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03Nov2016 Market Close: SP 500 Down For 8th Day, All Major Indices Lower; Oil And Dollar Stabilize; Gold Holds Above $1300

Written by Gary

U.S. stocks were lower after the close on Thursday, as losses in Healthcare, Technology and Consumer Services sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average fell 0.16% to hit a new 3-months low, while the S&P 500 index fell 0.44%, and the NASDAQ Composite index declined 0.92%. The S&P 500 fell for an eighth straight session on Thursday, its longest losing streak since the 2008 financial crisis.

Todays S&P 500 Chart

Facebook (NASDAQ:FB) shares weighed and investors grappled with uncertainty over next week's U.S. presidential election. Facebook shares tumbled 5.7% as the world's largest online social media network warned that revenue growth would slow this quarter.

The Market in Perspective

Here are the headlines moving the markets.

S&P 500 losing streak runs to 8 days as Facebook weighs

(Reuters) - The S&P 500 fell for an eighth straight session on Thursday, its longest losing streak since the 2008 financial crisis, as Facebook shares weighed and investors grappled with uncertainty over next week's U.S. presidential election.

Slowdown in orders, hiring curbs U.S. services sector growth

WASHINGTON (Reuters) - U.S. services industry activity cooled in October amid a slowdown in new orders and hiring, suggesting a moderation in economic growth early in the fourth quarter.

Google formally rejects EU antitrust charges

BRUSSELS (Reuters) - Google on Thursday formally rejected European Union antitrust charges of unfairly promoting its shopping service and blocking rivals in online search advertising, paving the way for EU regulators to rule next year on these issues and potentially impose hefty fines.

Abbott offers EU concessions over $25 billion St. Jude deal

BRUSSELS (Reuters) - Medical device maker Abbott Laboratories has offered concessions in an attempt to secure EU antitrust approval for its $25 billion bid for St Jude Medical Inc , according to the European Commision.

GoPro third-quarter revenue misses estimates, cuts full-year forecast

(Reuters) - GoPro Inc reported a near 40 percent fall in third-quarter revenue and cut its full-year revenue forecast, hurt by dwindling demand for its body-mounted point-of-view cameras, sending its shares sliding 23 percent after the bell.

Kraft Heinz sales fall 1.5 percent

(Reuters) - Kraft Heinz Co , the maker of Velveeta cheese, Heinz ketchup and Oscar Mayer meats, reported a 1.5 percent fall in quarterly adjusted sales, hit by a stronger dollar and pricing pressure in Europe.

Starbucks Americas region same-store sales meet expectations

(Reuters) - Starbucks Corp reported sales at established U.S. cafes that matched analysts' expectations, sending its shares up almost 4 percent in extended trading.

Goldman, JPMorgan, Morgan Stanley defeat appeal over Facebook IPO

NEW YORK (Reuters) - Goldman Sachs Group Inc , JPMorgan Chase & Co and Morgan Stanley need not forfeit their estimated $100 million of profit from trading Facebook Inc stock soon after underwriting its May 2012 initial public offering, a federal appeals court said on Thursday.

Pennsylvania Treasury suspends Wells Fargo from trading

(Reuters) - Pennsylvania Treasurer Timothy Reese said on Thursday that he suspended Wells Fargo & Co from any treasury investment or trading activities in the state for a year because of its "fraudulent" accounts scandal.

The Economist Endorses Hillary: "America's Best Hope"

"Fingers crossed" indeed... for the establishment.

Is this the magazine "cover curse"? Or will The Economist's last-minute decision to endorse the candidate under numerous FBI investigations make all those 'deplorable' and 'irrdeemable' Americans suddenly realize the error of their ways and pay attention to what the clever people in the ivory towers are saying?

h/t @GreekAnalyst

Wikileaks Releases "DoJ, FBI, Huma Special" Podesta Emails

Moments ago, after teasing its twitter followers to "stay tuned for our FBI-DoJ #PodestaEmail special circa 4pm EST" Wikileaks released what appears to be part 28 of its Podesta dump, dubbed the "DoJ/FBI/Huma special" and includes some 1,308 emails, bringing the total to 45,526 in total emails released.

RELEASE: The Podesta Emails Part 28 - DoJ/FBI/Huma special #PodestaEmails https://t.co/tIw3T6L6se

More: https://t.co/v8OnMJnWsS

— WikiLeaks (@wikileaks) November 3, 2016

We assume the batch will be heavily focused on the DOJ, FBI and Huma, and will present readers with any relevant emails as we find them.

* * *

In an email from June 10, 2011 from now-campaign communication manager Jenn Palmieri to John Podesta and Neera Tanden, Palmieri writes - regarding Huma Abedin following the first Anthony Weiner scandal - that it is...

"Time to get in the haz mat suits... Bust in that house and get Huma the hell out of there."

Tanden responds "Lord have mercy."

We assume this was a reference to one of the early Anthony Weiner scandals, and a harbinger of things to come regarding Huma's husband. In retrospect ...

3 Things: Gross-ly Wrong, Math Of Loss, S&P Warning

Submitted by Lance Roberts via RealInvestmentAdvice.com,

Gross-ly Wrong On Fed Rate Hikes

I just want to get something on the record as we head into the end of the year.

Yesterday, as I was running sprints with my trainer, and about to pass out, I happen to glance up at one of the multitudes of televisions surrounding the workout out floor to glimpse the following headline:

"[Bill] Gross Sees Three Fed Rate Hikes In 2017"

This almost happened.

Here is my point.

Yesterday, the Fed gave a post-FOMC meeting statement that downgraded consumer spending and inflation expectations while still suggesting they will raise rates in December. Interestingly, they noted that employment remains steady without explaining why their own employment measure fails to agree.

lmci-fedfunds-110216

I understand why the Fed wants to raise rates. However, the likelihood they will be able to do so in 2017 is rapidly approaching zero.

In order for the Fed to raise rates, they need stronger levels of economic growth to support to offset the effects of tighter monetary policy. As I have addressed previously,

The Biggest Opportunity Today Isn't In Stocks or Bonds...

Do you own Gold yet?

Quietly and with little fanfare, Gold has begun to breakout in every major currency.

Below is a chart showing Gold priced in $USD, Yen, and Euros. The only currency in which there hasn't been a major breakout is Yen. But that move is coming shortly.

Why is this?

Several reasons.

Europe's banking Crisis isn't over by any means. Large players in the Spanish, Swiss and even German Banking industries have broken down to new lows.

Beyond this, globally over $10 trillion bonds are posting negative yields. Compared to these bonds, Gold, which yields nothing is highly attractive. Even with yields having risen globally since July, Gold remains attractive as a storehouse of capital comparatively speaking.

And finally, the Fed has practically broadcast that it's going to let inflation run world.

Five of the six metrics the Fed uses to measure inflation have ALL exceeded the Fed's targets.

But the Fed STILL REFUSES TO RAISE INTEREST RATES. Not only that but FOUR Fed Officials have indicated the Fed is willing to stomach greater inflation.

Gold is going to go to the moon.

During the last Gold bull market in the 1970s, Gold rose 550% during its first leg up from 1970 to 1974. It then corrected 50% before beginning its next leg up. However, it was the SECOND move higher than was the BIG one= a 900% increase in value.

Using this as a proxy, I expect Gold to move to at least $5,000 per ounce if not $10,000 per ounce during its next multi-year bull market.

On that note, we just published a Special Investment Report concerning a secret back-door play on Gold that gives you access to 25 million ounces of Gold that the market ...

AIG's Turnaround Hits a Pothole but Stays on the Road

Investors have been reminded that AIG will face inevitable setbacks as it pursues a turnaround.

Credit Suisse Swings the Ax But Chops Mostly Revenue

The Swiss bank is making some headway on costs but returns are a long way from recovering.

Politics Still Stars in Brexit Drama

There were two surprises for the pound Thursday. The first was the High Court decision that the government can't invoke Article 50. The second, arguably more substantive element was a change in tack from the Bank of England.

03Nov2016 Market Update: Wall Street Showing More Signs Of Investor Unrest Of The Upcoming Fed Rate Decision And Presidential Election Results

Written by Gary

US Indexes fractionally down (SPY -0.3%) entering the afternoon session as crude prices take a plunge (WTI -1.85%) and gold rises again. $VIX rises to 21 and indicators have become sour with warning flags growing more ominous every hour.

Corporate Media Failed In Every Measure Covering Election

The former head of the Democratic National Committee, Donna Brazile, is out at CNN after WikiLeaks revealed she was leaking debate questions to Hillary Clinton's campaign. To discuss how the media has handled the 2016 elections, Ring of Fire radio host Mike Papantonio joins 'News with Ed' and says, 'The corporate media failed in every measure.'

Cubs World Series win was most-watched baseball game in 25 years, broadcaster says

Fox said it was the network's most-watched baseball game in 25 years.

Market Extra: Worried about today's market? Take a look at this chart

The S&P 500 on Thursday fell for an eighth straight session, notching its longest retreat since the financial crisis in 2008. The epic losing streak has prompted a steady stream of predictions from doomsayers about an impending market collapse.

NewsWatch: Worried about today's market? Take a look at this chart

The S&P 500 on Thursday fell for an eighth straight session, notching its longest retreat since the financial crisis in 2008. The epic losing streak has prompted a steady stream of predictions from doomsayers about an impending market collapse.

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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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