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16Nov2015 Market Update: U.S. Averages Melting Up, Copper Falling, Investors Confident That Paris Attack Will Not Hurt Markets

Written by Gary

Market investors feel confident enough to jump in and see if they can test the SP500 resistance at 2040 and it will be interesting to see the results. Gold and the U.S. dollar are stable and trading sideways. Dr. Copper has fallen to multi-year lows and place additional doom and gloom on China's so-called recovery plans. Some analysts are expecting the averages to close off the session highs near the unchanged line.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The S&P 500 is up 0.58% while the Bovespa gains 0.44%. The IPC is off 1.14%.

Fox News:

The New York Federal Reserve's gauge of manufacturing activity in the region fell deeper into contraction territory in November. The gauge rose to -10.74 in November from -11.36 in October. Wall Street expected a bigger rebound to -6 during the month. Readings above 0 point to expansion, while those below indicate contraction.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 58%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear NA
Investors Intelligence sets the breath Above 50 bullish 46.8%
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.

-64.05

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 27.08%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 51.80%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 65.40%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 22.61
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 77.73
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,207

What Is Moving the Markets

Here are the headlines moving the markets.

Marriott to buy Starwood to create world's biggest hotel chain

(Reuters) - Marriott International Inc will buy Starwood Hotels & Resorts Worldwide Inc for $12.2 billion to create the world's largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection.

VW says CO2 cheats affect more petrol engines than previously disclosed

BERLIN (Reuters) - Volkswagen said its manipulations of carbon dioxide emission levels affect more petrol-powered engines at the German carmaker than it had previously disclosed.

Wall St. higher as little impact seen from Paris attacks

(Reuters) - Wall Street was higher in choppy trading on Monday with investors seeing little long-term economic impact from Friday's deadly attacks in Paris.

How Pfizer has shifted U.S. profits overseas for years

RINGASKIDDY, Ireland (Reuters) - Drugmaker Pfizer's plans to take over Allergan have faced a political backlash in the United States over fears a deal would lead to the company shifting its headquarters and taxable profits to Ireland.

Taco Bell to switch to cage-free eggs after 2016, ahead of rivals

LOS ANGELES (Reuters) - Taco Bell said on Monday its more than 6,000 U.S. fast-food restaurants would stop using eggs laid by caged hens by Jan. 1, 2017, years ahead of the deadlines set by its bigger rivals.

Buffett's Berkshire cuts crisis-era Goldman stake

(Reuters) - Warren Buffett's Berkshire Hathaway Inc on Monday said it reduced its stake in Goldman Sachs Group Inc by 13 percent during the third quarter, paring a successful investment it made during the height of the global financial crisis.

NYSE-owner ICE to buy commodities trading platform for $650 million

(Reuters) - Intercontinental Exchange Inc , the owner of the New York Stock Exchange, said it would buy commodities trading platform Trayport from BGC Partners Inc and GFI Group Inc for about $650 million in stock.

ECB's Coeure Sees "Little Bubbles"

It would appear The ECB has undertaken the same baffle'em with bullshit meme the rest of the world's central planners have embraced. Speaking this morning (this time not to a private hedge fund group), The ECB's Benoit Coeure stated unequivocally that "The ECB doesn't see overvalued asset prices." Well that's nice, apart from the -38bps yield on German 2Y notes. But then... to lull investors from their stupor, Coeure unleashed, "The ECB does see "little bubbles" in some markets." Which ones we can only wonder as they prepare to buy Muni bonds...



*COEURE SAYS ECB ISN'T BLIND TO POSSIBLE SIDE-EFFECTS OF POLICY

*COEURE SAYS ECB DOESN'T SEE OVERVALUED ASSET PRICES

*COEURE SAYS ECB SEES 'LITTLE BUBBLES' IN SOME MARKETS

Shhh...

Gold Remains 'Best Insurance For A Crisis' - Ficenec

Gold Remains “Best Insurance For A Crisis†- Ficenec

â€" “Future is uncertain and gold is the most effective insurance against thatâ€
â€" As fears grow about outlook for global economy â€" long term attraction of gold remains
â€" As “central banks race to devalue currency,†private individuals are buying record amounts of gold
â€" “Gold is simply the best insurance against inflation, or deflationâ€

Editor’s Note: The tragic events in Paris, terrorism and war throughout the world, show geopolitical risk remains high. These risks will likely impact economies and financial markets and will see continuing safe haven demand for gold

The price of gold might be falling, but private individuals are buying record amounts of the precious metal, and as fears grow about the outlook for the global economy the long term attraction of gold remains according to John Ficenec in The Telegraph today.

...

Markets Less Shaken by Terrorist Attacks

Financial markets wobbled but otherwise showed little reaction to Friday’s Paris attacks, a sign of the diminishing impact such incidents are having on markets since the Sept. 11, 2001 attacks.

Vanguard Took In $196 Billion of Investor Cash Through October

Vanguard Group is on pace to pull in a record amount of cash for a mutual-fund firm, the latest sign of investors’ growing preference for index-tracking funds over those that rely on stock pickers.

Oil Majors' Dividends Survive Crude's Plunge

The world’s biggest energy companies have doubled down on their promise to protect dividends, despite a precipitous drop in profits this year, driven by a steep decline in oil prices.

Metals Stocks: Gold aims for biggest gain in over two weeks

Gold futures ready for their largest single-session gain since late October as investors bid up safety plays in the wake of terror attacks in Paris.

Amy Hoak's Home Economics: 4 renovations that could decrease your home's value

Removing a bedroom is one of those home improvement blunders that can ding a home’s worth, even if it creates a larger bedroom or other living space in its place.

Market Snapshot: Dow, S&P 500 shake off Paris attacks to head higher

U.S. stocks rose Monday as investors shook off pessimism following the Paris terror attacks while assets perceived as havens got a boost with gold and the U.S. dollar climbing.

Earnings Summary for Today

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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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