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29Sep2016 Market Update: WTI Crude Rises Into 48 Handle, Goldman Sticks To Lower Crude Prices In The Future, US Dollar Volatile Reflecting On Future Market Movements, Gold Moving Higher Signaling Weakening US Market

Written by Gary

Wall Street Slipping dramatically ahead of Ms Yellen's speech this afternoon (SPY - 0.7%). Investors concerned about Goldman Sachs bearish crude prices, stronger US dollar. Indicators bearish.


Here is the current market situation from CNN Money

North and South American markets are broadly lower today with shares in Brazil off the most. The Bovespa is down 1.37% while U.S.'s S&P 500 is off 1.12% and Mexico's IPC is lower by 0.67%.

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. economy less sluggish in second quarter; companies investing more

WASHINGTON (Reuters) - U.S. economic growth was less sluggish than previously thought in the second quarter as exports grew more than imports and businesses raised their investments, hopeful signs for the economic outlook.

Wall Street dragged down by Apple, health stocks

(Reuters) - Wall Street was lower in choppy trading late Thursday morning after two straight days of gains, pulled lower by Apple and healthcare stocks.

Relief arrives for U.S. shale firms as OPEC folds in price battle

HOUSTON (Reuters) - It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets.

House panel lambasts Wells Fargo boss over phantom accounts

WASHINGTON/NEW YORK (Reuters) - Wells Fargo & Co chief John Stumpf's second trip to Capitol Hill on Thursday went no better than his first as lawmakers from both parties angrily rebuked him for the handling of sales abuses and said the bank has damaged customer trust as well as the broader banking system.

Tesla's Musk: No more discounts on new cars

DETROIT (Reuters) - Electric carmaker Tesla Motors Inc. Chief Executive Elon Musk told employees in an email to follow company policy of not offering discounts on new cars, responding to some investors' concerns about the practice.

Fed's Lockhart wants to see more improvement before hiking U.S. rates

ORLANDO, Fla. (Reuters) - A top U.S. Federal Reserve official said on Thursday he supported the U.S. central bank's decision to leave interest rates unchanged at its policy meeting earlier this month until there was more evidence the economy is approaching the Fed's goal of full employment and 2 percent inflation.

Boeing nears wide-body jet sale to Qatar Airways: Bloomberg

(Reuters) - Qatar Airways is in late-stage talks to buy at least 30 Boeing Co wide-body jets, valued at more than $6.7 billion at list prices, Bloomberg reported, citing people familiar with the matter.

Banks tighten SWIFT system security after hacks

GENEVA (Reuters) - Banks are tightening the security of their SWIFT messaging networks - used by the industry to shift trillions of dollars each day - following revelations that hackers are increasingly able to get into this system to steal money.

Sumner Redstone urges Viacom-CBS deal, rules out others

(Reuters) - Sumner Redstone's National Amusements, the majority shareholder of CBS Corp and Viacom Inc , on Thursday proposed a merger of the two and said it would not support the acquisition of either media company by a third party.

"You Shouldn't Listen to Me" - Here's What Bernie Said About Voting For Hillary

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Before he lost the rigged Democratic primary to Hillary Clinton (only to become her sad mascot in the subsequent months), Bernie Sanders was actually speaking some truth to voters.

A perfect example of that can be seen in the following clip from an MSNBC town hall where he responds to a supporter's question about whether he should vote for Hillary if she wins the primary.

Enjoy.

Stocks Are Crashing - Led By Banks

Contagion?

Deutsche Bank crash -> US Financials plunge -> US Stocks tumble...

And it's weighing on all indices...

Bonds & Bullion are bid as financials lead stocks lower...

And for those believing that there is no contagion and this is all ring-fenced...

Live Feed: NJ Transit Commuter Train Crashes Into Hoboken Station: 1 Dead, 2 Critical, Up To 100 Injured

At least 1 person is confirmed dead and 2 remain in critical condition as "approximately 100" other passengers were injured after a New Jersey Transit commuter train derailed and crashed into the Hoboken Station this morning around 8:45AM. The train reportedly did not slow down as it approached the end of line in Hoboken causing it to jump tracks and crash into the station.

The terminal reportedly sustained major structural damage as initial images from the station indicate that a section of the roof collpased leaving passengers trapped under debris.

New Jersey Transit confirmed the incident involved train number 1614 on the Pascack Valley Line, which left Spring Valley, N.J. at 7:23 a.m. bound for Hoboken and apparently was running late.

The train had about five or six carriages and was not full because many passengers exit at Secaucus.

The cause of the accident was not immediately clear but NTSB officials are on the scene conducting an investigation.

Linda Albelli, 62, told Reuters, she was sitting in her seat in one of the rear cars when the train approached the station. She said she knew something was wrong a moment before the impact. Passengers helped each other off the train and onto the platform. They ultimately had to cross the tracks to get to safety, she said: "When we got on the platform there was nowhere to go. The ceiling had come down." The injured sat on benches in the station while they waited for first responders, said Albelli, who lives in Closter, New Jersey. She did not know how many had been hurt.

Several people who were on the train tweeted they felt "lucky to be alive."

All PATH service at the Hoboken station is suspended.

CBS Live Feed:

< ...

Why Markets Are Riding Such a Long and Narrow Path

There been much talk about policies that might wake up markets, such as helicopter money, fiscal stimulus, or structural reforms. But little or no action.

China's Streaming Craze Launches a Billion Shooting Stars

The owner of streaming app Inke is China's newest unicorn thanks to a 19-fold increase in value in eight months.

How India Listing Should Lift Prudential and its Peers

The valuation put on an Indian life insurer shows that western investors may be missing something.

Market Snapshot: Dow drops 170 points as focus shifts to Deutsche Bank, Fed

U.S. stocks fall Thursday after two straight days of gains as investors appear to shift from a focus on a preliminary agreement on oil output to worries about European bank contagion and talk of a December rate increase by the Federal Reserve.

The Tell: Trump's 'ugly' claim about stocks is backed by Morgan Stanley economist

"We are in a big fat ugly bubble and we better be careful," declared Republican presidential nominee Donald Trump at the first of three debates with Democratic rival Hillary Clinton on Monday.

Most Americans think prescription drugs are too expensive, but few actually struggle to pay

In a new survey emerging after the EpiPen scandal.

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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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