morgan Hacking

Federal prosecutors unsealed indictments against three men who allegedly engaged in a sprawling cybercriminal enterprise that hacked into J.P. Morgan Chase & Co. and several U.S. financial institutions.

Valeant Warns of Pain From Cutting Philidor Ties

Valeant’s chief executive said the company expects to feel some short-term pain from cutting ties with specialty pharmacy Philidor but said its business remains solid.

Capitol Report: Presidents and their own money: History shows voters don't care

Florida Sen. Marco Rubio has been criticized for sloppy handling of his personal finances. So what does it tell us about how he’d act if he became president?

Activist shareholders were busier and more aggressive than ever in 2015

Shareholder activism is on track for a record level of activity in 2015, as hedge funds become more aggressive in pushing for change.

Futures Movers: Oil gets a lift after four-session decline

Oil futures finish higher, buoyed by some expectations that U.S. output will continue to decline.

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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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