Friday, November 13, 2015

DESPITE ALL THE LIES AND FAIRY TALES, MARKET REMAINS IN A FUNK

DESPITE ALL THE LIES AND FAIRY TALES, MARKET REMAINS IN A FUNK

The S&P 500 erased its small year-to-date gains in trading, as the benchmark index and the Dow suffered their worst one-day losses in six weeks.

Dow: 17,448.07, -254.15, (-1.44%)

S&P 500: 2,045.97, -29.03, (-1.40%)

Nasdaq: 5,005.08, -61.94, (-1.22%)

US Futures are starting mixed as we await another 
slew of Fed Speakers today, including Chairwoman Yellen – with the S&P trying to break a funk which has seen it lose 5 times out of the last 6 sessions.   That said, Overseas markets in Europe are firmly in the red, led by near 1% falls in France and Italy as earnings spark sell orders.

The Stronger $ is a headwind for commodities, and most are firmly red – led by another sharp drop in those Industrial metals with Nickel and Copper off 1%+.   The Energy complex is losing ground, with WTI testing yesterday's lows.

Europe Has Biggest Weekly Drop In 2 Months; Commodities At 16 Year Lows.

For once, the overnight session was not dominated by weak Chinese economic data (which probably explains why the Shanghai Composite dropped for the second day in a row, declining 1.4%, and ending an impressive run since the beginning of November) and instead Europe took the spotlight with its own poor data in the form of Q3 GDP which printed below expectations at 0.3% Q/Q, down also from the 0.4% increase in Q2, with several key economies rolling over including Germany, Italy, and Spain.

SIX FED HEADS SPOKE YESTERDAY......MARKET SLAMMED:

The Fed goes 6 for 6 today as Bullard, Yellen,Lacker, Evans, Dudley, and Fischer (respectively) all manage to jawbone a looming rate hike without any confirmation of the "well everything must be awesome" meme to satisfy increasingly doubtful stock market worshippers...


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