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Market Watch: Small Gains -Still A Lot of Worry

By
Phil Cannella
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0

Led by a 4.2% rise in the price of oil the markets finished with modest gains today. The cost of oil jumped $1.18 to close at $29.53. Oil continued to hold near lows not seen since 2003. Weekly oil inventories showed a build in crude oil stocks and U.S. gasoline stocks.

MarketWatch columnist Brett Arends says:

“The Dow could fall 5,000 points and still not be cheap!”

Read Brett Arends complete column here.

The Federal Open Market Committee is scheduled to meet next Tuesday and Wednesday, and there are questions as to whether the Fed is going to stop talking about raising interest rates, considering the current down state of the markets. U.S. Federal Reserve Chair Janet Yellen will testify on monetary policy and the economy before the Senate Banking Committee on Feb. 11th and before the House Financial Services Committee on Feb. 10 for the U.S. central bank’s semi-annual monetary policy report.

For the US economy, bad economic news is actually bad news for the economy- according to CNBC. Watch below.

Here are the final numbers from Thursday, 1/21/16 on Wall Street.

Dow Jones Industrial Average: 15,882.48  (+115.74/ +0.73%)

NASDAQ: 4,472.06  (+.37/ +0.01%)

S&P 500: 1,868.99  (+9.66 / +0.52%)

Market Watch: Wild Volatility Results in Losses

By
Phil Cannella
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0

It was a new trading day on Wall Street but unfortunately it was the same old volatility on the markets as all three major U.S. indices experienced wild swings ending in another down day across the board. At one point during Wednesday’s selloff of global equities the Dow Jones industrial average was down more than 566 points.  The NASDAQ was down more than 3.5% at one point, while the S&P 500 is now at its lowest level since 2014.  Once again, as it has been for the past several weeks, “falling oil prices” were the main culprit. Oil collapsed 6.7% -closing below 27$ per barrel.   Energy fell 6% to lead all sectors lower.  Jeffrey Gundlach of DoubleLine Capital told CNBC that-

“…He doesn’t think declines will stop anytime soon, and suggest ‘margin calls’ are taking place.”

Billionaire owner of the NBA’s Dallas Mavericks Mark Cuban said in an interview today-

“The stock markets currently resemble a “game of chance” as “nobody knows” where they will go from here!”

Read Mark Cuban’s interview with CNBC here.

Here are the final numbers from Wednesday, 1/20/16 on Wall Street.

Dow Jones Industrial Average: 15,766.54  (-249.28/ -1.56%)

NASDAQ: 4,471.69  (-5.26/ -0.12%)

S&P 500: 1,859.33  (-22.00 / -1.17%)

Market Watch: Energy Stocks Continue to Lose $

By
Phil Cannella
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0

Energy stocks- specifically oil- put a damper on today’s meager market gains.  The price of oil dropped another 3.3% settling below $29 a barrel.  The International Energy Agency, which advises industrialized countries on energy policy, said the overstock of oil would last until at least the end of this year.  The IEA said the global oil demand fell to a one-year low in the last quarter of last year.  The International Monetary Fund said it still has concerns about the global economy, which caused it to reduce its overall growth forecast for the next two years. This is its third cut to global growth forecasts in less than a year.

IMF economist Maurice Obstfeld told CNBC’s “Worldwide Exchange-”

“They’re facing continuing challenges from low commodity prices, in particular oil prices” and geopolitical tensions in some countries. The U.S. is also behind the downgrade, Obstfeld added, citing two main points: “The very strong strengthening of the dollar, which has been putting pressure on manufacturing and trade, … and the response of investment in the energy sector, associated with low oil prices.”

A new government report estimates that this year’s budget deficit will rise to $544 billion, an increase over prior estimates that can be attributed largely to tax cuts and spending increases passed by Congress last month. The estimate from the Congressional Budget Office also sees the economy growing at a significantly slower pace this year than it predicted just a few months ago. It projects the economic growth will slow to 2.7 percent this year; it foresaw 3.0 percent growth in 2016 in last summer’s prediction. Over the coming decade, CBO predicts deficits totaling $9.4 trillion dollars.  Also today came word that China’s economy slowed down even further in the 4th quarter of 2015, dragging last year’s full-year growth to a 25 year low. China’s economy grew 6.9 percent in 2015, down from 7.3 percent in 2014. For the October-December quarter, growth inched down to 6.8 percent, the weakest quarterly expansion in 6 years.

Here are the final numbers from Tuesday, 1/19/16 on Wall Street.

Dow Jones Industrial Average: 16,016.02  (+27.94/ +0.17%)

NASDAQ: 4,476.95  (-11.47/ -0.26%)

S&P 500: 1,881.33  (+1.00 / +0.05%)

Market Watch: Wait & See Time as Wall St. Closes for MLK Holiday

By
Phil Cannella
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0

Wall Street got a much needed extra day off as the markets were closed Monday for the Dr. Martin Luther King Jr. federal holiday.  The first half of January this year has been disastrous for the markets and the worst, first two opening weeks for the Dow and S&P 500 ever.  For the first couple weeks of 2016 the Dow Jones Industrial Average is down 8.25% or over 1,400 points.  The NASDAQ is down 10.36%  or over 409 points, and the S&P 500 is down 8% or over 157 points.

Meanwhile, around the world most Asian and European stock indexes fell Monday with continued plunging oil prices and worries over the state of China’s failing economy lingered. The Hang Seng in Hong Kong lost 1.5%, and Japan’s Nikkei sank 1.1%.  European markets fell into negative territory. Oil, meanwhile hit 2003 lows settling just under $29 a barrel, as Iran gets ready to kick up production and drive already-plunging prices even lower. U.S. and European Union sanctions against Iran were lifted on Saturday, paving the way for Iran to put its massive oil supplies back on the world market for the first time in years.

Michael Pento, president and founder of Pento Portfolio Strategies says a recession worse than 2008 could be coming. See below.

Wall Street was CLOSED on Monday, January 18th for the Dr. Martin Luther King Jr. federal holiday.

Here are the final numbers from Friday, 1/15/16 on Wall Street and from where the markets will open tomorrow.

Dow Jones Industrial Average: 15,988.08  (-390.97/ -2.39%)

NASDAQ: 4,488.42  (-126.59/ -2.74%)

S&P 500: 1,880.29  (-41.45 / -2.16%)

Market Watch: Stocks Collapse as Investors fear “Bear-Market”

By
Phil Cannella
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0

For the first time since the beginning of the stock market’s recent dramatic downturn two weeks ago investors are starting to use the phrase “bear market” to describe what may be currently happening on Wall Street.  Stocks closed down 2% after hitting a near 15-month low on low oil prices. The price of a barrel of oil plunged 5.7% on continued fears of China’s failing economy, to close at $29.65/barrel.

The headline on CNBC at one point today was very stark:

“Stock prices are cratering in a risk-off selling spree amid fears that oil’s decline is signaling a global slowdown that will end in a bear market and recession.”

More from CNBC’s Michael Santoli below.

The Dow fell more than 500 points at one point , trading below 16,000 for the first time since October. The S&P 500, off nearly 3 percent, is now down 8.5 % since the start of the new year. The S&P was hovering just above last year’s low of 1,867.  Today was by far the worst sell-off of the 2016 correction so far.

Leon Cooperman, CEO of Omega Advisors said on CNBC’s “Fast Money: Halftime Report” today that we’re not in a bear market just yet.

Here are the final numbers from Friday, 1/15/16 on Wall Street:

Dow Jones Industrial Average: 15,988.08  (-390.97/ -2.39%)

NASDAQ: 4,488.42  (-126.59/ -2.74%)

S&P 500: 1,880.29  (-41.45 / -2.16%)

Market Watch: Market Up but Trillion Dollar Bubble Could Burst

By
Phil Cannella
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0

The markets, by far had their best day of 2016 with the Dow, S&P & NASDAQ all recovering nicely, but the enthusiasm was tempered by a disconcerting headline on CNBC that got the attention of anyone who invests in an ETF or a Mutual Fund.  The headline read:

“Red Alert!  A $1 Trilion Dollar Stock Bubble Ready to Burst!”

What does it mean?  Watch the report from CNBC below.

Here are the final numbers from Thursday, 1/14/16 on Wall Street:

Dow Jones Industrial Average: 16,379.o5  (+227.64/ +1.41%)

NASDAQ: 4,615.00 (+88.94/ +1.97%)

S&P 500: 1,921.84  (+31.56/ +1.67%)

Market Watch: NASDAQ Snaps Losing Streak

By
Phil Cannella
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0

For the first time in a week and a half Wall Street finished with gains across the board.  The tech heavy NASDAQ snapped an eight day losing streak (its first such bad run since January 2008) while the Down Jones Industrial Average posted triple digit gains. Crude oil, which is down 43% over the last 6 months briefly dipped below the historic low of $30/barrel before settling at $30.34 a barrel- this after a delay by about 50 minutes due to volatility on the New York Mercantile Exchange. According to CNBC:

“Oil prices lost more than 4 percent, extending a relentless selloff to trade below $30 a barrel for the first time since December 2003 on concerns about fragile Chinese demand and the absence of restraint in global production.”

Meanwhile Greg Harmon of the Dragonfly Capital blog says the 200-day simple moving average is something investors should keep their eyes on very closely because it could be pointing to a ‘major bottom’ for the S&P.

“You can use it (200-day simple moving average) to take things apart and put them back together as it was designed, but it can also be used to pry things open, or punch a hole. And right now, it appears to be punching a hole in the prevailing bearish sentiment.”

The 200-day moving average shops whether the price trend is rising, stalling or falling. It’s generally considered bullish if the price is above the average, and bearish if it’s below.

“For the S&P 500 SPX, +0.75% this can be used as a barometer of the entire market. And it is widely used,” Harmon explained. “Even fundamental investors know that if the S&P 500 is over the 200-day SMA, they have a tailwind, but when the percentage of stocks above their 200-day moving average drops below 25%, which we’ve seen only four times in the past 12 years, it marks a major bottom for stocks.”

As of Tuesday morning the percentage of stocks in the S&P above their 200-day moving average was right at 25%.

See the Market Watch charts here.

Here are the final numbers from Tuesday, 1/12/16 on Wall Street:

Dow Jones Industrial Average: 16,516.91  (+118.34/ +0.72%)

NASDAQ: 4,685.92 (+47.93/ +1.03%)

S&P 500: 1,938.68  (+15.01 / +0.78%)

Market Watch: Stocks Tread Water as Oil Dives

By
Phil Cannella
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0

Following last week’s blood-bath on Wall St. investors ran into an immediate headache today as oil dumped more than 6% at one point to a new 12 year low before rising a bit. By the time energy commodities closed US oil finished down $1.75 a barrel, or 5.28%, at $31.41 a barrel. The NASDAQ finished in the red for the 8th straight day.  For some, the current market downturn is reminiscent of the financial troubles on Wall St. in 1998. Are they similar? Check out the video below.

There was also word that dividend growth is expected to hit a 65-year low this year.

Daniel Alpert, managing partner, Westwood Capital says the 2016 market dive can be explained this way:

“While the plummeting price of energy — the result of insufficient global demand and huge new oversupply from North America itself — has cut America’s energy deficit to a level less than 20 percent of its 2008 peak, the overall current account deficit of the U.S. grew rapidly in 2014 and, more alarmingly, in 2015. The nation’s current account is the sum of the balance of trade (goods and services exports less imports), net income from abroad and net current transfers.”

“But here’s the brutal bottom line: The non-energy portion of the U.S. current account deficit, relative to GDP, has ballooned by 236 percent since its low in December 2013, during which period the energy deficit fell by 57 percent.”

“The U.S. economy is showing weakness in Nearly Everything But Employment (“NEBE”) and even its salutary pace of job formation is plagued by an unusual level of temporary and low wage hiring, painfully low labor force participation and very low levels of nominal wage growth.”

Here are the final numbers from Monday, 1/11/16 on Wall Street:

Dow Jones Industrial Average: 16,398.57  (+52.12/ +0.32%)

NASDAQ: 4,637.99  (-5.64/ -.12%)

S&P 500: 1,923.67  (+1.64 / +0.09%)

Market Watch: Bad End to a Terrible Week on Wall St.

By
Phil Cannella
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0

The final day of the trading week ended one of the worst weeks in Wall Street’s history & the session ended much as it began on Monday, with big losses. The major indexes finished the week with losses of nearly 6 percent or more, one of their worst starts to a year in history.
Continued concerns about China’s flailing economy also helped drag the markets down.

David Lefkowitz, senior equity strategist at UBS Wealth Management Americas told CNBC:

“I just think there’s an underlying nervousness that we’re going to see further turbulence out of China.”

For the week: The Dow Jones Industrial Average lost more than 1,080 points; the NASDAQ was down 363 points and the S & P 500 lost a total of 151 points.

More on Wall Street’s historically down week from CNBC below.

Here are the final numbers from Friday, 1/8/16 on Wall Street:

Dow Jones Industrial Average: 16,514.10  (-392.41/ -2.32%)

NASDAQ: 4,689.43  (-147.34/ -3.03%)

S&P 500: 1,943.09  (-47.17 / -2.37%)

Market Watch: Wall Street Free Fall Continues

By
Phil Cannella
-
0

The first trading week on Wall St. continued to be one that investors will soon want to forget. Once again all of the major indices suffered big losses, thanks to the continuing devaluation of China’s currency. Reuters reported that-

“China’s central bank is under increasing pressure from policy advisors to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good.”

Throughout Thursday’s trading session the Dow and NASDAQ moved into “market correction” territory for the year, with total declines of at least 10% of any security or market index following a temporary upswing in market prices. By the end of today’s session the Dow lost over 2.3%; the NASDAQ-3% and the S&P 500 dropped 2.37%. Both the Dow and S&P were down triple digits.

For the four days of the trading week so far the Dow Jones Industrial Average has lost more than 912 points; the NASDAQ is down 317 points and the S & P 500 has lost a total of 130 points.

Watch more coverage of today’s stock slide on Wall Street from CNBC below.

Here are the final numbers from Thursday, 1/7/16 on Wall Street:

Dow Jones Industrial Average: 16,514.10  (-392.41/ -2.32%)

NASDAQ: 4,689.43  (-147.34/ -3.03%)

S&P 500: 1,943.09  (-47.17 / -2.37%)

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