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02Feb2016 Market Close: Major Averages Sit On A Major Support, Will They Drop Through? DOW Closed Down 269 Points, WTI Crude Settled At $29

Written by Gary

U.S. Averages closed almost two percentage points lower as sliding oil prices added to concerns about the health of the global economy and a disappointing forecast from Exxon Mobil. Treasury yields also fell to a nine-month low today as a renewed selloff in oil and stocks sent investors into safe assets such as government bonds.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Yahoo to say it is exploring 'strategic alternatives'

(Reuters) - Yahoo Inc is expected to announce on Tuesday that it is exploring "strategic alternatives" for its struggling Internet business, a person familiar with the matter said.

Spin-off or sale? Yahoo turnaround plan in focus as earnings awaited

SAN FRANCISCO (Reuters) - Yahoo Inc's plans to turn around its struggling core business are set to dominate its earnings report on Tuesday, with investors keen to see if CEO Marissa Mayer will push ahead with a proposed spin-off or entertain calls for a complete sale.

Wall Street falls 2 percent as Exxon Mobil, oil weigh

(Reuters) - U.S. stocks dropped more than 2 percent in late Tuesday trading after a disappointing forecast from Exxon Mobil and another steep drop in oil prices.

U.S. January auto sales stronger than expected

DETROIT (Reuters) - U.S. auto sales fared better than expected in January as the industry continued to benefit from low gasoline prices, easy credit and moderate economic growth, major automakers said on Tuesday.

ChemChina close to striking deal for Syngenta: sources

(Reuters) - China's state-owned ChemChina is nearing a deal to buy Swiss seeds and pesticides group Syngenta for around 43 billion Swiss francs ($42.2 billion), two people familiar with the matter said on Tuesday.

EU seeks to bring U.S. trade talks towards a close by summer: trade commissioner

AMSTERDAM (Reuters) - The European Union aims to bring free trade negotiations with the United States towards a close by the summer, a necessary step if a deal is to be clinched before a change of president in the United States.

Chipotle stock up ahead of quarterly report

SAN FRANCISCO (Reuters) - Chipotle Mexican Grill's stock climbed on Tuesday for a second consecutive day, ahead of the restaurant chain's fourth-quarter report, on bets that the fallout from recent outbreaks of food-borne illness has been fully priced in.

Alphabet overtakes Apple in market value - for now

(Reuters) - Alphabet Inc might win the market cap battle against Apple Inc , but will it win the war?

Oilpocalypse Wow! Stocks, Bond Yields Plunge As Bank Risk Soars

What The Bank of Japan gives, The Japanese Finance Ministry taketh away...

Artist's impression of the last few days in crude, JPY, and US stocks...

Oil closed under $30 after Russian productiuon and OPEC denials... From bull market to correction in 2 days - This was the worst 2-day drop in oil since January 2009...

And today's other major driver - exploding US bank risk...

USDJPY started to snap today as JPY and NKY erased half their post-BOJ NIRP shifts...

But everything was awesome yesterday? US equities erased all the post-BOJ NIRP gains...

Where Is The Outrage: With Shkreli Under House Arrest, Drug Prices Are Still Soaring

Last September, when Martin Shkreli was doing his best to become the "most hated person in America" with his highly profiled 5000% price increase of a Turing Pharma toxoplasmosis drug, in an article titled "Dear Martin Shkreli: This Is How You Hike Drug Prices" we said hate him if you must, but not for his price hiking practices for one simple reason: everyone else does that.

Specifically we said that "what Shrekli did was not in any way unique: everyone else did it too, they were just much smarter about how to do it" pointing specifically at Valeant and saying that "this is where the difference between Valeant and Turing is to be found. While the entire US population was shocked, appalled and outraged at Shkreli for daring to boost the price of one drug by 5000%, apparently nobody had a problem with Valeant jacking up the prices of nearly 30 drugs by anywhere between 90% and 786% on the high end, with one solitary outlier, Ofloxacin ear drops seeing its price soar by 2288%."

Our conclusion:

... boost the prices of dozens of drugs in the span of 1-3 years anywhere between 100% and 800% and nobody notices (thank you insurance companies). But hike the price of one drug by 5,500% and suddenly all of America thinks you are satan incarnate.

... to which Citron added that "in the Twitter-storm furor over Turing's recent one-drug price gouge attempt, the media has overlooked the reality that Martin Shkreli was cre ...

Behold Unintended Consequences: Japan Cancels 10Y Auction For First Time Ever Due To Sub-Zero Rates

Dear Bank of Japan, how do you spell unintended consequences.


PLANNED MARCH SALE OF 10-YEAR JAPANESE GOVERNMENT BONDS THROUGH BANKS TO BE CANCELED AMID EXPECTED BELOW-ZERO YIELDS - NIKKEI

JAPAN'S MINISTRY OF FINANCE IS EXPECTED TO ANNOUNCE WEDNESDAY THE FIRST-EVER DECISION TO CALL OFF SALES OF 10-YEAR JGBS- NIKKEI

Here is the full Nikkei report on this absolute stunner of a development:

The planned March sale of 10-year Japanese government bonds through banks to retail investors, municipalities and others will be canceled amid expected below-zero yields following the Bank of Japan's recent move to adopt negative interest rates.

The Ministry of Finance is expected to announce Wednesday the first-ever decision to call off sales of 10-year JGBs.

The JGBs in question are sold through Japan Post Bank and regional banks in 50,000 yen ($415) units. The holder can cash out this new type of bond ahead of maturity. With the ministry already having suspended sales of two- and five-year instruments, all sales will end. But variable-rate 10-year JGBs for retail investors will still be offered.

Winning bids at the ministry's auction of 10-year JGBs on Tuesday translated to a record-low average yield of 0.078%. As of Monday, nearly 70% of JGBs on the market already had negative yields, according to the Japan Securities Dealers Association.

Corporations and municipalities have started delaying their own issuances. Daiwa Securities Group has dropped plans to set conditions later this week for the issuance of seven- and 10-year straight bonds ...

Stocks Fall as Sliding Oil Prices Hit Energy Shares

A renewed fall in crude prices and downbeat results from some of the world's biggest oil producers sent stocks sliding, while investors bid up havens from government debt to utilities.

Oil Falls Back to $30 a Barrel

Crude prices cracked below $30 a barrel again as traders continue erasing a recent surge from speculation that the world's major exporters would cooperate on output cuts.

UBS Earnings Are Hit by Wealth-Management Woes

UBS AG said its flagship wealth-management unit was drained of billions of dollars in assets during the fourth quarter of last year.

Currencies: Dollar posts largest daily drop vs. yen in 2 weeks

The dollar edged lower against the euro and yen Tuesday as oil prices moved lower and the bump in risk appetite that followed the Bank of Japan's surprise interest-rate cut faded.

Bond Report: Treasury yields fall to 9-month low

Treasury yields fall to a nine-month low on Tuesday as a renewed selloff in oil and stocks sent investors into safe assets such as government bonds.

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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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