08Sep2016 Market Close: US Stock Market Closes Moderately In The Red WTI Crude Prices Settle In The Mid 47's, Gold Lower, Investors Proceeding Ahead Cautiously

Written by Gary

Wall Street closed down (SPY -9.2%) after several feeble attempts to move higher. Crude prices settled higher for the session as did the US dollar indicating a down stock market tomorrow. However, if the markets shot up for some ungodly reason, that would not surprise me either. We are due for a 5% to 10% market movement, it’s time!

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.
	Apple weighs on Wall Street; energy shares a boost (Reuters) – U.S. stocks dipped on Thursday, weighed down by Apple after its iPhone 7 failed to impress Wall Street, while gains in energy shares limited the decline.
	U.S. jobless claims fall as labor market remains strong WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained labor market strength even as the pace of job growth is slowing.
	Wells Fargo will pay $190 million to settle customer fraud case (Reuters) – Wells Fargo will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts that they never requested, officials said on Thursday.
	Google to buy software developer Apigee for $625 million SAN FRANCISCO (Reuters) – Alphabet Inc’s Google said on Thursday it is acquiring software developer Apigee Corp in a deal valued at about $625 million, the tech giant’s latest effort to claim a greater share of the lucrative cloud business.
	Dell to cut 2,000-3,000 jobs as EMC deal closes: Bloomberg (Reuters) – Dell Technologies, which completed the acquisition of data storage company EMC Corp on Wednesday, will cut 2,000-3,000 jobs, Bloomberg reported.
	U.S. charges former American Realty executives with inflating results NEW YORK (Reuters) – U.S. prosecutors on Thursday announced criminal fraud charges against two former American Realty Capital Properties Inc executives stemming from a 2014 accounting scandal that wiped out roughly $4 billion of the real estate investment trust’s market value.
	Apple will not give first-weekend sales of iPhone 7 SAN FRANCISCO (Reuters) – Apple Inc will not release first-weekend sales of its new iPhone 7, the company said on Thursday, making it harder for analysts to get a read on the product’s prospects amid questions over whether its popularity has peaked.
	ECB hints at stimulus but keeps markets guessing FRANKFURT (Reuters) – The European Central Bank held interest rates at record lows and kept the door open to more stimulus on Thursday but gave few hints about its next move, disappointing markets that had priced in a decisively dovish tone.
	EU to extend some telecom security rules to WhatsApp, Skype: draft BRUSSELS (Reuters) – The European Union is set to extend some security rules currently only applicable to telecom operators to web services such as WhatsApp , Skype and Apple Inc’s FaceTime , according to a draft proposal seen by Reuters.
	Brace For “VaR Shock” – How The Bank Of Japan May Be About To Unleash A Global Selloff As we pointed out recently, Japan has been quietly undergoing a mini bond tantrum as over the past two months, its sovereign debt suffered the worst rout in 13 years, handing investors bigger losses over the past two months than any other government bonds, amid speculation the Bank of Japan plans to change its asset-purchase strategy. The selloff started in late July, around the time the time the BOJ disappointed with its latest announcement, and accelerated on fears that as part of its “comprehensive assessment” of its policies, the central bank would set back the BOJ’s monetary easing stance. It then resumed in late August, after central bankers made another coordinated push for fiscal stimulus at Jackson Hole, which would mean more sovereign debt supply, and thus lower prices, all else equal. Then earlier this week, Kuroda said that a review of the current stimulus efforts due by the Sept. 20-21 policy meeting in which some analysts and investors read between the lines that the BOJ may be seeking to force a shift toward a steeper yield curve after the gap between two- and 30-year securities compressed to a record 30 basis points. Kuroda on Monday also pointedly flagged concerns about negative potential effects from the slide in long-maturity bond yields. Earlie …
	A Dog Is Re-Elected Mayor For A Third Term, Proving Politicians Are Useless Submitted by Carey Wedler via TheAntiMedia.org, As millions of Americans struggle to decide whether to elect a volatile narcissist or a calculated warmongering criminal as their next leader, one Minnesota town is doing politics right – they just re-elected a dog to his third term as mayor. Duke, a nine-year-old Great Pyrenees, was first elected mayor of Cormorant, Minnesota in 2014. The first time he won, it was by accident. The small town of just over 1,000 people held an election in which residents could pay $1 to vote. Duke won the race with twelve write-in votes and was treated to an official inauguration. The town’s voters were evidently happy with the 2014 fluke. Duke has been re-elected twice, most recently at the end of August. His main role has been to promote a sense of community in the township. He was recently featured in a series of billboards promoting Cormorant. “I don’t know who would run against him, because he’s done such great things for the community,” Karen Nelson, a resident of Cormorant
	Consumer Credit Jumps By $18 Billion In July; Student, Auto Loans Hit $2.4 Trillion After last month the Fed reported that in June revolving, i.e. credit card, credit unexpectedly soared by $7.7 billion, the second highest monthly increase since the financial crisis, many were popping the champagne, ready to celebrate the return of the consumer’s “animal spirits” who were out and about, and most importantly, charging it. One month later, we find that the June revolving credit spike was even higher, rising by $9.2 billion following today’s revision. However, as a result, the July consumer credit grew by just $2.8 billion to start the third quarter, the smallest amount since February, suggesting that the prior month’s spike may have been a one-time fluke. Perhaps more troubling is that while non-revolving credit rose just by only a revised $5 billion in June, this credit item, which is almost entirely in the form of student and car loans, once again spiked, rebounding to $14.9 billion in July. In any case, as a result of these two series, in July total consumer credit rose by $17.7 billion in July, up from last month’s upward revised $14.53 billion, and above the $16 billion expected, as US consumers continued to get increasingly more indebted. However, while the credit spigot appears to be fully functional once again, it does not explain the disappointing car sales numbers in recent months, which prompted Ford earlier th …
	Nintendo’s Super Mario Rides iPhone to the Rescue Nintendo’s Super Mario launch at the Apple iPhone event is a bigger deal for the Japanese game maker than wildly successful ‘Pokemon Go.’
	Kroger’s Shares Have Lost Their Freshness Falling food prices are expected to take a toll on the supermarket chain’s second-quarter results.
	ECB: More Bond Purchases, Just Not Yet The ECB is likely to be forced to extend its bond-purchase program beyond March 2017.
	Documentary Of The Week: The Drug Deadlier Than Heroin Written by John Lounsbury This Vice video presents an immersive and personal feature film about the fentanyl crisis in Canada told from the perspective of a community of drug users. This video has been edited from its original version due to privacy concerns surrounding one of its subjects.
	Former REIT executive charged with accounting fraud for using non-GAAP metric The use of the metric inflated the company’s results, according to authorities.
	Capitol Report: Trump says Putin a better leader than Obama — and other ‘commander-in-chief forum’ highlights Hillary Clinton and Donald Trump ripped each other’s qualifications to be president during a “commander-in-chief forum” on Wednesday night, and in the process, offered a preview of their first debate.
	Deep Dive: ‘Dividend Aristocrat’ stocks post almost double the returns of the S&P 500 in 2016 These big-dividend payers give investors both growth and income, says Phil van Doorn.