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09Dec2015 Market Update: Markets Down, DOW Down Triple Digits, More Losses Predicted, Serious Testing Of Supports Underway

Written by Gary

U.S. averages solidly in the red with the DOW down triple digits and we may see more losses before the session is done. Crude oil is again testing that 'strong' support and now many traders are reluctant to trade in inverse oil ETF's after yesterday's investors 'cleaning' of the shorts. The US dollar continues to descend/test deeply into its support and gold has climbed back up where it started this morning. I expect more losses and serious testing of supports across the board before we can call the 'play'.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 3.57% while the IPC gains 0.50%. The S&P 500 is off 1.11%.

What Is Moving the Markets

Here are the headlines moving the markets.

Dow, DuPont soar on prospect of $130 billion chemicals merger

(Reuters) - Merger talks between Dow Chemical Co and DuPont to create a chemicals titan with a $130 billion market value lifted Dow shares to a record on Wednesday and put DuPont on track for its biggest daily gain in more than six years.

Exclusive: Credit Suisse, Julius Baer eye bids for BTG Pactual's Swiss unit - sources

LONDON/SAO PAULO (Reuters) - Credit Suisse and Julius Baer are among a handful of banks vying to buy the Swiss private-banking arm of embattled Brazilian investment bank Grupo BTG Pactual SA in a cut-price deal, sources with direct knowledge of the talks told Reuters on Wednesday. Zurich-based Credit Suisse is exploring an offer that would value BSI at less than 1 billion Swiss francs ($1.01 billion), one of the sources said, speaking on condi

Wall St. erases gains as Apple weighs, oil rally fades

(Reuters) - Wall Street reversed course and fell in early afternoon trading on Wednesday as a brief rally in oil prices fizzled and shares of Apple slipped, offsetting gains in raw materials stocks.

Morgan Stanley begins layoffs in credit division: sources

NEW YORK (Reuters) - Morgan Stanley this week cut staff covering short-term credit and regional broker-dealers, after a quarter in which the bank posted a 42 percent drop in bond trading, several sources told Reuters.

Bed Bath, Nordstrom, others settle U.S. false labeling charges

(Reuters) - Four U.S. retailers agreed to pay $1.3 million of fines to settle U.S. civil charges that they deceived consumers by falsely labeling and advertising textile products as containing bamboo, when they were actually made from rayon.

Citi to take $300 million 'repositioning charge' in fourth quarter

(Reuters) - Citigroup Inc will take a $300 million "repositioning charge" in the fourth quarter, Chief Financial Officer John Gerspach said on Wednesday.

Weak U.S. inventories seen weighing on fourth quarter growth

WASHINGTON (Reuters) - U.S. wholesale inventories fell in October as businesses stepped up efforts to reduce stockpiles of unsold merchandise, suggesting inventories would again be a drag on growth in the fourth quarter. The Commerce Department said on Wednesday wholesale inventories slipped 0.1 percent as stocks of both durable and nondurable goods fell. September inventories were revised down to show them increasing only 0.2 percent instead of rising 0.5 percent as previously reported.

Fed set for very gradual rate path after expected Dec 16 hike: poll

(Reuters) - The U.S. Federal Reserve will move very gradually after it delivers what is widely expected to be its first interest rate hike in nearly a decade next week, according to a Reuters poll that points to a tame inflation outlook for next year.

Tesoro delays California refinery integration to mid-2017

HOUSTON (Reuters) - Independent refiner Tesoro Corp has pushed the completion of integrating its California refineries to mid-2017 from early that year, according to a company presentation.

Pains For Trains From Automobiles

With global freight costs collapsing, as China trade dries up, status-quo-hugging talking heads have point to America's car sales and picture some islandic isolation that means investors in US equities are immune. Well that little dream just burst. Rail freight carloads tumbled 5.1% in October, dramatically accelerating the 1.6% drop in Q3 as a strong dollar crimps exports, retailers whittle down excess inventory and energy investment stalls. Until recebtly, the one bright spot in rail traffic was auto shipments... but even that just plunged and is now at the seasonally weakest since 2008.

Everything was awesome... then October hit and a decline in consumer-related cargo this quarter is adding to weakness in industrial and energy traffic.

As Bloomberg reports,

While it's too early to tell if something "drastic" is happening to the economy, "it does feel kind of like a soft, flat, sort of wait-and-see environment," said Union Pacific Chief Financial Officer Rob Knight at a Credit Suisse Group AG conference last week. The rail industry provides detailed weekly carload reports with only a three-day lag, giving one of the most current looks at shipping demand.

The railroad weakness adds to U.S. economic indicators that have been sending mixed signals.

Railroad intermodal traffic, which rose in the ...

Dow Dumps 300 Points From Highs, S&P Breaks Key Support, FANGs FUBAR

Well that escalated quickly...

It's been a wild ride for the machines running The Dow this last week...

S&P broke below the 50 and 200DMA...

deFANG'D...

USDJPY is seeing massive liquidation...

Just a little more turmoil and The Fed will "hold"

Charts: Bloomberg

Oil Prices Give Up Gains After Inventory Report

Oil prices wavered on Wednesday, erasing earlier gains, as traders weighed growing inventories of refined products against a surprisingly large decline in U.S. crude-oil stockpiles.

U.S. Stocks Lose Steam as Oil Turns Lower

U.S. stocks gave up earlier gains Wednesday as the price of oil turned negative.

October 2015 Wholesale Inventory Levels Improve But Remain At Recessionary Levels

Written by Steven Hansen

The headlines say wholesale sales were unchanged month-over-month with inventory levels remaining at levels associated with recessions. The best way to look at this series may be the unadjusted data three month rolling averages which continues decelerating keeping the long term sector slowing in play.

Apple gives Twitter a nod in its best apps list

Apple names Periscope, which recently launched on Apple TV, the best iOS app of 2015.

Market Extra: How the Grinch stalled the 'Santa rally'

The Grinch, who has been operating undercover under the alias 2100, has been plotting against Santa and his famous rally all year long.

4 real estate trends we'll see in 2016

Higher interest rates may finally bring down prices on the œcostly coasts.

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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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