US major indexes are trading near the session lows (SPY -0.6%). The blue-chip Dow is down -0.6%, the S&P 500 has fallen -0.7%, while the tech-heavy Nasdaq 100 has retreated 0.6%. WTI crude has slipped down -1.5% from this morning and gold has returned to the 1253 area after very wide swings.
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 2.54%, while the IPC is leading the S&P 500 lower. They are down 0.89% and 0.60% respectively.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Following a major market correction, the conditions for safe re-entry are when:
a) Daily $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
WASHINGTON (Reuters) - U.S. employment growth unexpectedly slowed for the third straight month in September and the jobless rate rose, which could make the Federal Reserve more cautious about raising interest rates.
WASHINGTON (Reuters) - Friday's jobs number was close to an ideal "Goldilocks" reading that showed the economy motoring ahead but not too fast to pose risks, Federal Reserve vice chair Stanley Fischer said on Friday.
DETROIT (Reuters) - Volkswagen AG is recalling about 281,500 Volkswagen and Audi brand vehicles in the United States in three separate recalls, each due to fuel leaks but with different causes, according to a regulatory filing on Friday.
NEW YORK (Reuters) - A federal appeals court on Friday reinstated a $120 million jury award for Apple Inc against Samsung , in another stunning twist in the fierce patent war between the world's top smartphone manufacturers.
NEW YORK (Reuters) - Sterling tripped lower on Friday on what traders called a "flash crash" that knocked the currency to a 31-year low, while the dollar slipped on news of unexpectedly weak U.S. job growth in September.
DOHA/FRANKFURT (Reuters) - Deutsche Bank has secured support from its largest shareholder and more German lawmakers as it grapples with a confidence crisis following U.S. authorities' demands for up to $14 billion to settle allegations it mis-sold mortgage-backed securities.
A small company just announced that it has made a "world-class" oil discovery in Alaska, which could be the largest find in the state in years.
Caelus Energy LLC, a small company backed by private equity, says that it has discovered oil on Alaska's northern coast. The field could hold as much as 6 billion barrels of oil, with about 1.8 to 2.4 billion barrels considered to be recoverable. If that is the case, the discovery would instantly raise Alaska's statewide recoverable oil reserve base by about 80 percent.
But producing the oil will not be easy. Drilling must take place in the winter. To drill the field, the tentative plan would be to build manmade islands to drill through. Oil produced in the shallow water of Smith Bay will need to be moved somehow. Caelus will have to build an $800 million pipeline that travels 125 miles, connecting to an existing pipeline system in Prudhoe Bay.
"It's a really exciting discovery for us, and we think it's really exciting for the state of Alaska," Caelus CEO Jim Musselman said in a phone interview with Bloomberg. "They need a shot in the arm now."
"It is not going to be easy, but we've had projects like this around the world," Musselman told The Wall Street Journal. He formerly led Kosmos Energy when ...
As Central Bankers Spin Posted with permission and written by Tim Taschler, Sprott Global
I know that I resemble the old guy in this cartoon, standing by helplessly as I watch central bankers experiment with the global economy. Bubbles are blown, again, in several asset classes. Negative interest rates have become an acceptable concept, as if they are just words and have no real economic meaning. Stock markets trade based on the next set of words from a central banker, regardless of how wrong these people have been, for almost a decade, on their 'predictions' and dot plots of the future. There is a Stephen King novel in the making here, something about the horrors of the people that created a gigantic problem also being the people in charge of fixing the problem they created, as ...
QATAR SAID UNLIKELY TO RAISE STAKE IN DEUTSCHE BANK: REUTERS
* * *
Last Friday a fake Deutsche Bank headline saved the market. Can they do it again? It appears that just like a certain Saudi prince took a bath in Citi sevearl years ago, a greater fool has been found again, according to Spiegel:
*QATAR SAID TO CONSIDER RAISING STAKE IN DEUTSCHE BANK TO 25%
Remember when Korea's SWF was going to take a stake in Lehman?
For now it's working...
Although it may not last long. First, the story is 4 hours old..
Qatari investors who own the largest stake in Deutsche Bank do not plan to sell their shares and could consider buying more if the embattled German bank decides to raise capital, sources familiar with Qata ...
Having declared back in January that "we won't see crude above $44 again in my lifetime"...
... only to watch crude surge above $44 and far higher just three months later - while mysteriously staying alive - "commodity guru" Dennis Gartman failed to learn his lesson, and appearing on CNBC one month ago he again made one of his bombastic forecasts, saying "investors shouldn't expect the commodity to break through $55 for a few years."
While that may or may not happen, an amusing twist, literally, took place for the momentum-chasing retirement account manager overnight, who observing the surge in crude in the past few days, found himself unable to resist and made the following recommendation:
WTI CRUDE OIL: The Trend Line's Been Broken and The Term Structure's Bullish: Supply has never been a problem; there is plenty of... indeed an increasing supply of... crude; the problem is with demand. But the contangos are narrowing and the trend line's been broken and any correction over the next week or two back to this trend line is to be bought.
Econintersect wants your comments,
data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com