Dow dropped 185, decliners over advancers 5-2 & NAZ fell 14. The MLP index had profit taking after 2 big days, dropping 3+ to the 445s, & the REIT index lost 4+ to the 264s. Junk bond funds settled back & Treasuries were flat to higher. Oil fell as there was some calm in the Syrian mess & gold fell the most in 11 weeks as a Federal Reserve
policy maker said a “small taper” in stimulus may occur in
Oct, damping demand for the metal.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
The House voted to finance the federal gov thru Dec 15 & choke off funding for Obamacare, setting up what could be a prolonged showdown with the Senate & administration. The Reps said they wouldn’t accept Harry Reid's plan to remove the health-care language from the bill next week & warned of a temporary gov shutdown after the fiscal year ends Sep 30. “We’ll add some other things that they hate and make them eat that, and we’ll play this game up until either Sept. 30, Oct. 3, somewhere in between,” said freshman Richard Hudson from North Carolina. “At that point Harry Reid’s going to realize we’re serious & hopefully at that point, he’ll begin to negotiate with us.” In today’s 230-189 vote, the House backed a stopgap measure to fund gov operations after current authority expires. The legislation preserves across-the-board spending cuts at an annual rate of $986B & permanently defunds Obamacare. “The fight to delay Obamacare doesn’t end next week. It keeps going on until we get it,” Paul Ryan, from Wisconsin, told reporters. The spending measure now will be sent to the Senate.
Republicans Warn of Shutdown as Confrontation Escalates
Photo: Bloomberg
Apple attracted long lines of shoppers today for the global debut of the latest iPhones. In New York, customers lined up around the block to get into its flagship Fifth Avenue store, while in Munich about 2000 gathered to buy the new iPhone 5s & 5c, & in London the waiting crowd stretched about a mile. CEO Tim Cook & other executives visited customers at stores in Palo Alto, CA, near the company’s campus. The iPhone 5s & 5c went on sale today in US, Australia, Canada, China, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore & the U.K. It’s the first time the iPhone was rolled out for sale in China on the same day as elsewhere, abandoning the usual 3-month delay, as the company seeks to lure new customers in China. Opening-weekend sales are crucial after almost a year when AAPL went without releasing a new device & ceding market share to rivals in the $280B smartphone market. Whether it can surpass the record 5M smartphones sold during last year’s iPhone debut depends on whether there is enough supply of the feature-rich iPhone 5s. The stock dropped 5+ after a disappointing performance following the introduction of the new phones.
Photo: Bloomberg
German Chancellor Angela Merkel is headed toward risky territory as she completes her 2nd term. Neither Margaret Thatcher nor Tony Blair made it thru their 3rd term. Even Helmut Kohl, the chancellor who presided over German reunification, overcame a party revolt before winning a 3rd & 4th term. Following elections in 2 days, Merkel, who polls show is the most popular politician, faces the perils of a 3rd Greek bailout & the potential breakdown in her €550B ($745B) energy overhaul. There’s also the inevitable succession fight & sniping over her legacy. Polls suggest the Sep 22 election is Merkel’s to lose, with Germans trusting her leadership, backing her austerity-first response to Europe's debt crisis & crediting her for economic gains. At campaign stops across the nation of 80M, Merkel touts unemployment that fell to a 2-decade low on her watch, progress toward a balanced budget & the euro’s advantages for Germany’s export-driven economy. Re-election would give her the chance to beat Thatcher’s 11 years in power & Blair’s 10. Kohl made it thru 16 years.
Merkel Seeks Mandate to Top Thatcher as Third-Term Risks Loom
On Fri near the end of summer, there's very little going on in the markets, although the Dow saw constant selling throughout the day, closing at the lows. The goings on in DC are getting more attention. Dysfunctional DC is deeply divided. While some of the Reps are doing all they can to shut down Obamacare, the Senate will never approve & Obama represents a certain veto if needed. The US economy is still bumbling along, growing but at a sub-par rate. Housing is hitting headwinds & the boom in autos may not last as many have replaced worn out cars. But DC will be center stage next week even though the UN is holding its annual event for bigwigs from around the world.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.01% | |
U.S. 2-year |
0.33% | |
U.S. 10-year |
2.74% |
| CLV13.NYM | ...Crude Oil Oct 13 | ...104.47 |  ...1.92 | (1.8%) |
Photo: Bloomberg
The House voted to finance the federal gov thru Dec 15 & choke off funding for Obamacare, setting up what could be a prolonged showdown with the Senate & administration. The Reps said they wouldn’t accept Harry Reid's plan to remove the health-care language from the bill next week & warned of a temporary gov shutdown after the fiscal year ends Sep 30. “We’ll add some other things that they hate and make them eat that, and we’ll play this game up until either Sept. 30, Oct. 3, somewhere in between,” said freshman Richard Hudson from North Carolina. “At that point Harry Reid’s going to realize we’re serious & hopefully at that point, he’ll begin to negotiate with us.” In today’s 230-189 vote, the House backed a stopgap measure to fund gov operations after current authority expires. The legislation preserves across-the-board spending cuts at an annual rate of $986B & permanently defunds Obamacare. “The fight to delay Obamacare doesn’t end next week. It keeps going on until we get it,” Paul Ryan, from Wisconsin, told reporters. The spending measure now will be sent to the Senate.
Republicans Warn of Shutdown as Confrontation Escalates
Photo: Bloomberg
Apple attracted long lines of shoppers today for the global debut of the latest iPhones. In New York, customers lined up around the block to get into its flagship Fifth Avenue store, while in Munich about 2000 gathered to buy the new iPhone 5s & 5c, & in London the waiting crowd stretched about a mile. CEO Tim Cook & other executives visited customers at stores in Palo Alto, CA, near the company’s campus. The iPhone 5s & 5c went on sale today in US, Australia, Canada, China, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore & the U.K. It’s the first time the iPhone was rolled out for sale in China on the same day as elsewhere, abandoning the usual 3-month delay, as the company seeks to lure new customers in China. Opening-weekend sales are crucial after almost a year when AAPL went without releasing a new device & ceding market share to rivals in the $280B smartphone market. Whether it can surpass the record 5M smartphones sold during last year’s iPhone debut depends on whether there is enough supply of the feature-rich iPhone 5s. The stock dropped 5+ after a disappointing performance following the introduction of the new phones.
Apple (AAPL)
Photo: Bloomberg
German Chancellor Angela Merkel is headed toward risky territory as she completes her 2nd term. Neither Margaret Thatcher nor Tony Blair made it thru their 3rd term. Even Helmut Kohl, the chancellor who presided over German reunification, overcame a party revolt before winning a 3rd & 4th term. Following elections in 2 days, Merkel, who polls show is the most popular politician, faces the perils of a 3rd Greek bailout & the potential breakdown in her €550B ($745B) energy overhaul. There’s also the inevitable succession fight & sniping over her legacy. Polls suggest the Sep 22 election is Merkel’s to lose, with Germans trusting her leadership, backing her austerity-first response to Europe's debt crisis & crediting her for economic gains. At campaign stops across the nation of 80M, Merkel touts unemployment that fell to a 2-decade low on her watch, progress toward a balanced budget & the euro’s advantages for Germany’s export-driven economy. Re-election would give her the chance to beat Thatcher’s 11 years in power & Blair’s 10. Kohl made it thru 16 years.
Merkel Seeks Mandate to Top Thatcher as Third-Term Risks Loom
On Fri near the end of summer, there's very little going on in the markets, although the Dow saw constant selling throughout the day, closing at the lows. The goings on in DC are getting more attention. Dysfunctional DC is deeply divided. While some of the Reps are doing all they can to shut down Obamacare, the Senate will never approve & Obama represents a certain veto if needed. The US economy is still bumbling along, growing but at a sub-par rate. Housing is hitting headwinds & the boom in autos may not last as many have replaced worn out cars. But DC will be center stage next week even though the UN is holding its annual event for bigwigs from around the world.
Dow Jones Industrials
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