I’ll post the daily Stock Market Report and Stock Market Analysis after the close. Here’s some news…
JOLTS REPORT (CNBC)
“The number of U.S. job openings remained near the
highest level in 13 years in July, and companies also stepped up hiring that
month to the fastest pace in nearly seven years, two signs the job market is
slowly healing…Total hiring jumped 81,000 to 4.87 million, the highest level
since December 2007, when the recession began. That indicates that companies
are more likely to fill their open jobs.” Story at… http://www.cnbc.com/id/101984410
BIG BANKS GET TOUGHER CAPITAL SURCHARGE (WSJ)
“The Federal Reserve is preparing to hit the biggest U.S. banks with a tougher version of a capital surcharge than agreed to by international regulators, a top official said in testimony prepared for a hearing Tuesday… "By further increasing the amount of the most loss-absorbing form of capital that is required to be held by firms that potentially pose the greatest risk to financial stability, we intend to improve the resiliency of these firms…This so-called capital surcharge would require giant, complex banks to increase their loss-absorbing capital by between 1 and 2.5 percentage points, calibrated to the relative riskiness of the bank " Story at…
http://online.wsj.com/articles/feds-tarullo-says-fed-board-will-unveil-systemically-important-financial-institution-surcharge-rule-soon-1410211114?mod=djemalertMARKET&cb=logged0.7788317854984594
For my comment see yesterday’s blog under the heading “THIS WILL CAUSE TROUBLE: NEW BANKING RULES TIGHTEN ‘LIQUIDITY’”. Rules are set to phase in starting in January.
WE NEED A CORRECTION NOW…OR ELSE (Financial Sense)
“Given the high valuation levels, high levels of investor
bullishness, the concerns of so many ‘smart money’ billionaires, and the
unusual length of time without even a normal 10% to 20% correction, there is
high risk of a significant correction. That might be the best scenario, since
the risk is much higher for something worse later if a normal correction does
not take place now.” Commentary at…http://www.financialsense.com/contributors/sy-harding/why-market-correction-now-would-be-best-scenario
PERCENT OF STOCKS ABOVE THEIR 200-dMA (Index Indicators)
Chart from...The above chart shows a troubling trend. The %-of NYSE stocks above their 200-day moving average seems to be rolling over. Further, it is currently below 62% and that has been a level that has been trouble in the past.
