U.S. MARKETS:
After recovering from an early move to the downside, stocks turned in a lackluster performance throughout much of the trading session on Monday. The major averages spent most of the afternoon lingering near the unchanged line.
The major averages eventually ended the day narrowly mixed. While the Dow inched up 54.77 points or 0.2 percent to 34,337.87, the Nasdaq dipped 30.36 points or 0.2 percent to 13,767.74 and the S&P 500 edged down 3.69 points or 0.1 percent to 4,411.55.
The early weakness on Wall Street came as some traders looked to cash in on last Friday’s rally, which lifted the tech-heavy Nasdaq to a nearly two-month closing high.
Negative sentiment was also generated in reaction to news credit rating agency Moody’s has lowered its outlook for the U.S.’ credit rating to negative from stable amid concerns about a possible government shutdown.
Moody’s reaffirmed the U.S. credit rating at Aaa but said it “expects that the U.S.’ fiscal deficits will remain very large, significantly weakening debt affordability.”
The selling pressure was partly offset by a report from the New York Federal Reserve showing a modest decrease in consumer inflation expectations.
The New York Fed said inflation expectations declined at the one-year and five-year ahead horizons in October, falling to 3.6 percent from 3.7 percent and to 2.7 percent from 2.8 percent, respectively.
Overall trading activity remained somewhat subdued, however, as traders looked ahead to the release of key inflation data in the coming days.
The inflation data could have a significant impact on the outlook for interest rates, with traders recently expressing optimism the Federal Reserve is done raising rates.
Sector News
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Utilities stocks showed a significant move to the downside, however, with the Dow Jones Utility Average falling by 1.3 percent.
Notable weakness was also visible among semiconductor stocks, as reflected by the 1.0 percent drop by the Philadelphia Semiconductor Index.
On the other hand, tobacco stocks moved sharply higher on the day, driving the NYSE Arca Tobacco Index up by 2.3 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index inched up by 0.1 percent, while Australia’s S&P/ASX 200 Index fell by 0.4 percent.
Meanwhile, the major European markets all moved to the upside on the day. While the U.K.’s FTSE 100 Index advanced by 0.9 percent, the German DAX Index and the French CAC 40 Index climbed by 0.7 percent and 0.6 percent, respectively.
In the bond market, treasuries recovered from early weakness, closing roughly flat for the second straight session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.632 percent after reaching a high of 4.696 percent.
Looking Ahead
Trading on Tuesday is likely to be driven by reaction to the Labor Department’s report on consumer price inflation in the month of October.
https://www.howestreet.com/2023/11/seasonality-could-boost-markets-to-a-record-mark-leibovit/
SEASONALITY COULD BOOST MARKETS TO A RECORD
VTI -TOTAL MARKET INDEX – DAILY CHART EXTENDED BUT LEANING BULLISH TRADING ABOVE MOST MAJOR MOVING AVERAGES.
U.S. DOLLAR – DAILY – DECLINE TO 50 DAY MOVING AVERAGE SO FAR HELD. IF NOT, WE LOOK TO THE GREEN 200 DAY MOVING AVERAGE
U.S. DOLLAR
CANADIAN DOLLAR
URANIUM FROM NOV 6
METALS
COMMODITIES
CRYPTO UPDATE AS OF NOVEMBER 13, 2023:
Livin’ On A Prayer … And Credit! US Consumer Debt Hits $17.3 TRILLION As Credit Card Delinquency Growth Highest Since Covid Lockdown (UMich Inflation Expectations SOAR To Highest Since 2011!) -Confounded Interest
Under Bidenomics, with its high inflation rate and crushing negative wage growth, consumers are draining their savings and living on a prayer … and consumer credit to cope.
US consumer credit just rose to $17.3 trillion, up dramatically since Biden’s inauguration as El Presidente of the United Banana Republics of America.
What is worrisome in the transition rates (like current to 90-days delinquent) Credit cards (blue) and auto loans (red).
A closer look at credit card delinquency rates on a year-over-year (YoY) basis, showing the fastest growth in delinquencies since the Covid economic lockdowns.
Then we have commercial real estate delinquencies are now the highest the have been since 2013.
Meanwhile, University of Michigan consumer sentiment about inflation spiked to 4.4%. That is the highest medium-term inflation expectation since 2011.
https://tinyurl.com/2rd9wv52
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/
FROM 2007 – REP RON PAUL:
THE CASE FOR ABOLISHING THE FEDERAL RESERVE
G EDWARD GRIFFIN
https://www.youtube.com/watch?
The President’s Working Group on Financial Markets
known colloquially as the Plunge Protection Team, or “(PPT)” was created by Executive Order 12631,[1] signed on March 18, 1988, by United States President Ronald Reagan.
As established by the executive order, the Working Group has three purposes and functions:
“(a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation’s financial markets and maintaining investor confidence, the Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.”
Plunge Protection Team
“Plunge Protection Team” was originally the headline for an article in The Washington Post on February 23, 1997, and has since been used by some as an informal term to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the stock markets during downturns.[5 Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul, writers Kevin Phillips (who claims “no personal firsthand knowledge” and John Crudele,[8] have charged the Working Group with going beyond their legal mandate.[failed verification] Charles Biderman, head of TrimTabs Investment Research, which tracks money flow in the equities market, suspected that following the 2008 financial crisis the Federal Reserve or U.S. government was supporting the stock market. He stated that “If the money to boost stock prices did not come from the traditional players, it had to have come from somewhere else” and “Why not support the stock market as well? Moreover, several officials have suggested the government should support stock prices.”
In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market.[10] However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.
Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that “Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole.” Author Kevin Phillips wrote in his 2008 book Bad Money that while he had no interest “in becoming a conspiracy investigator”, he nevertheless drew the conclusion that “some kind of high-level decision seems to have been reached in Washington to loosely institutionalize a rescue mechanism for the stock market akin to that pursued…to safeguard major U.S. banks from exposure to domestic and foreign loan and currency crises.” Phillips infers that the simplest way for the Working Group to intervene in market plunges would be through buying stock market index futures contracts, either in cooperation with major banks or through trading desks at the U.S. Treasury or Federal Reserve.
The Exchange Stabilization Fund protects the FED.
We already know the FED is lying that raising interest rates will reduce price inflation. The Exchange Stabilization Fund (ESF) is an emergency reserve account that can be used by the U.S. Department of Treasury to mitigate instability in various financial sectors, including credit, securities, and foreign exchange markets. The U.S. Exchange Stabilization Fund was established at the Treasury Department by a provision in the Gold Reserve Act of 1934.
https://en.wikipedia.org/wiki/
Gold market manipulation: Why, how, and how long? (2021 edition)
https://gata.org/node/20925
COME ON, DAD. IT’S TIME TO EAT
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