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Morning!


In the US on Friday, the Dow rose 114 points to 16,315, the Nasdaq lost 48 points to 4,686 and the S&P 500 lost 1 points at 1,931.

In Asia today, the Nikkei was recently down 202.95 points at 17,677.56 and the Hang Seng up 90.34 points at 21,186.32.

WTI crude oil traded at $45.70 a barrel and Brent at $48.60.

Gold settled at $1146.00 an ounce.

Trade well and prosper!

Opening Market Summary

Just taken a tentative long @6005.70!

Are we ready for a further large fall?

Earlier this week, I penned a discussion of the part of the Fed discussion that killed the short-term rally we were hoping for.
Not surprisingly, the failure of the Federal Reserve to hike overnight lending rates sent a clear message to the markets that the economy was simply not strong enough to withstand tighter monetary policy.While Chairwoman Janet Yellen did her best to pass off the recent disinflationary trends as transient due to the decline in oil prices, the discussion of the potential for negative rates sent a very different message. From the WSJ:"Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term.One official called for a negative interest rate in 2015 and 2016, something that has been tried in several European countries to boost growth and inflation. The Fed doesn't identify which officials make specific projections.One reason for the shifting outlook: Officials have become a bit less optimistic about the economy's long-run growth potential. They projected the economy will grow at a rate between 1.8% and 2.2% in the long-run, down from their June estimate of growth of 2.0% to 2.3% in the long-run. A more lumbering economy has less capacity to bear much higher rates."
"With earnings growth already weak, the recognition that the Federal Reserve is likely trapped at lower rates is problematic. It also brings into question the current valuation multiples being sported by the markets currently.While it is often noted that "low rates suggest higher multiples," it should be remembered that ultimately earnings growth, outside of accounting manipulations and stock buybacks, is dependent on economic growth. Therefore, low rates also suggest economic weakness which will cap organic earnings growth over time. This makes high valuations problematic longer term.
It was this realisation, and disappointment, that likely killed the rally that began in earlier this month...............more

http://www.iii.co.uk/articles/268647/keep-selling-rallies

Midday Market Summary

Closed @6023.70 + 18.

Hic!

USD Pending Home Sales m/m -1.4% 0.4% 0.5%

Closing Market Summary