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23Nov2015 Market Update: US Averages Off Morning Highs, Crude Back Up, US Dollar Looking Strong

Written by Gary

Morning euphoria is over as the averages have melted off the session highs. The DOW is fading fast now and in the red while the other major indexes are moving down towards the unchanged line. Commodities need to be watched as crude is back up in the mid 42's and the US dollar is looking strong having broken 100.00 again. Morning US Financial reporting was not good and will put negative pressure on the markets sooner rather than later.

Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.16%, while the Bovespa is leading the IPC lower. They are down 0.20% and 0.08% respectively.

US home sales fall 3.4 percent in October; rising prices hurt affordability

WASHINGTON (AP) — Fewer Americans bought homes in October, a sign that rising home values may be pushing more would-be buyers to the real estate market's sidelines. The National Association of Realtors said Monday that sales of existing homes fell 3.4 percent last month to a seasonally adjusted annual rate of 5.36 million.

The decline comes after strong growth in home-buying for much of 2015, bolstered by steady job gains and low mortgage rates. Home purchases have advanced 3.9 percent from a year ago, even as buyers have fewer choices because the number of listings on the market has dropped 4.5 percent. But last month suggested the start of a reflexive backlash after the strong gains in home-buying.

The additional sales have spawned sharp price increases that have outpaced wage growth and left some would-be buyers out of the market.

Traders Corner - Health of the Market

Index Description Current Value Members Sentiment: % Bullish (the balance is Bearish) 61%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 55%
Investors Intelligence sets the breath Above 50 bullish 47.5 Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. +1.49 NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 36.22% NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 52.89% S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 66.80% 10 Year Treasury Note Yield Index ($TNX) ten year note index value 22.61 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 81.68 NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,452

What Is Moving the Markets

Here are the headlines moving the markets.

NY probing alleged 'ghosting' of forex options

NEW YORK (Reuters) - New York Attorney General Eric Schneiderman's office is investigating the posting of false bids and offers in the foreign exchange options market for emerging market currencies, a person familiar with the matter said on Monday.

Pfizer to buy Allergan in $160 billion deal

NEW YORK (Reuters) - Pfizer Inc on Monday said it would buy Botox maker Allergan Plc in a record-breaking deal worth $160 billion to cut its U.S. tax bill by moving its headquarters to Ireland.

U.S. home sales fall; prices push higher

WASHINGTON (Reuters) - U.S. home resales fell more than expected in October, with large declines in regions which have experienced the biggest price gains, suggesting some softening in the pace of the housing market recovery after strong gains early this year.

Wall St. edges up, helped by material and energy stocks

(Reuters) - Wall Street edged higher in late morning trading on Monday, helped by gains in materials and energy stocks, but trading was subdued in the run-up to Thursday's Thanksgiving holiday.

E.coli outbreak looks set to infect Chipotle's same-outlet sales

(Reuters) - Same-restaurant sales at Chipotle Mexican Grill Inc, hit by an E.coli outbreak at its restaurants, look set to decline for the first time since the burrito chain was spun off from McDonald's Corp in 2006.

Tyson Foods sales beat estimates on strong demand for chicken

(Reuters) - Tyson Foods Inc , the biggest U.S. meat processor, reported better-than-expected quarterly sales on Monday, helped by strong demand for chicken products and a boost from its purchase of sausage seller Hillshire Brands.

Elliott Management takes 6.4 percent stake in 'undervalued' Alcoa

(Reuters) - Hedge fund Elliott Management Corp disclosed a 6.4 percent stake in "undervalued" Alcoa Inc on Monday, sending the aluminum producer's shares up as much as 6.3 percent.

Icahn says may push for new AIG director, discloses stake

(Reuters) - Activist investor Carl Icahn said he may propose adding a new director to American International Group's board , saying Peter Hancock, AIG's chief executive, was unlikely to "sincerely consider" his suggestion to split the company into three.

Cognac makers ramp up U.S. efforts as China sips less

COGNAC, France (Reuters) - France's centuries-old cognac houses are raising their bets on the U.S. market with new products and campaigns to broaden the drink's appeal beyond its African American stronghold.

Valeant Dead-Cat-Bounce Dies As Stock Plunges 10% Off Morning Highs

From an intraday high of $97.64, Valeant shares are down 10% this morning as the last few days' short squeeze and hope-fueled stability in the hedge fund hotel has given way to more 'first mover advantage' across the levered trading community. As we noted here, this is what hedge fund panic looks like.

It seemed like such a good morning...

But it's just more of the same...

Because at last count there was still 87 hedgies neck deep in this..

And this is what hedge fund panic looks like: after being one of the top 10 most widely held names as recently as Q1, Valeant has seen a plunge in not only its stock price, but also the number of fund who own it. One can be 100% certain that as of November 20 the number is vastly lower than the 87, already a one year low, recorded as of Sept 30.

Perhaps if only these "smartest people in the room" had actually done their diligence instead of rushing to buy a stock just because others bought the stock or, gasp, hedged their exposure, none of this would have happened. But then again that means doing actual ...

Soaring Global Debt - The Reality Check in Numbers

Soaring Global Debt: The Reality Check in Numbers

The fact that global debt is growing throughout the world is widely acknowledged and well documented. However, when faced with the numbers, the magnitude of the problem is still quite shocking to read. An article last week in Washington's blog gives us a stark and timely reminder of those facts. The volatile geo-political environment we are entering into, coupled with this growth-stifling debt, makes for a dangerous economic combination.

[Source: Forbes Business/Statista]

“The debt to GDP ratio for the entire world is 286%. In other words, global debt is almost 3 times the size of the world economy. Both public and private debt are exploding and - despite what mainstream economists think - 141 years of history shows that excessive private debt can cause depressionsâ€.

These global debt figures cannot be ignored. Indeed, many erudite economic commentators have been highlighting the reckless monetary policies being pursued by governments around the world that is feeding our debt crisis.

“The underlying cause of this debt glut is the $12 trillion of free or cheap money created by central banks since 2009, combined with near-zero interest rates. When the real price of money is close to ...

Shorts Executed As KaloBios Goes Full Volkswagen: Here's Why

Just as we warned was very likely last Friday, KBIO is going full Volkwsagen up another 150% today alone (up from $1 last Wednesday to over $45 today), the stock has just been halted halted again halted for the 3rd time.

Here is what we said may be happening:

In other words, Shkreli's consortium had acquired 70% of the company, and should they decide to pull the borrow, on the odd chance that the short interest had soared to above 30%, KBIO - which until a few days ago - suddenly has the potential to become the next Volkswagen: a company which has more shares short than there is float available to cover them.

And, as of today, it appears to be happening just as previewed:

From 44c to $45.82 in a week...

What's the Bid/Ask spread in $KBIO? Anywhere from 7 cents to 7 bucks apparently!

â€" Eric Scott Hunsader (@nanexllc) November 23, 201 ...

Fairness of SEC Judges Is in Spotlight

Comments by an SEC judge help illuminate the concerns of defendants who worry they can’t get a fair hearing in an internal court system where the SEC wins more often than it does in federal court.

U.S. Stocks Edge Higher to Extend Last Week's Rally

U.S. stocks shook off early losses, extending last week’s sharp rally.

Pace of Stock Buybacks Stirs a Debate

Companies are on track this year for the highest spending on stock buybacks since the financial crisis. That is boosting many firms’ earnings per share but also fueling debate.

October 2015 Existing Home Sales Headlines Say Sales Have Fallen.

Written by Steven Hansen

The headlines for existing home sales say " a sales cooldown in October was likely given the pullback in contract signings the last couple of months". Our analysis of the unadjusted data shows that home sales declined.

Europe Markets: European stocks fall, hit by slump in commodity prices

Commodity shares are trapped in the red by a persistent rout in metals and oil prices, leaving the Stoxx Europe 600 lower at the start of the week.

The Margin: Belgians post cat pictures to keep terrorists in the dark

Belgian citizens are asked to stop sharing and tweeting anything related to police activity they witness as the hunt for suspected terrorists in the Paris attacks continues.

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