Markets Unworried About Earnings Season or Anything Else?
Tuesday, October 9, 9:25 a.m. The IMF has cut its forecasts for global economic growth in 2012 and 2013 again, and warns the global economy is skidding toward recession, that “Risks of a serious global slowdown are alarmingly high”. Greece’s economy and debt problem are back in the headlines. EU officials are telling Greece it [...]

Tuesday, October 9, 9:25 a.m.

The IMF has cut its forecasts for global economic growth in 2012 and 2013 again, and warns the global economy is skidding toward recession, that “Risks of a serious global slowdown are alarmingly high”.

Greece’s economy and debt problem are back in the headlines. EU officials are telling Greece it must uphold its previous agreement on austerity measures and budget balancing before it will receive the rest of the financing from its current bailout package. But Greece says that’s not possible.

Corporate earnings in the U.S. continue in a dramatic decline, and it’s widely forecasted that 3rd quarter earnings will show S&P 500 earnings growth has now not only halted but reversed to negative for the first time since 2009.

The combined situations have even Wall Street almost unanimously warning of an imminent correction.

But the markets are apparently not worried, still loving the wall of worry as a positive as long as the Fed is standing at the bottom with its printing presses.

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To read my weekend newspaper column click hereNew Study Shows Sell in May Triples Market’s Gain Long Term. Oct. 5, 2012.

Subscribers to Street Smart Report: The new issue of the newsletter will be out tomorrow in your secure area of the Street Smart Report website.

Yesterday in the U.S. Market.

A quiet day on low holiday volume, with U.S. banks and bond markets closed, and the U.S. stock market open.

The Dow traded in a range of just 58 points from its intraday high to its intraday low, with only 0.46 billion shares traded on NYSE. The rest of the market was more negative than the 30 blue chips of the Dow.

The Dow closed down 26 points, or 0.2%. The S&P 500 closed down 0.4%. The NYSE Composite closed down 0.3%. The Nasdaq closed down 0.8%. The Nasdaq 100 closed down 0.9%. The Russell 2000 closed down 0.5%. The DJ Transportation Avg. closed up 0.2%. The DJ Utilities Avg closed up 0.1%.

Gold closed down $5 at $1,777 an ounce.

Oil closed down $.14 at $89.74 a barrel.

The U.S. dollar etf UUP closed up 0.2%.

The U.S. Treasury bond etf TLT closed up 0.8%.

Yesterday in European Markets.

European markets were mostly down sharply yesterday. The London FTSE closed up 0.2%. The German DAX closed down 1.4%. And France’s CAC closed down 1.5%. Greece closed down 0.6%. Ireland closed down 1.3%. Italy closed down 2.0%. Spain closed down 0.8%. Russia closed down 0.1%.

Asian Markets were down sharply Sunday night but mixed last night..

The Asia Dow closed down 1.1% Sunday night, and unchanged last night.

Among individual markets last night:

Australia closed up 0.6%. China closed up 2.0%. Hong Kong closed up 0.5%. India closed up 0.4%. Indonesia closed up 0.3%. Japan closed down 1.1%. Malaysia closed up 0.2%. New Zealand closed down 0.4%. South Korea closed down 0.2%. Singapore closed down 0.4%. Taiwan closed down 0.3%. Thailand closed down 0.9%.

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Markets This Morning:

European markets were negative for most of their morning sessions, but have now come off their earlier lows. The London FTSE is down only 0.2%. The German DAX is down 0.1%. France’s CAC is up 0.1%

Oil is up $.90 a barrel at $90.23

Gold is down $2 an ounce at $1,776.

This Morning in the U.S. Market:

This week will be an unusually light week for potential market-moving economic reports, almost none, the Small Business Optimism Index, Fed’s Beige Book, Producer Price Index, Consumer Sentiment, and a few others. To see the full list click here, and look at the left side of the page it takes you to.

There were no reports yesterday. U.S. banks and bond markets were closed for the Columbus Day holiday, but the.S. stock market remained open.

This morning’s report was that the NFIB Small Business Optimism Index remained virtually unchanged in September from August, dropping from 92.9 to 92.8.

Earnings season is upon us, but so far markets seem unconcerned about the dismal forecasts.

Our Pre-Open Indicators:

Our pre-open indicators are pointing to the Dow being up 20 points or so in the early going.

To read my weekend newspaper column click here: New Study Shows Sell in May Triples Market’s Gain Long Term. Oct. 5, 2012.

Subscribers to Street Smart Report: The new issue of the newsletter will be out tomorrow in your secure area of the Street Smart Report website.

I’ll be back with the next regular blog post on Thursday morning at 9:25 a.m.

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