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10Mar2016 Market Close: US Markets Finish Mostly Down And Flat, Crude Recovers Somewhat, Some Analysts Are Signaling 'Time To Get Out'

Written by Gary

US markets large caps closed in the red and flat while the small caps were down 0.3%. The $RUT closed down -0.8% and WTI crude recovered half of it morning losses. ECB's Draghi signals end to rate cuts, overshadows stimulus that in turn pushed the markets lower. More Bearish signals as Evercore ISI's Rich Ross said recently, "My Bullish tactical call is over [and I am out]. I feel the Spooz will climb to 2044 before any serious downturn can be considered.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street flat as Draghi acts but signals end to rate cuts

(Reuters) - The S&P 500 traded flat in a volatile session on Thursday after the European Central Bank reduced interest rates but ECB chief Mario Draghi disappointed investors expecting multiple rate cuts by saying more were unlikely.

Oil slides on U.S. refinery maintenance, OPEC meeting doubts

NEW YORK (Reuters) - Oil prices fell on Thursday, with U.S. crude retreating from three-month highs as refinery maintenance looked set to boost record domestic crude stockpiles, while an OPEC meeting aimed at freezing output appeared unlikely without Iran's participation.

Euro gains, stocks fall as ECB signals end to rate cuts

NEW YORK (Reuters) - The euro jumped and global stock markets fell on Thursday as new stimulus measures by the European Central Bank were offset by a signal from its chief Mario Draghi that it would cut interest rates again only in the most extreme of circumstances.

McDonald's squares off against NLRB in worker retaliation trial

NEW YORK (Reuters) - A highly anticipated trial over whether McDonald's USA could be on the hook for its franchisees' alleged retaliation against employees who participated in fast-food worker protests across the United States began on Thursday.

Taco Bell launches $1 breakfast menu

(Reuters) - Yum Brands Inc owned Taco Bell upped the ante in the breakfast wars, launching a nationwide $1 breakfast menu in a bid to compete with other fast-food chains that are cashing in on the trend.

TransCanada in talks to buy Columbia Pipeline Group: sources

(Reuters) - TransCanada Corp , the company behind the controversial Keystone XL oil pipeline project, is in talks to buy U.S. natural gas pipeline operator Columbia Pipeline Group Inc , two people familiar with the matter told Reuters.

Twitter doles out stock, cash bonuses to retain talent: WSJ

(Reuters) - Twitter Inc has been sweetening employee compensation packages to retain talent as the company's user growth stalls and it stock price slides, the Wall Street Journal reported.

ECB's Draghi signals end to rate cuts, overshadows stimulus

FRANKFURT (Reuters) - European Central Bank chief Mario Draghi unleashed a bold easing package on Thursday, cutting rates and expanding asset buys, but undid the very stimulus he hoped to achieve by suggesting there would be no further cuts.

U.S. panel asks Valeant to justify withholding documents

(Reuters) - A U.S. congressional committee stepped up the pressure on Valeant Pharmaceuticals International Inc on Thursday, urging the company to explain why it was withholding documents related to an investigation into drug pricing.

Gold Soars As Draghi "Dud" Unleashes Chaos In Bonds, Stocks, & FX

"You get nothing..."

This was not the day many had planned on...After the initial "as expected" move, everything went pear-shaped for the central planners when Draghi committed the ultimate sin - closing an open-ended monetary policy...

The USD was hammered, gold surged, and stocks and oil gave up gains...

Then The PPT stepped in to save the world, ramped us back to VWAP...

And Dow back to 17,000...unfriggingbelievable!!

Surveying some of the damage (that was unable to benefit from US ...

Bernie-nomics Explained

Presented with no comment...

Source: The Buring Platform

German Bank That Almost Failed Now Being Paid To Borrow Money

Submitted by Simon Black via SovereignMan.com,

The 12.5 hours spent crossing the Pacific on Qantas flight 27 feels like going through a wormhole.

The flight departs Sydney, Australia at 12:50pm and arrives to Santiago, Chile the same day at 11:20am. In other words, the plane lands 90 minutes before it departs.

When I landed yesterday, the captain came on the P.A. and said, "Ladies and Gentlemen, I have good news; if you enjoyed Wednesday March 9th, it's still Wednesday March 9th!"

It really does feel like going back in time.

This feeling was only reinforced when I whipped out my phone and saw that German bank Berlin Hyp had just issued 500 million euros worth of debt... at negative interest.

I wondered if I really did go through a time warp, because this is exactly the same madness we saw ten years ago during the housing bubble and the subsequent financial crisis.

To explain the deal, Berlin Hyp issued bonds that yield negative 0.162% and pay no coupon.

This means that if you buy 1,000 worth of bonds, you will receive 998.38 when they mature in three years.

Granted this is a fairly small loss, but it is still a loss. And a guaranteed one.

This is supposed to be an investment... an investment, by-the-way, with a bank that almost went under in the last financial crisis.

It took a 500 billion bail-out by the German government to save its banking system.

Eight years later, people are buying this "investment" that guarantees that they will lose money.

The bank is no ...

The Incredible Story Of How Hackers Stole $100 Million From The New York Fed

The story of the theft of $100 million from the Bangladesh central bank - by way of the New York Federal Reserve - is getting more fascinating by the day.

As we reported previously, on February 5, Bill Dudley's New York Fed was allegedly œpenetrated when œhackers (of supposed Chinese origin) stole $100 million from accounts belonging to the Bangladesh central bank. The money was then channeled to the Philippines where it was sold on the black market and funneled to œlocal casinos (to quote AFP). After the casino laundering, it was sent back to the same black market FX broker who promptly moved it to œoverseas accounts within days.

That was the fund flow in a nutshell.

As we explained, the whole situation was quite embarrassing for the NY Fed, because what happened is that someone in the Philippines requested $100 million through SWIFT from Bangladesh's FX reserves, and the Fed complied, without any alarm bells going off at the NY Fed's middle or back office.

"Some 250 central banks, governments, and other institutions have foreign accounts at the New York Fed, which is near the centre of the global financial system," Reuters notes. "The accounts hold mostly U.S. Treasuries and agency debt, and requests for funds arrive and are authenticated by a so-called SWIFT network that connects banks."

Well, as it turns out, Bangladesh doesn't agree that the Fed isn't ultimately culpable. "We kept money with the Federal Reserve Bank and irregularities must be with the people who handle the funds there," Finance Minister Abul Maal Abdul Muhith said on Wednesday. œIt can't be that they don't have any responsibility," he said, incredulous.

Actually, Muhith, the New York Fed under former Goldmanite Bill Dudley taking zero responsibility for enabling ...

Investors Question Effectiveness of ECB Moves

The euro rose and stocks gave up gains, reversing earlier moves, as investors questioned the effectiveness of a fresh batch of stimulus measures from the European Central Bank.

European Corporate Bonds Are Clear Winners After ECB Move

Credit markets in Europe soared after the ECB surprised investors by saying it would begin buying corporate debt under its massive bond-buying program.

Why the ECB's Big Guns Can't Win This War

The ECB surprised markets, but surprisingly, markets swooned. Questions about extraordinary monetary policy will persist.

Deep Dive: Live the American dream with these homebuilder stocks

Valuations have fallen considerably on fears of a recession and higher mortgage rates, says Phil van Doorn.

Deep Dive: These 'Dividend Aristocrat' stocks have risen up to 24% a year for a decade

Having a long-term outlook can settle the mind, especially with these rock-solid companies, says Phil van Doorn.

Deep Dive: Unlikely stock market winners: oil companies with little debt

Industry survivors such as Helmerich & Payne and Exxon Mobil have risen as much as 29% in the past two months, writes Phil van Doorn.

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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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