Stansberry Research Melt Up Event

Stock Market Update Monday, October 15th, 2018

It was another volatile trading session.

Stocks were up and down all day long. Trading around Friday’s close, the major indices were desperately trying to find some sense of direction.

But after a choppy day of trading, the major indices finally made a move and headed south into the close.

With today’s loss, the S&P closed below its 200-day moving average. The index has finished lower 7 out of the last 8 trading sessions.

Although the S&P and DOW flirted with breakeven for most of the day, the NASDAQ struggled from the get-go. Down 0.9%, the NASDAQ led the major indices with a 0.9% loss.


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Here’s where the major indices ended the day:

  • The S&P finished 0.6% lower. Down 16 points, the S&P ended at 2,751.
  • The DOW ended with a 0.4% loss. Dropping 89 points, the DOW closed at 25,251.
  • The NASDAQ was down 0.9%. With a 66 point loss, the NASDAQ finished at 7,431.
  • Bitcoin finished 3.2% higher. Up $195, Bitcoin ended at $6,385.

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Crude Oil (CL) managed to end the day higher. Up 0.7%, CL finished at $71.84 a barrel.

In earnings news, Bank of America (BAC) reported better than expected earnings but finished the day with a 1.9% loss. Charles Schwab (SCHW) was also lower, in spite of earnings that were in-line with expectations. Schwab ended the day with a 2.8% loss.

Sears Holding (SHLD) filed for Chapter 11 bankruptcy this morning and lost 23.8% (now trading at $0.31 a share). The filing was pretty much expected. The 130-year-old company became a household name with its Sears catalog and 3,5000 stores. Now the company has only 695 stores, with plans to close another 142 by the end of the year.


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Market carnage has investors fleeing from bonds, but not stocks

The U.S. stock market is on track to post its worst weekly performance in about seven months, but the sharp losses on Wall Street hasn’t resulted in an investor exodus from stocks.

According to FactSet, equity-based exchange-traded funds have seen positive flows over the past week, a period that coincides with some of the worst sessions in months, if not years. Roughly $5.4 billion flowed into U.S.-listed stock ETFs, extending a rotation that has persisted throughout 2018, though it has slowed relative to last year.


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Large-capitalization stocks were the most favored by investors. About $2.6 billion flowed into the category of large-cap stock ETFs, while another $975 million went into large-cap value funds. Those comprised two of the top three most popular categories over the week, based on flows. The third was another U.S.-focused stock category, dedicated to the financial sector. About $1.1 billion flows into this category over the week.

The inflows came in a week when the Dow Jones Industrial Average DJIA, +1.15%  sank 4.9%, the S&P 500 SPX, +1.42% lost 4.7%, and the Nasdaq Composite Index COMP, +2.29%  shed 4.6%. For all three, it was their worst week since March.

That stock funds had positive flows stood in contrast to the selloff seen in the first quarter of 2018, which was accompanied by some of the highest outflows in history.


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By far, the ETF to see the highest inflows over the past week, per FactSet, was the SPDR S&P 500 ETF Trust, the largest and oldest ETF on the market. The fund, which tracks the S&P 500, had inflows of $2.7 billion over the week.

The SPDR fund has more than $280.5 billion in assets, and its flows tend to be quite volatile, as investors often use it as a short-term trading vehicle, or as a tool to hedge their portfolios. It was also the most active security of any type thus far this week, according to Dow Jones market data, with total composite trading volume of more than 675 million. The second-most-popular security, Advanced Micro Devices Inc., had 527 million shares trade hands, as of Thursday’s close.

Overall, six of the 10 most active securities over the past week were ETFs.


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A primary catalyst for the week’s equity selloff was a sudden rise in long-dated interest rates since late September, particularly in long-dated 10-year Treasury note TMUBMUSD10Y, +0.34% which rose to a seven-year high above 3.26%. Higher yields raise borrowing costs for corporations.

Rising yields also means a selloff in bond prices, as the two move inversely to each other.

While the equity decline didn’t result in outflows from stock funds, the selloff in bonds did spur a retreat from fixed-income ETFs. According to FactSet, the category had outflows of $3.4 billion over the past week.

More than $4.2 billion was redeemed from U.S. high-yield bond funds, while an additional $2 billion was pulled from the category of broad-market investment-grade corporate bonds.

The bond fund with the highest outflows was the iShares iBoxx $ High Yield Corporate Bond ETF HYG, +0.53% which had outflows of $2.6 billion. On Monday, more than $1.2 billion was redeemed from the fund, the single-largest one-day outflow in its history.

Source: marketwatch.com | Original Link

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Coinbase Bounce: Ethereum Token 0x Rallies 17% after Crypto Exchange Listing

Coinbase may have announced plans to list hundreds of new assets over the coming months and years, but that doesn’t mean that the San Francisco-based cryptocurrency exchange has lost its status as crypto-token kingmaker.

Yesterday, on Oct. 11, Coinbase announced that it had begun the process of listing 0x (ZRX), an ERC-20 token that runs on Ethereum, on its professional order-book exchange Coinbase Pro (formerly GDAX). At present, traders can make ZRX deposits, though the order books had not yet opened for trading as of the time of writing.


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In the meantime, the ZRX price has been surging. The token’s trading value spiked from about $0.68 to a high of just under $0.92 in the minutes following the announcement. Though it has since settled down from that intraday peak, 0x continues to trade near $0.77, representing a 24-hour gain of about 17 percent that is far above the 0.5 percent increase seen by the cryptocurrency market as a whole.

0x price coinbase listing cryptocurrency

ZRX/USD | Binance

With its listing, 0x becomes the first ERC-20 token listed on the Coinbase platform. Ethereum (ETH) itself has been available on the exchange for quite some time now, while the company added support for ethereum classic (ETC) over the summer.


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Coinbase had announced in June it was exploring listing 0x in some jurisdictions, along with zcash (ZEC), stellar (XLM), and basic attention token (BAT).

Importantly, the 0x token will not initially be available through Coinbase eponymous brokerage service, which is tailored for retail investors and is especially popular among first-time buyers. The company said that it will make a separate announcement when this occurs.

Notably, the 0x rally confirms that the “Coinbase Bounce” remains as powerful as ever, alluding to the fact that cryptocurrencies have tended to see strong upward swings in the wake of their listing on the popular exchange, which had heretofore only listed a handful of assets.

Conventional wisdom says that the Coinbase Bounce should have diminishing returns moving forward, particularly since the exchange has outlined a new listing framework that will likely see its list of supported tokens expand to rival the hundreds available on most trading platforms.

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However, that may not be the case, at least for microcap tokens who, to some degree or another, rely on exchange listings to maintain relevance. Earlier this week, Binance — the world’s largest cryptocurrency exchange — delisted four cryptocurrency tokens that the company said no longer met the platform’s quality assurance standards. The value of those coins plunged following the announcement, highlighting the degree to which many tokens depend on speculative trading give them value.

Source: ccn.com | Original Link

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Dow gives up most of its 400-point jump as it tries to rebound from this week’s rout

The Dow Jones Industrial Average erased a 414-point surge on Friday as Wall Street’s attempt to rebound from this week’s drop failed.

The 30-stock index traded just below breakeven as shares of J.P. Morgan Chase and Boeing pulled back. The S&P 500 also traded well off its session high. As of 12:44 p.m. ET, it was up just 0.2 percent after surging more than 1 percent. The Nasdaq Composite also pared most of its gains, trading 0.7 percent after jumping more than 2 percent.

“I don’t see evidence of what you’d like to see in a bottom,” said Willie Delwiche, investment strategist at Baird. He noted markets tend to bottom after more signs of capitulation and widespread panic, which we haven’t seen thus far.


—- IMPORTANT —-

On October 24, 2018 Stansberry Research is hosting what could end up being one of the largest online events of all time.

It’s a night filled with money-making secrets from one of the greatest minds in finance – plus a huge warning on when to expect the longest bull market in history to come to a screeching halt.

Dr. Steve Sjuggerud’s Melt Up Event – Claim Your FREE Spot Here!


Gains in tech shares like Netflix and Amazon initially led the major indexes to sharp gains. The initial move higher on U.S. stocks followed an uptick in global equities. The Shanghai Composite surging 0.9 percent and Japan’s Nikkei 225 gaining 0.5 percent. European equities also rose initially before closing lower on the day.

Wasif Latif, head of global multi-assets at USAA, said investors should remain cautious in the near term. “It’s too early to tell if we’re out of the woods yet,” he said. “We have to wait and see how the market reacts in the next few days.”


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On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points. Sentiment was rocked around the globe in recent sessions, as investors grew nervous over the rise in interest rates and high valuations in tech shares.

President Donald Trump has recently criticized the U.S. Federal Reserve for the decline in stock markets, saying Wednesday that he wasn’t happy with how the central bank continued to raise interest rates.


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Stocks have also fallen this week as tech — the biggest S&P 500 sector by market cap weight — has lost nearly 6.8 percent through Thursday’s close. These losses have sent the major indexes down more than 5 percent, on pace for their biggest weekly declines since March.

The recent moves come as the third-quarter earnings season kicked off. Wells and Citigroup both reported better-than-expected earnings, along with J.P. Morgan Chase.

Expectations for this earnings season are high. Analysts polled by FactSet expected S&P 500 earnings to grow by 19 percent.

Source: cnbc.com | Original Link

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