Monday, October 21, 2013

Markets slip and slide ahead of jobs data

Dow was off 7, decliners just ahead of advancers & NAZ went up 5.  The MLP index jumped a very big 7+ to the 458s while the REIT index lost 1+ to the 281s.  Junk bond funds were weak as were Treasuries.  Oil slipped below $100 & gold hardly budged.

AMJ (Alerian MLP Index tracking fund)

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Treasury yields:

U.S. 3-month


U.S. 2-year


U.S. 10-year


CLX13.NYM...Crude Oil Nov 13...99.22 Down ...1.59  (1.6%)

Live 24 hours gold chart [Kitco Inc.]

Retail sales data for Sep that were delayed by the gov shutdown will be released on Oct 29.  The retail sales data are among 8 monthly reports assigned new release dates.  The Oct sales report will be issued on Nov 20.  Housing-related data are also being delayed.  The Census Bureau’s figures on Sep & Oct housing starts figures will be delivered Nov 26.  Data on Sep & Oct new-home sales have been pushed back to Dec 4.  Aug construction spending figures, previously set for Oct 1, the first day of the shutdown, will be released tomorrow.  Sep figures on construction outlays have been postponed until Dec 2.  Trade deficit data for Aug & Sep will be issued on Oct 24 & Nov 14, respectively.  The bureau’s figures on Aug & Sep factory orders will be issued together on Nov 4.  They forgot to mention the big jobs report (for Sep) with the unemployment numbers is coming out tomorrow.  Nobody is expecting big surprises in that report.

September U.S. Retail Sales Data Rescheduled for Oct. 29

  • FILE - In this Monday, June 10, 2013, file photo, developers look over new apps being displayed on iPads at the Apple Worldwide Developers Conference in San Francisco. Apple is expected to round out its line-up of gadgets for the holiday shopping season with the unveiling of its latest iPads, Tuesday, Oct. 22, 2013. The San Francisco event is likely to showcase remodeled versions of its standard-sized iPad with a 10-inch display screen and the iPad Mini with a nearly 8-inch screen. (AP Photo/Eric Risberg, File)
Photo:   Yahoo

Apple is expected to round out its line-up of gadgets for the holiday shopping season tomorrow with unveiling of its latest iPads.  The showcase is likely to feature remodeled versions of the standard-sized iPad with a 10" display screen & the iPad Mini with a nearly 8" screen.  Hewing to its usually tight-lipped ways, no details have been release ahead of the meeting.  This would be the 5th generation of the tablet.  The original iPad debuted in early 2010 & accelerated the consumer shift away from traditional laptop & desktop computers.  Tablets, including rival devices inspired by the iPad, are now outselling laptops.  If the unauthorized previews of the new iPads are correct, this year's standard-sized model is getting a more noticeable makeover than last year.  It's expected to be even thinner & lighter than its predecessor & designed more like the iPad Mini with slimmer sides & tighter curves on the back.  To conform with the new look, new versions of its smart covers are expected, the polyurethane shields that attach to iPads to protect the screen.  The covers also can be detached & folded into a stand for the device.  The stock has had a good run since Jul & went up 12 today.  Next week is the earnings report.

New iPads likely to star in Apple's latest show Associated Press

Apple (AAPL)

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JPMorgan, a Dow stock, is preparing to pay $13B to end US civil probes of its mortgage-bond sales, an amount that ranks among the largest settlements by a single company & dwarfs fines previously imposed by the Justice Dept.  Past accords include: 
-- The $246B settlement by the biggest tobacco companies in 1998 to resolve state gov claims for the costs of treating sick smokers.
-- Pledges by Wall Street firms to repurchase more than $50B of auction-rate securities to settle state & federal complaints.
-- The $25B in payments and relief for troubled borrowers that 5 US lenders pledged to resolve probes into mishandled foreclosures as part of a Feb 2012 deal with federal regulators & state attorneys general. 
-- In 2010, BP (BP) promised it would set up a $20B trust fund for claims & costs.  The company has so far spent at least $26B on the cleanup, reimbursements & other payments.
This was not a huge surprise, the stock slid a few pennies.

JPMorgan $13 Billion Deal Would Join Largest Settlements From UBS to BofA

J P Morgan Chase (JPM)

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Stocks took the day off.  Besides earnings, & a lot are coming this week, the jobs report tomorrow will be closely watched.  Of course that data was taken before the gov shutdown.  One quarter of S&P 500 companies will report this week, which should bring excitement to the stock market.  Expectations are low as is the case for the GDP growth data.  Even with the gov shutdown, Dow is still up 250 in what can be a very volatile month.

Dow Jones Industrials

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