Wall Street closed mixed, flat and generally unappealing (SPY - 0.02%). Crude prices have melted back into the high 43's, gold in the 1316's and the US dollar looking weaker. Short-term indicators are mildly bullish, but the longer term outlook is muddy.
NEW YORK (Reuters) - A see-saw session on Wall Street on Monday ended little changed, with gains in big bank stocks offsetting a drag from Apple, as investors braced for the Federal Reserve meeting later this week.
WASHINGTON (Reuters) - Market volatility is low, U.S. census data shows income gains have reached the middle class, and workers are clawing back a larger share of national income. For now, at least, no international risk stands out and inflation may even be picking up.
SEOUL/BEIJING (Reuters) - Samsung Electronics Co Ltd said on Monday a Galaxy Note 7 phone a Chinese user claimed caught on fire was damaged by external heating, seeking to assure customers in the world's top smartphone market the devices being sold there are safe.
NEW YORK (Reuters) - A private gauge on U.S. home builder sentiment unexpectedly rose in September to its strongest level in 11 months, prompted by renewed interest in home purchases following a summer lull.
MARGARITA ISLAND, Venezuela (Reuters) - Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilize oil markets and that he aimed for a deal to be announced this month.
NEW YORK (Reuters) - British Prime Minister Theresa May will meet business chiefs from firms including Goldman Sachs , IBM and Amazon on Monday in an attempt to reassure investors after her country's shock vote to leave the European Union.
NEW YORK (Reuters) - New York state and city authorities took United Parcel Service Inc to trial on Monday, urging a federal judge to make the company pay more than $872 million for making illegal deliveries of more than 683,000 cartons of untaxed cigarettes.
JAKARTA (Reuters) - Indonesia plans to pursue Alphabet Inc's Google for five years of back taxes, and the search giant could face a bill of more than $400 million for 2015 alone if it is found to have avoided payments, a senior tax official said.
While 'everything was awesome' this morning in stock market land (economic data, Fed uncertainty, and domestic terrorism aside), the more troubling reality under the surface of the equity market's gains is a plunge in 52-week highs... a divergence which spelled big trouble the last time it occurred.
As Bloomberg nioted, one technical barrier to further advances in the S&P 500 Index is the lack of market breadth, as fewer U.S. stocks attain new 52-week highs compared with earlier this year.
And worse still, just like in Aug 2015, Chinese money-markets are imploding...
While luckily this weekend's various terrorist attacks across the nation did not lead to casualties, both presidential candidates have been using the disturbing event to push their political agenda. Earlier today it was Hillary, and now it is Trump's turn who released the following lengthy statement, saying this weekend's attacks in Minneapolis, New York and New Jersey should be a "wake up call for every American", and explain why Trump "proposes extreme vetting for immigrants from troubled."
His full statement is below:
In the past 48 hours, our law enforcement showed again that, without them, our country is neither safe nor secure. I am grateful for the quick action of law enforcernent in capturing the terrorist responsible for Saturday's bombings, and the off-duty police officer for stopping the terrorist in Minnesota. This weekend's attacks, from Minnesota to Manhattan, are just the latest to be carried out on U.S. soil under President Obama. These should be a wake-up call for every American.
Today, Hillary Clinton showed again that she will say anything - and blame anyone - to shift attention away from the weakness she showed as Secretary of State. The Obama-Clinton doctrine of not taking ISIS seriously enough has emboldened terrorists all over the world. They are hoping and praying that Hillary Clinton becomes President so that they can continue their savagery and murder.
While our President has referred to them as the J.V. Team" and Hillary Clinton calls them our "determined enemies," I have been willing to call them exactly what they are: radical Islamist terrorists.
I will bring an end to these senseless acts of violence. They are wrong to say that we're in a fight about `narratives.' These terrorists pose an existential threat to our country, our valu ...
"That Wall Street has gone down because of this is justice... They fucked people. They built a castle to rip people off. Not once in all these years have I come across a person inside a big Wall Street firm who was having a crisis of conscience."
- Steve Eisman
One decade before he became famous for the being the inspiration behind Mark Baum's character, played by Steve Carell in the movie the "The Big Short", Steve Eisman was making hundreds of millions predicting the next big short, namely the collapse of the subprime mortgage industry. Which is why every appearance of the otherwise reclusive financial guru sees broad popular interest, and this past Sunday, when Eisman appeared at the beachfront Fontainebleau Hotel in Miami, where several thousand Wall Street securitization professionals are convening this week for their 22nd annual ABS East Conference, was no different.
Incidentally, it's the same gathering where, in one scene of the film "The Big Short," the character based on Eisman bursts into outrage at a mortgage executive giving a talk.
Steve Eisman Photographer: Daniel Acker/Bloomberg
Eisman hadn't attended a securitization conference since 2007. But Information Management Network, the organizer of an annual confab in Miami, decided to changed that when it invited him to give the keynote speech Sunday.
So what did did Eisman have to say to the industry that he helped bring down? "You fuckers blew up planet earth. Shut up and move on." adding that "it feels like Daniel in the lion's den."
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