DOW is down triple digits, but it was grimmer earlier this morning. There may be more to come on this Friday the 13th as it looks like oil is going to tumble further and take the market with it. The session short-term indicators are very bearish, but some supports that 'appear' to have been broken just may be a fake-out. Investors are warned to take a cautions look at jumping into the fray.
Here is the current market situation from CNN Money
North and South American markets are lower today with shares in Mexico off the most. The IPC is down 0.93% while Brazil's Bovespa is off 0.81% and U.S.'s S&P 500 is lower by 0.71%.
$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.
(Reuters) - J.C. Penney Co Inc reported better-than-expected quarterly net sales and a smaller-than-expected loss, helped by demand for home products and footwear and a strong performance by the growing number of Sephora beauty shops in its stores.
LONDON (Reuters) - A new lung cancer pill from AstraZeneca , designed for patients whose disease has worsened after treatment with other therapies, won early U.S. approval on Friday, in a boost for the British drugmaker.
(Reuters) - Standard Chartered Bank's Swiss unit [STANB.UL] will pay a $6.3 million penalty as part of a deal it reached with the U.S. Justice Department to avoid possible prosecution for helping Americans evade taxes, the department said on Friday.
(Reuters) - U.S. stock indexes fell sharply on Friday, weighed down by consumer retail and technology stocks after disappointing forecasts from Cisco and department store chains for the key holiday shopping season.
DUBAI (Reuters) - Northrop Grumman Corp sees possible sales of dozens of its E-2D Advanced Hawkeye airborne early warning aircraft to countries in the Gulf, Asia and North Africa in coming years, despite the loss of an order from the UAE to Sweden's SAAB AB this week, senior company officials said.
The US Oil Rig Count rose 2 to 574 last week. This is the first rise in rig count since mid August, continuing to track the lagged crude price. On top of rising production, surging inventories, and massive excess supply at sea, Crude is fading modestly on the news, hovering around $40.50.
Make no mistake, thereâ€™s been no shortage of discussions about the weather this year in economic circles which is ironic because as weâ€™re fond of reminding you, the only people worse at their jobs than weathermen, are economists.
Weather was a frequent go-to scapegoat for poor data earlier in the year as forecasters (the economic kind) seem to be perpetually amazed by snow in the winter (of course thatâ€™s nothing a double adjustment to the data canâ€™t fix). Things got even weirder in September when Citi suggested that the Fed shouldnâ€™t rely on weak jobs data in August and September when it comes to setting policy at its September meetings because the bankâ€™s economists had discovered some â€œresidual seasonalityâ€ (the term made popular by the San Francisco Fed with a Steve Liesman assist) in the data. What the Fed should do, Citi said, is assume the data is actually better than it looks and count on an upward revision. Ultimately, Citi blamed the â€œfaultyâ€ data on â€œsummer.â€
Just a month after that, the same Citi and BofAML as well blamed unseasonably warm October weather for poor October retail sales. As BofA put it, â€œwe believe abnormal weather patterns may have biased retail ex-auto sales lower in October. There has been a late start to the winter this year: the average temperature in October was 57.4 degrees Fahrenheit, which is the highest since 1963 and above the historical average of 54.3 degrees. Intuitively, this would depress sales of cold weather apparel, such as coats, hats, boots, etc.â€ To which we said this: No, BofA, there is nothing â€œintuitiveâ€ about that statement. No one would notice a three degree difference when they walk outside and even if they did, it wouldnâ€™t keep them from buying a "hat".
Well going into the winter, thereâ€™s rampant speculation about the push and pull between El Nino and those factors that could serve to create another harsh winter for the US northeast. Hereâ€™s
Russia Sees Gold Reserves As â€œAdditional Financial Cushionâ€ In Face Of â€œExternal Uncertainties"
- Gold and fx reserves are â€œadditional financial cushionâ€ for state in face of â€œexternal uncertainties"
- Russia bought another 77 tonnes of gold in Q3
- Ruble volatility does not create risks for financial stability in Russia
- Russia intends building fx and gold reserves to $500 billion in coming years
- Gold is a â€œ100% guarantee from legal and political risksâ€
Russian central bank governor, Elvira Nabiullina spoke about Russia's gold and foreign currency reserves today saying Russia intended building them up to $500 billion in the coming years. More ...
ECRI's WLI Growth Index which forecasts economic growth six months forward - improved but remains in negative territory. This index had spent 28 weeks in negative territory, then 15 weeks in positive territory - and now is in its 13th week in negative territory.
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