This post is a tad different than what's on the web link as it's based on the print edition, but they're both great w/ lots 'o good stuff.
Bear market talk aside, we're still not quite down to where we were w/ the last big dip five months ago. My personal preference is to not talk about a 'bear market' until we first find ourselves in new major lows.
iow, it may not be time yet for us all to be running around in our shorts...
Ah, but it's certainly a blustery morning today isn't it? Yesterday's stock action's all covered at the top of this thread, but fwiw today's stock index futures are bonkers --the heat map's got 'em at -2.43%! Metals seem fine, futures calling them at +1.67% and gold/silver are right now at $1,093.20/$14.22.
Reports:
8:30 AM Continuing Claims
8:30 AM Export Prices ex-ag.
8:30 AM Import Prices ex-oil
10:30 AM Natural Gas Inventories
Elsewhere:
Asian shares skid as Brent crude plumbs 12-year lows Reuters - 11:41am TOKYO Asian shares fell on Thursday in the wake of steep losses on Wall Street, as Brent crude oil skidded to 12-year lows amid a commodities rout that heightened fears about the global economy.Beige Book: U.S. economy expands, but wages stay flat Philly.com - 4 hours ago The U.S. economy expanded across most of the country in the last six weeks as the job market showed strength that is failing to stoke broad wage pressures, a Federal Reserve survey showed.This is why Obama is bullish on the economy
Why the plunge in oil is crushing all stocks
Why Doom and Gloom Has Taken Over Wall Street - Shawn Tully, Fortune
'No Normal' Is the New Stock-Market Normal - John Shmuel, National Post
Why the Market's Bull Run Might Be Done - Howard Gold, MarketWatch
China Isn't the First To Fumble a Market Panic - Stephen Mihm, Bloomberg
Analyst: Here Comes the Biggest Stock Market Crash in a Generation It would be worse than the financial crisis. Fortune
What the Worst First Week of Trading In History Tells us About the Year to Come
https://www.youtube.com/watch?v=0YV3v9TDdz0
Completely off topic, but when I first saw the headline I saw “bear claw” and now I am craving a doughnut.
On a more substantive note, while we may not meet the technical definition of a bear market, or more broadly, a recession, the global economy will have little to celebrate.
China is uncertain, either economically or politically. The US regulatory regime continues to strangle entrepneurship and the global trade outlook is dismal.
If we can get new administration to take off our self imposed straight jacket, we might get a jump start on improving things.