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11Oct2016 Market Close: US Stock Indexes Take A Major Step Downward, Crude Volatile, Market Contraction Remains A Strong Possibility

Written by Gary

Did Wall Street hit a bump in the road or is foretelling of worse things to come? SPY closed down -1.3% and the DOW down 200 points. Gold Is still slipping and the US dollar is still looking strong. Indicators are very bearish.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall Street sells off on weak earnings, election uncertainty

(Reuters) - Wall Street sold off on Tuesday as disappointing corporate reports gave a sour tone to the start of earnings season and investors digested possible changing dynamics for the upcoming U.S. elections.

Apple-Samsung iPhone patent feud leaves U.S. top court struggling

WASHINGTON (Reuters) - The fierce, big-money patent fight between Apple and Samsung left the U.S. Supreme Court groping for a solution on Tuesday, as the justices puzzled over how to discern the value of individual design elements in a complex product like an iPhone.

Samsung scraps Galaxy Note 7 over fire concerns

SEOUL (Reuters) - Samsung Electronics Co Ltd scrapped its flagship Galaxy Note 7 smartphone on Tuesday less than two months after its launch, dealing a huge blow to its reputation and outlook after failing to resolve safety concerns.

OPEC, key producers to discuss six-month oil deal

ISTANBUL (Reuters) - OPEC will hold talks with non-member oil producers on Wednesday in a bid to hammer out details of a global agreement to cap production for at least six months as Russia lent its support for the plan.

Oil down 2 percent on mixed Russian response to OPEC

NEW YORK (Reuters) - Oil fell almost 2 percent on Tuesday, retreating from one-year highs, after mixed responses by Russian oil industry officials toward an OPEC call for all major crude producers to cut output.

Exclusive: Russia's Rosneft boss Sechin says no to OPEC oil cap

ISTANBUL (Reuters) - Igor Sechin, Russia's most influential oil executive and the head of state-controlled energy giant Rosneft, said his company will not cap oil production as part of a possible agreement with OPEC.

GM to add 650 jobs at Spring Hill factory to meet SUV demand

(Reuters) - General Motors said it would add a third shift and 650 jobs at its factory in Spring Hill, Tennessee to meet higher demand for its recently launched Cadillac XT5 and GMC Acadia crossover SUVs.

LVMH says no way will do business with Amazon

(Reuters) - Luxury goods group LVMH said there was "no way" it would do business with Amazon even though the Internet retailer was keen to take on more high-end brands.

Activists arrested after trying to shut Canada-U.S. pipelines

CALGARY, Alberta (Reuters) - Several climate-change activists were arrested on Tuesday after they attempted to shut five oil pipelines from Canada that can carry nearly 15 percent of daily U.S. consumption, in the latest move by environmental groups to disrupt movement of oil across North America to heighten awareness of the dangers of pollution.

Quant Qrash Slams Stocks, Batters Bonds

"probably nothing"

A stunned universe of mainstream media dipbuyers were perplexed today as stocks AND bonds tanked. The reason is simple - what goes up (record levels of correlation between stocks and bonds driven by the idiocy of central banks)...

Must come down (levered long risk-parity funds forced to liquidate/delever as their models explode).

So stocks are sold, bonds are sold, and volatility is forced higher...

As RBC's Charlie McElligott warned last week... this equity drawdown is probably a quick blast of systematic deleveraging:

US rate vol again picking-up (with 10s entering a new 'higher' range 1.75 / 1.85) / bear steepening evident with some monster blocks this morning-->as such, we see the same uptick in cross-asset vol we've been experienced over the past 2 months. Nothing disorderly in equities today (bc the rates move isn't disorderly e ...

The US Surrendered Its Right To Accuse Russia Of War Crimes A Long Time Ago

Submitted by Darius Shahtahmasebi via,

Renowned journalist Glenn Greenwald recently tweeted the three rules of American exceptionalism:

3 rules of US Exceptionalism: 1) Our killing is better than theirs; 2) Nothing we do can be "terrorism"; 3) Only enemies are "war criminals"

— Glenn Greenwald (@ggreenwald) October 6, 2016

Greenwald's astute observations were presumably made in response to Secretary of State John Kerry's recent remarks that both Russia and Syria should face war crimes investigations for their recent attacks on Syrian civilians.

"Russia and the regime owe the world more than an explanation about why they keep hitting hospitals, and medical facilities, and women and children," Mr. Kerry said in Washington, where he spoke alongside French Foreign Minister Jean-Marc Ayrault, as reported by the Independent.

Unsurprisingly, Russia responded by urging caution regarding allegations of war crimes considering the United States has been waging wars in a number of countries since the end of World War II. It has picked up a number of allegations of war crimes in the process.


Russian Government Officials Told To Immediately Bring Back Children Studying Abroad

In Europe, when it gets serious, you have to lie... at least if you are an unelected bureaucrat like Jean-Claude Juncker. In Russia, however, when it gets serious, attention immediately turns to the children.

Which is why we read a report in Russian website Znak published Tuesday, according to which Russian state officials and government workers were told to bring back their children studying abroad immediately, even if means cutting their education short and not waiting until the end of the school year, and re-enroll them in Russian schools, with some concern. The article adds that if the parents of these same officials also live abroad "for some reason", and have not lost their Russian citizenship, should also be returned to the motherland. Znak cited five administration officials as the source of the report.

The "recommendation" applies to all: from the administration staff, to regional administratiors, to lawmakers of all levels. Employees of public corporations are also subject to the ordinance. One of the sources said that anyone who fails to act, will find such non-compliance to be a "complicating factor in the furtherance of their public sector career." He added that he was aware of several such cases in recent months.

It appears that the underlying reason behind the command is that the Russian government is concerned about the optics of having children of the Russian political elite being educated abroad, while their parents appear on television talking about patriotism and being "surrounded by enemies."

While we doubt the impacted children will be happy by this development, some of the more patriotic locals, if unimpacted, are delighted. Such as Vitaly Ivanov, a political scientist who believes that the measure to return children of officials from studying abroad, is "long overdue." According Ivan ...

Smart or Lucky, Google Can Feast on Samsung's Misfortune

Google's new Pixel phones can benefit from demise of Galaxy Note 7 and take on Apple in high-end market.

Investors See New Risk in Trump Swoon: A Democratic Congress

As the chances of Donald Trump taking the White House decline, investors must weight the possibility of the Democrats taking the House.

Why Samsung's Dud Phones Will Cause Lasting Damage

Samsung's latest recall will test the patience of its smartphone-addicted customers.

The Sniff Test: Alcoa's earnings report missed the mark, in more ways than one

Alcoa's last earnings report before it split into two companies wasn't its best, in more ways than one.

How Apple could bring overseas cash home to help fix America's crumbling infrastructure

Standard & Poor's argues that a program that would allow companies bring back cash on a tax-free basis but invest 15% in infrastructure bonds would help the economy and create jobs.

Alcoa stock slammed by earnings 'disaster' as season gets off on the back foot

Aluminum giant missed on profit and sales and lowered its full-year outlook. Meanwhile, the flow of profit and sales warnings continued.

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