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19Oct2017 Pre-Market Commentary: US Futures Point To A Moderately Lower Opening At The Bell, Crude And The US Dollar Fall, BTFDers Are Sure To Pounce On Low Prices

Written by Gary

US stock market future indexes head lower on the 30th anniversary of the 1987 Black Monday anniversary (SPY -0.4%). Is the most hated bull market in stocks becoming dangerously over-loved?


Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.86% while France's CAC 40 is off 0.68% and London's FTSE 100 is lower by 0.57%.

What Is Moving the Markets

Here are the headlines moving the markets.

Verizon quarterly revenue tops estimates as subscribers rise

NEW YORK (Reuters) - Verizon Communications Inc's quarterly revenue topped Wall Street analyst estimates on Thursday and the company added more phone subscribers than expected, sending shares of the No. 1 U.S. wireless carrier up in pre-market trading.

Japan carmakers vouch for safety of Kobe Steel's aluminum parts

TOKYO (Reuters) - Four Japanese automakers on Thursday said they found no safety issues with aluminum parts supplied by Kobe Steel Ltd , allaying some concerns that falsified quality data on products from the steelmaker had compromised their vehicles.

U.S. jobless claims drop to more than 44-year low

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell to its lowest level in more than 44 years last week, pointing to a rebound in job growth after a hurricane-related decline in employment in September.

Stocks stumble off all-time highs, kiwi takes a dive

LONDON (Reuters) - World stocks set a fresh record high before stalling in Europe on Thursday, as the longest winning streak for Japanese stocks since 1998 and the first close above 23,000 for Wall Street's Dow index helped to offset nerves about Spain.

Thirty years ago this week, Wall Street slid into the abyss

NEW YORK (Reuters) - Thirty years ago, before heading to work at the New York Stock Exchange, Peter Kenny left his home in lower Manhattan and made a detour to the nearby Our Lady of Victory church to pray to St. Jude, the Roman Catholic patron saint of desperate and lost causes.

Could the 1987 stock market crash happen again?

NEW YORK (Reuters) - On the 30th anniversary of the 1987 stock market crash, U.S. stocks are at a record high and investors are concerned that steep valuations may mean a correction is overdue, despite healthy corporate earnings and economic growth.

Nissan to suspend domestic production of cars for Japan market

TOKYO (Reuters) - Nissan Motor Co Ltd is suspending domestic production of vehicles for the Japanese market for at least two weeks to address misconduct in its inspection procedures that led to a major recall, it said on Thursday.

Futures lower as technology stocks dip

(Reuters) - U.S. stock index futures pointed to a lower start for Wall Street led by a drop in tech stocks Apple and eBay, on a day that marks 30 years since the 1987 Black Monday stock market crash.

Amazon offered billions in tax breaks for second U.S. headquarters

(Reuters) - U.S. cities are offering Amazon.com Inc at least as much as $7 billion in tax breaks ahead of a Thursday deadline as they compete to house its second headquarters.

The Largest Residential Foreclosure Auction In NYC History Is Back On

Back in June, we introduced you to Nigerian oil magnate, Kola Aluko, the mysterious (now former) owner of Unit 79, a penthouse in Manhattan's ultra-luxury One57 tower, one of several buildings clustered around Central Park that comprise Manhattan's "Billionaire's Row."

Aluko bought the 6,240-square-foot, full-floor penthouse in December 2014 for $50.9 million, concealing his identity with an LLC. At the time, it was the eighth-priciest in the building. But after taking out an unusually large ($35.3) mortgage with an even more unusual (one year) term the following September, Aluko defaulted, and his condo went into foreclosure - what will likely become the largest foreclosure sale in New York City history.

The auction, originally scheduled for July, was delayed when a creditor claimed Aluko owed it about $83 million for gasoline and jet fuel. But on Wednesday, Mark McKew, the New York lawyer appointed to handle the sale, has announced that the auction is back on. The sale will proceed on Nov. 8, Bloomberg reported.


One57

Aluko, who has many celebrity friends including Beyonce and Jay Z. The couple once rented hist yacht for a brief vacation.

But Aluko's days of loaning out "the Galactica Star" (that's the name of his 213-foot, $100 million yacht) are probably over, because he's going to need it to flee from au ...

How Gold Bullion Protects From Conflict And War

How Gold Bullion Protects From Conflict And War

- Gold and silver's historical role in conflict shaped the world today and the modern financial system
- Gold played an important function in the great conflicts up to and throughout the 20th century
- Gold and the effective use of bullion played a crucial role in the outcome of the American Civil War
- Gold was an important economic agent in both World Wars, conferring a huge advantage on the allies
- In a world beset with risks of war both in the Middle East and with North Korea, Russia and China ... gold will protect

Trump: Russian Uranium Deal "Is The Biggest Story That Fake Media Doesn't Want To Follow"

As we reported yesterday, as the media continues to lose their collective minds over $100,000 worth of Facebook ads allegedly purchased by Russians during the 2016 election, the Senate Judiciary Committee has finally decided they're going to take a look into a shady Russian deal - first profiled here last summer - that handed Putin 20% of America's uranium reserves, was approved by the Obama administration during an ongoing FBI investigation into charges of bribery, extortion and money laundering by the Russian buyer and netted the Clintons millions of dollars in donations and 'speaking fees."

Recall that on Wednesday it was reported that the Senate Judiciary Committee launched a full-scale probe into a Russian nuclear bribery case, demanding several federal agencies disclose whether they knew the FBI had uncovered the corruption before the Obama administration in 2010 approved a controversial uranium deal with Moscow. Sen. Chuck Grassley, the committee chairman, gets his first chance to raise the issue in public on Wednesday when he questions Attorney General Jeff Sessions during an oversight hearing.

"It has recently come to the Committee's attention that employees of Rosatom were involved in a criminal enterprise involving a conspiracy to commit extortion and money laundering during the time of the CFIUS ...

Global Markets Shaken By Sudden Equity Sell-Off: Hong Kong Crashes, VIX Surges

Has the market's "melt-up" levitation finally ended? Of course, it could be much worse: as Bloomberg's Paul Jarvis recalls, thirty years ago on this day traders around the globe were staring at their screens in disbelief as stock markets turned to a sea of red: the Dow, S&P 500, FTSE, DAX and CAC fell -23%, -20%, -10%, -9% and -10% respectively.

Fast forward to 2017 and the day known as Black Monday appears as little more than a blip in U.S. and European stock markets' relentless progress. Having closed above the 23,000 mark for the first time on Wednesday, the Dow Jones Industrial Average has led markets back from the abyss, rising more than 13-fold since falling 23% in a single trading session on Oct. 19, 1987.

Then again, "all" it took was central banks collectively buying a little over 30% of global GDP in debt over the past 3 decades, and especially in the past 8 years, to create the world's most artificial "bull market" and "recovery" in history, and one day there will be hell to pay, but not just yet. Instead, on "Not Green Thursday", traders wake up today to a modern day version of mini Black Monday, in which a sudden "risk-off" equity selloff has swept across global markets during early European trading, before gradually running out of steam, following a day in which the Dow Jones closed at one of its most overbought levels in the past 100 years.

US equity futures lead the move, with the VIX surging more than 1 vol to 11.550 (up 14%) the highest in five weeks ...

Box Stacks Up its Cloud Gains

Young tech companies like to move fast and break things, but humbled upstart Box has discovered the value of taking things slow and steady.

For a Profitable Tech Stock That's Still Cheap, Look to Taiwan

TSMC stands to benefit from the hottest tech trends, from new smartphones to cryptocurrencies.

Dr. Copper Needs Lessons in Chinese Medicine

Copper is testing three-year highs and the Dow has just broken 23000. Is global growth about to go through the roof? Unlikely: take a closer look at China.

Economic Report: Philly Fed manufacturing index lurches to a 5-month high in October

Factory activity in the Mid-Atlantic surprised to the upside in October, the Philadelphia Fed said.

Economic Report: Initial jobless claims fall to levels not seen since March 1973

The number of Americans who applied for unemployment benefits in mid-October fell to the lowest level since the spring of 1973. The upshot: The strongest labor market since at least 2000 shows no sign of weakening.

Is the most hated bull market in stocks becoming dangerously over-loved?

An 'enthusiasm' phase would probably signal an end to the rally, says Simon Maierhofer.

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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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