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11Nov2015 Market Close: Markets Close Down Fractionally, WTI Crude Falls Below 43, Investors Looking For Life Vests As The 'Ship' May Be Sinking

Written by Gary

US averages closed mostly in the red, mostly because crude slipped below 43 and investors increasing concerned of the December Fed rate change. There is so much uncertainty in the global world of finances that many unwavering bulls of last week are not preparing to jump ship. The bearish indicators are there, but will it happen? Closing out today the session short-term indicators are mildly bearish and will probably lead to the markets opening lower tomorrow.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Facebook reports jump in data requests in first half 2015

(Reuters) - Facebook Inc said requests for account data from governments globally jumped 18 percent in the first half of 2015.

Alibaba's Singles' Day sales surge 60 percent to $14.3 billion

BEIJING (Reuters) - Alibaba Group Holding Ltd's total value of goods transacted during its Singles' Day shopping festival was 91.2 billion yuan ($14.32 billion), the Chinese e-commerce giant said in Beijing on Thursday.

U.S. trading mixed as investors weigh in on retailers

(Reuters) - U.S. stock indexes were mixed on Wednesday as investors bought Amazon.com and dumped brick-and-mortar retailers after a disappointing full-year forecast from Macy's.

Icahn hires property broker CBRE to sell Fontainebleau Las Vegas

(Reuters) - CBRE Group Inc said it has been hired by billionaire investor Carl Icahn to sell Fontainebleau Resort Las Vegas, five years after taking control of the property.

Cisco, Ericsson reveal bigger ambitions for revenues in new partnership

BARCELONA (Reuters) - The $1 billion in added revenue Cisco and Ericsson each expect to see by 2018 from their new partnership to build next-generation networks is just the beginning, top executives said on Wednesday.

Oil down 3 percent to 2-1/2-month low on rising U.S. stockpiles

NEW YORK (Reuters) - Oil prices fell about 3 percent on Wednesday to their lowest since August on worries that U.S. government data will show a seventh weekly build in crude inventories.

Japan's first passenger plane in 50 years makes maiden flight

TOKYO (Reuters) - Japan's first commercial passenger plane in half a century made its maiden flight on Wednesday, in a breakthrough for the country's long-held ambition to establish an aircraft industry able to challenge some of the major players in global aviation.

Goldman Maps Fed's "Flight Path", Sees Steeper Trajectory For Rates

On Tuesday, we got the latest egregious example of regulatory capture with the appointment of Neel Kashkari to the Presidency of the Minneapolis branch of the Eccles cabal. Here’s what we said:

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.

Note once again that all three new regional Fed Presidents appointed this year have at one time worked for Goldman and now, four of the five regional Fed presidents voting in 2017 will be Goldmanites.

So for those interested to know where rates are headed now that Janet Yellen has put herself and the rest of the FOMC in a position where they at least have to try to hike (and no, they probably don’t have anything left in terms of credibility at this point, but we suppose you still have to think that we’ll see some manner of effort to normalize otherwise, why even bother meeting), just ask Goldman, who’s out today with an explanation of why ...

When Does The Market Breakdown Again? The Answer Is In The A-D Line

A few days ago we explained just how the dramatic divergence between the broader market and the number of stocks which are actually up and leading this rally has become, when we showed a chart of the NYSE advance/decline line overlaid on the S&P500.

The simple explanation of the above is that there are fewer and fewer stocks propelling the market higher. In fact, as we showed yesterday, if one removes just 8 stocks, AMZN, NFLX, FB, GOOG, NKE, ORLY, SBUX and HD, the S&P500 would be the red for the year.

Today, BofA's new chief technician Stephen Suttmeier picks up on this dramatic divergence and gives out the following warning: "A month-long bearish divergence for the US 15 most active advance-decline line has the potential to limit S&P 500 upside." His details:

The weekly global A-D line of 73 country indices in US Dollars peaked on September 5, 2014 vs. a May 15 peak for the weekly closing price of the MSCI ACWI Index, which is also based in US Dollars. The rise in the US Dollar has had a bearish impact on global equity market breadth (many equity markets have done ...

The Legendary U.S. Consumer Is Out Of Cash In These Cities

Today Macy's dropped a bomb with results that were nothing short of abysmal, and which confirmed that not only the "legendary" U.S. spender, the driving force behind 70% of US GDP, but also foreign shoppers have hunkered down to a greater extent than at any other time during the so-called recovery.

Quickly the apologists said that this is not an indicator of overall consumer weakness as much as it is lack of retail strength: the argument being that more spending goes to online markets.

There is just one problem: if that were the case, one would see a pronounced deterioration in spending uniformly across US cities. However, not only is that not the case, but there is a very clear distinction in which cities US consumers are doing well, versus cities in which they have been tapped out.

We know this courtesy of Bank of America's latest credit and debit card usage data which showed a dramatic divergence among the top 10 US metro areas.

As the chart below shows, there is a very distinct slow down in spending in various cities such as Atlanta and Washington DC, both of which saw a sudden and unexpected plunge in retail sales in October compared to their prior 6 month average; sales in Houston on the other hand continue to weaken â€" the region has experienced essentially no growth in nominal sales over the prior six months. On the upside, the US financial centers, Boston and New York, were the strongest as one would expect.

So for those wondering where the US consumer is all spent out, look no further than the cities at the bottom of this chart.

Apple, Banks in Talks on Mobile Person-to-Person Payment Service

Apple is in discussions with lenders to develop a mobile person-to-person payment service that would compete with PayPal’s popular Venmo platform.

U.S. Stocks Slip, Along With Oil Prices

Energy stocks fell along with oil prices Wednesday, dragging major indexes slightly lower.

Coming to a Balance Sheet Near You: $2 Trillion in Leases

Some of America’s best-known companiesâ€"names like AT&T, CVS Health and Delta Air Linesâ€"likely will soon have to effectively boost the debt they report on their balance sheets by tens of billions of dollars.

Veteran Unemployment Lower Than National Average. Companies Seek Vets

from Challenger Gray and Christmas

Veterans of the most recent wars in Iraq and Afghanistan have made tremendous strides over the last four years when it comes to employment. While they are doing better as a group than the overall population, a new analysis of government data shows that they still lag slightly behind veterans from the first Gulf War.

The Wall Street Journal: Apple reportedly plans Venmo rival linked to Apple Pay

Apple Inc. is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal Inc.’s popular Venmo platform, according to people familiar with the talks.

Futures Movers: Oil prices finish below $43 on fresh supply jitters

Crude-oil prices tumbled Wednesday, closing sharply lower on the heels of weekly crude-oil supply data late Tuesday that surprised investors, sparking fresh worries about growing U.S. crude stockpiles.

Currencies: Euro steady after report ECB might buy municipal bonds

The euro steadied Wednesday after European Central Bank President Mario Draghi used a speech before the Bank of England to discuss the need for further integration in the European Banking Sector.

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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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