US markets continue the morning slide where the small caps are showing more than a one percentage point decline. The US Dollar plunges under the weight of short-squeezed EUR FX traders, so commodities are making gains. WTI continues to be the highest beta and has soared back to yesterday's highs on no news whatsoever.
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 3.44%, while the IPC is leading the S&P 500 lower. They are down 1.02% and 0.82% respectively.
$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) - Office supplies retailer Staples Inc is willing to sell more assets to win antitrust approval for its $6.3 billion takeover of Office Depot Inc , Bloomberg reported on Thursday, citing two people familiar with the matter.
CHARLESTON, W. Va. (Reuters) - Former Massey Energy Chief Executive Don Blankenship was found guilty on Thursday of conspiracy to violate mine and safety standards in a trial over the 2010 explosion at the Upper Big Branch mine that killed 29 people.
WASHINGTON (Reuters) - U.S. services sector activity slowed in November but remained at levels consistent with a steady pace of economic growth for the fourth quarter, a business survey showed on Thursday.
FRANKFURT (Reuters) - The European Central Bank eased policy further on Thursday to fight stubbornly low inflation but kept much of its powder dry, disappointing high market expectations for greater stimulus.
NEW YORK (Reuters) - A federal appeals court said JPMorgan Chase & Co Chief Executive Jamie Dimon and other bank officials need not face a shareholder lawsuit claiming they did a bad job investigating the 2012 "London Whale" trading scandal that caused $6.2 billion of losses.
DUESSELDORF, Germany (Reuters) - RWE could triple investments in wind and solar power in a big expansion of its renewables business, its CEO told Reuters, days after the company announced it would break itself up to cope with a crisis in conventional energy generation.
WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen opened a Congressional committee hearing on the U.S. economy on Thursday with an upbeat assessment of where the country stands as the Fed marches towards its first interest rate hike in a decade.
(Reuters) - Standard & Poor's cut its nonoperating holding company (NOHC) ratings on eight U.S. "global systemically important banks" by one notch, citing uncertainty about the U.S. government's willingness to provide support to the banking system if it came under stress.
ECB Disappoints All those who continue to forget this trading maxim were royally punished on Thursday morning as the ECB could not match the trading enthusiasm built into the move in shorting the Euro and thus going long the US Dollar for the prior 7 weeks lead up into the ECB Monetary Policy Decision.
This is such a strong trading maxim to buy the rumor, and sell the actual news that it is the exception rather than the rule where an event over delivers. The best move is to take profits the day before the event as opposed to getting crushed on the news which happened t ...
As the USDollar plunges under the weight of short-squeezed EUR FX traders, so commodities are making gains. With OPEC right around the corner, WTI continues to be the highest beta and has soared back to yesterday's highs on no news whatsoever (apart from comments from OPEC that they will only cut if non-OPEC cuts).
The rout beneath the relative calm of the market surface continues today as another sector has gotten crushed today in reaction to the domestic and global collapse in trade, the spreading domestic manufacturing recession and the bursting of the commodity bubble: truckers, and especially the heaviest, Class 8 trucks, those with a gross weight over 33K pounds, those which make up the backbone of U.S. trade infrastructure and logistics.
Such as this Kenworth W900:
The following charts of Wabco and Paccar show just where the pain is most acute today:
What happened? Nothing short of a complete disintegration in the heavy trucking sector. Wells Fargo explains:
November Class 5-8 orders decreased 40% yr/yr and 26% from October. The yr/yr decline was the eighth consecutive month of Class 5-8 contraction. The decline yr/yr was driven by weaker Class 8 order intake. Class 8 orders of 16,600 were below our channel check based 22,000-25,000 expectation, dropped 59% yr/yr and 36% from October (vs. the ten-year average 7% decrease in November from October), and was the weakest order month on a seasonally adjusted basis since August 2010. Clearly, Nove ...
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