[expat_panama]

Not a good sign. Lowered earnings expectations hurt the capital markets which in turn hits hiring and then everyone's in a bad way.

[expat_panama]

Happy mid-week everyone!  Yesterday's profit taking came out as an opening distribution #1 for NASDAQ (barely) but today's futures traders say it's +0.47% for stocks and -0.04% for metals (after yesterday's rally; gold, silver now climbing to $1,148.93, $15.95!).  Lot's going on, there are reports--

7:00 AM MBA Mortgage Index
10:30 AM Crude Inventories
3:00 PM Consumer Credit
 

--and news--

• The Myth of Dynastic Wealth - Rob Arnott, William Berstein & Lillian Wu, CJ
• CNBC Stocks seen higher; M&A, earnings eyed U.S. stock index futures pointed to a stronger open on Wednesday, tracking shares in Europe and Asia higher.
• S&P 500 Reaches a Bull/Bear Crossroad - Michael Ashbaugh, MarketWatch
• When the Chinese Eat, They Don't At Our Expense - Kevin Williamson, NR
• Bernanke's Meddling Robbed Us of a Big Recovery - Editorial, Investor's

--and FR threads:

• AB InBev makes $104 billion bid for rival brewer SABMiller (Budweiser to merge with Miller)

• Anyone heard this bit of audio? <P> Economic crisis President Bush mortgage speech 2002

• Fed official: Strong economy nears full employment and higher interest rates

• 90 Day T-Bill Rate 0

• Islamic halal economy set to grow

[Soul of the South]

Caterpillar to lay off 5000 before the end of 2016:

http://www.sj-r.com/article/20150926/NEWS/150929632

Sun Edison to lay off 15% of its workforce:
http://www.bloomberg.com/news/articles/2015-10-05/sunedison-to-fire-15-of-workers-may-take-40-million-charge

Patriot Coal to lay off 2000 in West Virginia:
http://www.sfgate.com/news/article/Patriot-Coal-expects-to-lay-off-more-than-1-000-6553364.php

Wal-Mart cutting 450 at headquarters:
http://www.wsj.com/articles/wal-mart-to-cut-450-jobs-at-headquarters-1443795305

Bank of America to announce layoffs:
http://www.bizjournals.com/charlotte/blog/bank_notes/2015/09/bank-of-america-to-announce-layoffs-unclear-if.html

Neiman-Marcus lays off 500:
http://www.news-journal.com/news/2015/oct/05/neiman-marcus-lays-off-500/

Only the tip of the iceberg. Consider the millions of small businesses laying off one or two employees.

Meanwhile the federal government claims the unemployment rate is only 5.1%.