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18Nov2015 Market Update: Markets In The Green, Investors Worry About Massive Oil Glut And Fed Rate Increase In December

Written by Gary

U.S. markets opened higher and the DOW climbed into triple digits peaking twice before falling from the morning highs. Federal Reserve officials on Wednesday continued to flag December as a possible time to raise interest rates. Oil prices dropped below $40 as excess supply, storage are filling rapidly, plus, production are also near record levels.

Here is the current market situation from CNN Money

North and South American markets are higher today with shares in Brazil leading the region. The Bovespa is up 0.77% while U.S.'s S&P 500 is up 0.74% and Mexico's IPC is up 0.51%.

Traders Corner - Health of the Market

Index Description Current Value Members Sentiment: % Bullish (the balance is Bearish) 58%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 49%
Investors Intelligence sets the breath Above 50 bullish 46.3% Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. -43.43 NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 29.58% NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 51.58% S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 65.60% 10 Year Treasury Note Yield Index ($TNX) ten year note index value 22.68 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 79.44 NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,349

What Is Moving the Markets

Here are the headlines moving the markets.

Oil down as U.S. stockpiles near record highs

NEW YORK (Reuters) - Oil fell as much as 1 percent on Wednesday, with U.S. crude snapping the $40-a-barrel support, as traders looked beyond a mildly positive report on U.S. crude inventories to focus instead on a global supply glut.

Target's online sales growth slows; margins pressured

CHICAGO (Reuters) - Target Corp faces margin pressure and will not meet its fiscal-year forecast for online sales growth, which slowed in the latest quarter, the discount retailer said on Wednesday, sending its shares down more than 5 percent.

Barclays to pay $150 million more to regulator in forex probe: NYDFS

(Reuters) - Barclays Plc will pay an additional $150 million to New York State's financial regulator to resolve allegations that it rigged foreign exchange trading by putting the bank's interests ahead of clients', the regulator said on Wednesday.

U.S. housing starts hit seven-month low; setback seen as temporary

WASHINGTON (Reuters) - U.S. housing starts in October fell to a seven-month low, weighed down by a steep decline in the construction of multi-family homes, but a surge in building permits suggested the housing market remained on solid ground.

Apple, health stocks boost indexes; Fed minutes awaited

(Reuters) - Gains in Apple shares and healthcare stocks boosted Wall Street on Wednesday as investors awaited the release of minutes from the Federal Reserve's October meeting that were likely to underpin expectations of an interest rate hike next month.

Fed officials again flag December; see smooth rates liftoff

NEW YORK (Reuters) - Federal Reserve officials on Wednesday continued to flag December as a possible time to raise interest rates after seven years near zero, with two expressing confidence they will be able to pull it off smoothly despite fears of an abrupt market reaction.

Norfolk Southern hostile to Canadian Pacific's $28.4 billion bid

(Reuters) - U.S. railroad operator Norfolk Southern Corp all but rejected a $28.4 billion acquisition offer by Canadian Pacific Railway Ltd on Tuesday, calling it "low-premium" and warning it would face significant regulatory hurdles.

Valeant to offer cash, stock to keep staff after turmoil

(Reuters) - Valeant Pharmaceuticals International Inc will likely offer cash and stock incentives to more key U.S. staff as it aims to avoid mass departures from the heavily scrutinized company, a spokeswoman said on Wednesday.

Ford-UAW contract passage in doubt as voting nears end

DETROIT (Reuters) - Workers at two large Ford Motor Co plants in Louisville, Kentucky, rejected a proposed four-year labor contract by 2-to-1 margin, putting its passage in doubt as voting at Ford plants factories nears an end.

"If You Get Enquiries Just Obfuscate And Stonewall" - How Barclays Rigged The FX Market For Seven Years

Back in May we first introduced our readers to the FX manipulation practice known as "last look." Wait, what's that? This is what we said:

The last look practice is a legacy of over-the-phone currency trading, when traders would take a final check of the market before executing an order. It has survived even as foreign-exchange trading moved onto electronic platforms, leaving banks with the option to back out of an order after it was accepted by a client.

Phil Weisberg, global head of foreign exchange at Thomson Reuters, said last look requires “more clarity.†Some clients don’t understand “the rules of engagement with the bank†and “are confused about trading protocols,†he added, referring to the exact conditions banks have to respect on the execution of each specific trade.

William Goodbody, head of FX at Hotspot, said, “Last look is a widely used practice in the industry. To make it work, it needs a clear set of guidelines.â€

There was one problem with this "widely used practice in the industry" - in an age of HFT front- and now back-running, it clearly allowed extensive and very much illegal abuse by anyone tempted to do so."Javier Paz, a senior consultant at Aite Group, said last look echoes the equity-market practice of “spoofing,†an illegal strategy in which traders place orders they don’t intend to execute to move the market to their advantage."

There was however one small difference: "In spoofing, a trader places an offer to buy or sell, then cancels it quickly, whereas in last look, there’s always a client willing to execute one side of the trade, Mr. Paz said."

Where there was no doubt ...

Bitcoin and The Blockchain - Banks Must Embrace Or “Dieâ€

Bitcoin and The Blockchain - Banks Must Embrace Or “Dieâ€

Editors Note:

GoldCore believe that blockchain technology will revolutionise the world of finance, payments and money and may have an impact on the world on a scale of that of the internet. Hence, the need to keep an eye on this very important evolving technology that has ramifications for us all.

If you thought the internet was disruptive, well you ain't seen nothing yet ... the blockchain cometh!

Charlie Morris is the editor of Atlas Pulse - a newsletter focusing on gold, bitcoin, blockchain and disruptive technology.. He has written an excellent article looking at bitcoin, the blockchain and the ramifications for banks and our financial system.

Symbols for Gold, Bitcoin and Silver - Atlas Pulse


WTI Crude Plunges Below $40 - Erases Post-Paris Gains

Massive excess supply, storage filling rapidly, production near record levels all appear to be trumping any 'war' premium as WTI has now erased all of the post-Paris gains after DOE confirmed surging inventories continue...

Charts: Bloomberg

Oil Prices Dip Below $40

Oil prices fell Wednesday, briefly dropping below $40 a barrel, after weekly inventory data showed a build in U.S. crude stockpiles despite increased demand from refineries.

U.S. Stocks Extend Gains Ahead of Fed Minutes

U.S. stocks extended their gains Wednesday as investors remained focused on the release of minutes of the latest meeting of the U.S. Federal Reserve for clues on whether it would raise interest rates this year.

Regulators Probe Startup Valuations

Regulators are looking more closely at whether U.S. mutual funds have proper procedures in place to accurately price shares of private technology companies amid signs the tech boom is wavering.

October 2015 Residential Building Sector Data Continues to Soften

Written by Steven Hansen

Be careful in analyzing this data set with a microscope as the potential error ranges and backward revisions are significant. Also the nature of this industry variations from month to month so the rolling averages are the best way to view this series - and still the data remains in the range we have seen over the last 3 years. However, the rolling averages are decelerating.

Market Snapshot: U.S. stocks climb on hawkish Fed as minutes loom

Stock prices moved higher in late-morning trade Wednesday, with the Dow Jones Industrial Average posting triple-digit gains.

The Tell: 2 sectors have best chance to outperform before the end of 2015

There are two groups of stocks that have the best chance to outperform the frustratingly flat yet volatile market, according to Nicholas Colas, chief market strategist at Convergex

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