“U.S. stocks rose, erasing earlier losses, as House Speaker John Boehner said he had constructive talks with President Barack Obama on the budget and would accept government revenue increases coupled with spending cuts.

American Express  (AXP), UnitedHealth Group Inc. (UNH)and Alcoa Inc. (AA) added at least 1 percent to pace gains in the biggest companies. Facebook Inc. (FB) climbed 5.7 percent as it expanded the roster of retailers that let users buy and send items to their friends on its website. Dell Inc. (DELL)sank 6.8 percent as its revenue forecast missed analysts’ projections estimates. Sears Holdings Corp. (SHLD) plunged 21 percent after the retailer posted a wider loss and its 23rd straight quarterly sales decline.

The Standard & Poor’s 500 Index rose 0.2 percent to 1,356.15 at 2:59 p.m. New York time. It has fallen 1.9 percent this week. The Dow Jones Industrial Average gained 15.99 points, or 0.1 percent, to 12,558.37. Trading in S&P 500 companies was 23 percent above the 30-day average at this time of day.”

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Most of Asia fell on China’s new leadership change, but Japan is popping over 2% on the notion that next months elections will favor cocaine stimulus cowboys.

For the most part Asia is down around 0.4% across the board.

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World Markets

Currencies

Commodities

USD Libor

Euribor

Yields for Italy, Spain, France,  and Germany …

 

 

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Markets reluctantly fall 0.5%. Feels like were due for a bounce of some sort, but what will be the catalyst ? It certainly is not oversold conditions and with profits to be taken before a potential tax change it is likely we will see more selling.

Gold and oil have reversed their upside gains. The Yen remains extremely strong against the dollar while the Euro hangs in marginally positive territory.

Market update

3 D heat map

S&P A/D Line

[youtube://http://www.youtube.com/watch?v=pDdeOncpD5E 450 300]

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Initial claims: Prior 355k, Market Expects 388k, Actual 439k …Hurricane Sandy increases claims

Continuing claims rise to  3.334 million from 3.127 million

CPI: Prior 0.6%, Market Expects 0.1%, Actual +0.1%…Core Rises 0.2%

Empire Manufacturing: Prior -6.2, Market expects -8.5, Actual  -5.2

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“European (SXXP) stocks declined, extending a two-month low, as U.S. President Barack Obama said Bush-era tax cuts for high earners should expire at the start of 2013 and the euro area entered its second recession in four years. U.S. index futures climbed, while Asian shares slipped.”

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World Markets

Currencies

Commodities

USD Libor

Euribor

Yields for Italy, Spain, France,  and Germany …

 

 

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CHAPEL HILL, N.C. (MarketWatch) — The stock market’s 200-day moving average has now been decisively broken.

According to many technical analysts, that means that the market’s major trend has turned down. But how good a track record does this trend-following indicator really have?

Read the rest here.

 

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Nikkei

The story 

 

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 Highlights

Full report

 

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U.S. equities attempted a rally at the open, but quickly sank to being down 100 DOW points. Bad data out of Europe along with gridlock over Greece helped to cap any upside potential given by $CSCO and other good earnings reports. Currently the DOW is paring loss to being down about 50.

Europe and their riots over austerity have given back any intra day gains made.

European indices 

Market update

3D heat map 

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PPI: Prior 1.1%, Market Expects 0.1%, Actual -0.2%

Core PPI: Prior 0, Market 0.1%, Actual -0.2%

Retail Sales: Prior 1.1%, Market Expects 0.2%, Actual -0.3%

Full report

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“India’s inflation unexpectedly eased to an eight-month low in October, a slowdown that may be limited as the effects of a diesel-price increase spread through Asia’s third-largest economy.

The wholesale-price index rose 7.45 percent from a year earlier after climbing 7.81 percent in September, the Commerce Ministry said in a statement in New Delhi today. The median of 28 estimates in a Bloomberg News survey was 7.9 percent.

The Indian government boosted diesel tariffs by about 14 percent two months ago to curb fuel subsidies that have stoked a budget deficit. The central bank on Oct. 30 predicted faster inflation this quarter following the move, while signaling it may cut interest rates in the January-to-March quarter next year as price pressures subsequently moderate.

“The recent fuel subsidy cuts will stoke fuel inflation in the coming months, and have secondary effects on core inflation,” said Jyoti Narasimhan, India economist at IHS Global Insight in Bangalore. “With inflation unlikely to recede substantially, we no longer expect the Reserve Bank of India to soften its stance and cut policy rates” at the next review on Dec. 18, she said.”

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“European stocks declined for the fifth time in six days, after a late-day selloff in U.S. equity benchmarks, and as companies including ICAP Plc (IAP) and Mediaset SpA reported earnings that disappointed investors. U.S. index futures rose, while Asian shares were little changed.

ICAP dropped 5.9 percent after the world’s largest broker of transactions between banks reported a slump in earnings. Mediaset declined 4.5 percent after the broadcaster cut its full-year profit forecast. Vivendi (VIV) SA climbed 4.5 percent after it said earnings will fall less this year than it had expected.”

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World Markets

Currencies

Commodities

USD Libor

Euribor

Yields for Italy, Spain, France,  and Germany …

 

 

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Winners

TCX +20.5%, VIPS +8.9%, CSCO +7.2%, LPR +3.3%, WWD +3.3%, APP +2.6%, HMIN +1.9%, ZNGA +1.4%

Losers

SUMR -13.8%, ENVI -9.6%, MOS -4.4%, RENN +3.9%, KIPS -2.0%

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The Nikkei

[youtube://http://www.youtube.com/watch?v=CSvFpBOe8eY 450 300]

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After a gap down this morning, markets managed to turn in a rally of 130 plus DOW points to be up about 72 points by mid day. The markets slowly gave up all gains into the closing bell as volume and breadth lacked conviction.

There is not much for markets to be excited about as investors continue to wait and see what happens with gridlock politics here and across the pond.

The story

DOW down 57

NASDAQ down 20

S&P down 5

[youtube:http://www.youtube.com/watch?v=EtF4o-nYVUg 450 300]

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So far we have classic circle jerk trade as the country awaits for news out of the lame duck session and the fiscal cliff.

The story

Market update

3D Heat Map 

Large Cap Gainers

• HD (63.85 +4.40%): Beat quarterly EPS by $0.03 ($0.74 vs $0.71 estimate), revs rose 4.6% yoy to $18.13 bln vs $17.9 bln estimate; raised FY13 EPS guidance to $3.03 vs $2.99 estimate, raised FY13 rev guidance to +5.2% (~$73.63 bln) vs $73.78 bln estimate
• BRFS (18.29 +2.41%): Reported net sales reaced R$ 7.2 bln vs R$ 6.7 consensus
• CHK (17.55 +1.86%): Seeing reports hedge fund manager Mohnish Pabrai added to holdings of Chesapeake

Large Cap Losers

• NLY (14.25 -4.19%): Target lowered to $13.50 at FBR Capital – believes QE3 induced difficulties will persist for the foreseeable future
• BIDU (100.3 -4.11%): Article on Want China Times reporting that co is experiencing slowing growth and facing increased competition
• MSFT (27.16 -3.76%): Windows and Windows Live President Steven Sinofsky will be leaving the company

Mid Cap Gainers

• NS (41.09 +5.17%): Upgraded to Neutral from Underperform at Credit Suisse
• DKS (51.18 +5.09%): Beat quarterly EPS by $0.03 ($0.40 vs $0.37 estimate), revs rose 11.2% yoy to $1.31 bln vs $1.29 bln estimate; sees Q4 EPS of $1.03-1.05
• NTI (24.73 +4.66%): Reported Q3 operating income of $199.4 mln, revs rose 9% yoy to $1.264 bln vs $1.258 bln estimate

Mid Cap Losers

• TROX (15.69 -16.16%): Reported Q3 adjusted net income of $0.21 vs $0.36 single estimate, revs rose 5% yoy to $487.3 mln vs $492.8 mln two analyst estimate
• WFT (9.38 -13.83%): Reported Q3 revs of $3.82 bln vs $3.89 bln estimate; restated 1Q2012 results, revised prelim 2Q2012 results to correct errors in revenue and operating income amounts
• ACM (19.14 -12.04%): Reported Q4 adjusted earnings of $0.83 (in-line), revs fell 1.7% yoy to $2.08 bln vs $2.21 bln estimate; sees FY13 EPS of $2.40-2.50 vs $2.59 estimate, FY13 revs flat from $8.22 bln vs $8.57 bln estimate

[youtube://http://www.youtube.com/watch?v=xJJsoquu70o 450 300]

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“China’s stocks fell to the lowest level in seven weeks after the Xinhua News Agency reported the government may expand a property tax trial and Haitong Securities Co. said retailers may post weak sales this month.”

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