US averages remain in the red, but have closed the gap of losses from this morning opening. The DOW is down 58 points and the small caps are only off fractionally as WTI climbs to new session highs (mid 37's). The fly in the ointment is the Supply Management-Chicago's gauge of factory activity in the Midwest region slipped to 42.9 in December from 48.7 the month prior adding more worries to long term investors.
Here is the current market situation from CNN Money
North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.70% while U.S.'s S&P 500 is off 0.23% and Mexico's IPC is lower by 0.08%.
$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.
NEW YORK/LONDON (Reuters) - Oil prices rose on Thursday but were still headed for a second year of steep declines after a race to pump by Middle East crude producers and U.S. shale oil drillers created an unprecedented global glut that may take through 2016 to clear.
ZURICH (Reuters) - Swiss private bank Lombard Odier said it would pay $99.8 million under a non-prosecution agreement with U.S. authorities to settle an investigation into allegations it helped wealthy American clients evade taxes.
NEW YORK (Reuters) - Shares of Apple Inc, the largest U.S. company by market value, are set to finish the year in the red on notable weakness for a stock that had largely been impervious to pain for several years.
NEW YORK (Reuters) - Stock and bond markets in major economies were set to close 2015 with a mixed performance, while oil prices and emerging markets cemented big losses during a year that provided few safe places for investors.
FRANKFURT (Reuters) - Volkswagen's emissions test-cheating scandal could kill nascent markets for diesel cars in North America, Japan and China, the chief executive of automotive supplier Continental has told a German newspaper.
After melting up to pre-API levels this morning, crude prices are falling back (and therefore so are stocks) as Baker Hughes reports another weekly decline in rig count. After surging by 17 three weeks ago, the 2 rig decline in oil rigs in America continues to track the lagged crude oil price.
Rig count continues decline...
Seems like the algos have run out of stops to run...
ECRI's WLI Growth Index which forecasts economic growth six months forward - declined marginally and remains in negative territory. This index had spent 28 weeks in negative territory, then 15 weeks in positive territory - and now is in its 20th week in negative territory.
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