Positive News From Europe For a Change!
Tuesday, October 16, 9:25 a.m. The big rumor is that Spain is close to caving in and requesting a bailout from the European Union, the next step required to enable the ECB to be able to initiate the big bond-buying program it announced a month ago. But Spain will do so only as a pacifier [...]

Tuesday, October 16, 9:25 a.m.

The big rumor is that Spain is close to caving in and requesting a bailout from the European Union, the next step required to enable the ECB to be able to initiate the big bond-buying program it announced a month ago.

But Spain will do so only as a pacifier to markets and the pressure being put on it.

Spain is apparently still insisting it doesn’t need a bailout, but will request a credit line from the European Stability Mechanism just to satisfy the requirement so the ECB can begin its bond-buying program, yet will not draw any money from the credit line.

And Germany is rumored to be agreeable to the plan, backing away from its previous insistence on a full-blown bailout and strict austerity measures to be imposed on Spain.

To read my weekend newspaper column click here: Consumers and Investors are Confident Even As Global Recession Threatens. Oct. 12, 2012

Subscribers to Street Smart Report: There is a hotline from last evening and an in-depth Global Markets update from yesterday your secure area of the Street Smart Report website.  There will be an in-depth U.S. Markets update there tomorrow.

Yesterday in the U.S. Market.

A positive day right out of the gate, with the market closing almost on its high for the day. Trading volume remained light, only 0.6 billion shares traded on NYSE.

The Dow closed up 95 points, or 0.7%. The S&P 500 closed up 0.8%. The NYSE Composite closed up 0.8%. The Nasdaq closed up 0.7%. The Nasdaq 100 closed up 0.7%. The Russell 2000 closed up 0.6%. The DJ Transportation Avg. closed up 0.4%. The DJ Utilities Avg closed up 0.6%.

Gold closed down $21 at $1,738 an ounce.

Oil closed up $.17 at $91.81 a barrel.

The U.S. dollar etf UUP closed up 0.1%.

The U.S. Treasury bond etf TLT closed down 0.2%.

Yesterday in European Markets.

European markets closed up some yesterday. The London FTSE closed up 0.2%. The German DAX closed up 0.4%. And France’s CAC closed up 0.9%. Greece closed up 1.6%. Ireland closed up 0.1%. Italy closed up 0.5%. Spain closed up 0.3%. Russia closed down 0.2%.

Asian Markets were mixed and flat Sunday night but up last night.

The Asia Dow closed down 0.1% Sunday night, but up 0.6% last night.

Among individual markets last night:

Australia closed up 0.2%. China closed up 0.2%. Hong Kong closed up 0.3%. India closed down 0.7%. Indonesia closed up 0.4%. Japan closed up 1.4%. Malaysia closed down 0.1%. New Zealand closed up 0.6%. South Korea closed up 0.8%. Singapore closed up 0.1%. Taiwan closed up 0.7%. Thailand closed down 0.2%.

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Markets This Morning:

European markets are very positive, building on yesterday’s small rally. The London FTSE is up 0.9%. The German DAX is up 1.1%. France’s CAC is up 1.2%

Oil is up $.12 a barrel at $91.93

Gold is up $6 an ounce at $1,744.

This Morning in the U.S. Market:

This week is an average week for potential market-moving economic reports, including Retail Sales, Industrial Production, Housing Starts, Existing Home Sales, etc. To see the full list click here, and look at the left side of the page it takes you to.

Yesterday’s reports were that Retail Sales were up 1.1% in September somewhat better than the consensus forecast of a rise of 0.9%. And the Fed’s Empire State (NY) Mfg Index improved some but remains negative in October at –6.2%, not as much improvement as the consensus forecast of –0.4.

This morning’s reports so far are that the Consumer Price Index (CPI) rose 0.6% in September, a bit worse than the consensus forecast of 0.5%. The core rate (with food and energy costs removed), was up only 0.1%.  And Industrial Production was up 0.4% in September, from the big decline in August (which was revised down further to a decline of 1.4%). The rebound of 0.4% was better than the consensus forecast of an increase of 0.2%.

Still to come is the Housing Market Index at 10 am.

Our Pre-Open Indicators:

Our pre-open indicators are pointing to the Dow being up 60 points or so in the early going.

To read my weekend newspaper column click here: Consumers and Investors are Confident Even As Global Recession Threatens. Oct. 12, 2012

Subscribers to Street Smart Report: There is a hotline from last evening and an in-depth Global Markets update from yesterday your secure area of the Street Smart Report website. There will be an in-depth U.S. Markets update there tomorrow.

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

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