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11May2016 Market Update: Major Averages Down, DOW Off Triple Digits, SPY Down 0.4%, Crude Up 3%, Short-Term Indicators Neutral, Canada Oil Sands Pumping Again

Written by Gary

US markets opened down fractionally as weak earnings reports from Walt Disney, Macy's and Fossil reverberated across the consumer sector, but have stayed the course trading sideways during the late morning session. The afternoon session is looking weak and the short-term indicators are neutral to slightly bearish. WTI crude has peaked at the 46 level after crude jumped about 3 percent and has become quiet - consolidation?

Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 0.40%, while the S&P 500 is leading the IPC lower. They are down 0.50% and 0.14% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall Street drops as Disney, Macy's lead rout in consumer stocks

(Reuters) - U.S. stocks fell on Wednesday as weak earnings reports from Walt Disney, Macy's and Fossil reverberated across the consumer sector.

EU blocks Hutchison's deal to buy Telefonica's O2 UK

BRUSSELS (Reuters) - The European Union's competition regulator blocked on Wednesday CK Hutchison Holdings' plan to become Britain's biggest mobile telecoms network operator, in a decision which also cast doubts on whether it can still win approval for another deal in Italy.

Exclusive: Security bug SAP patched years ago draws U.S. government alert

FRANKFURT (Reuters) - Europe's biggest software company, SAP , is the subject of a U.S. security alert over a vulnerability the firm disabled six years ago that can still give outside attackers remote control over older SAP systems if the software is not properly patched.

Disney shares stumble as expectations outpace reality

(Reuters) - For Walt Disney's Peter Pan, flying was "all a matter of faith and trust." Investors in Walt Disney Co showed a lack of both in the company's stock on Wednesday.

Mitsubishi Motors says has cash to ride out widening mileage affair

TOKYO (Reuters) - Mitsubishi Motors Corp is confident it has enough cash to weather a damaging fuel efficiency scandal alone, even as it warned incorrect data may have been used for more of its cars.

Oil jumps 3 percent after first U.S. crude draw in 6 weeks

NEW YORK (Reuters) - Oil prices jumped about 3 percent on Wednesday after the U.S. government reported crude inventories fell unexpectedly for the first time since March, adding to concerns over supply disruptions in Canada and Nigeria.

Tyson wins lawsuit over hot dog name

(Reuters) - This lawsuit over hot dogs failed to cut the mustard.

Stuck with dangerous dollar dominance

LONDON (Reuters) - The world is getting an object lesson on the problems of having one dominant global currency and even the supposed prime beneficiary, the United States, can see the downside.

Quietly, Vietnam hosts arms gathering attended by U.S. companies

HANOI/WASHINGTON (Reuters) - Vietnam hosts a defense symposium this week attended by top American arms manufacturers, ahead of a visit by U.S. President Barack Obama and as Washington weighs whether to lift an arms embargo on its former enemy.

Bonds, Tame Bonds!

Bonds continue to buy the bounce in stocks less and less...

And Yen carry is collapsing after its 2-day intervention bounce...

Charts: Bloomberg

Dis-May In Europe: STOXX 600 Trades Like 2001 & 2008

The STOXX Europe 600 is trending below declining and bearishly positioned 26 and 40-week moving averages, and as BofAML's Stephen Suttmeier warns, ECB quantitative easing has not reversed this bearish trend.

The 2016 set-up is similar to early 2001 and early 2008 with important resistance at 350 and important support at 300. Both 2001 and 2008 saw rebounds into bearishly positioned and falling 26/40-week MAs that formed important lower tops in May.

This pattern could repeat or at least rhyme moving into May 2016, and the bearish wedge is a warning that Europe could follow this pattern.

The breaks below 300 in September 2011 and June 2008 led to much deeper weakness and a similar break in 2016 could see the SXXP trend down toward 200.

Toyota Struggles to Find That Extra Gear

The world's largest car maker delivered uninspiring results Wednesday, and a buyback gives shareholders reasons to grumble.

Why Telefónica Needs to Pick Up the Phone

The U.K. mobile market has been weak even against the backdrop of a strong digital economy. Telefónica's O2 needs a deal with hefty synergies to replace the one with Hutch rejected by regulators.

Italian Banks: A Painfully Slow Repair Job Hurts Everyone

The recent panic has been stopped and loan losses are improving. But without sustained efforts at reform, confidence will remain fragile.

Deep Dive: Why a peer-to-peer loan could help you pay off pesky credit-card debt

If you're carrying a large amount of high-interest credit-card debt, writes Phil van Doorn, consider a peer-to-peer loan.

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