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Stock market today, Oct. 13, 2014: U.S. futures were mixed this morning, despite global stocks being in the red again. Today's session will likely see light trading volumes due to the U.S. Columbus Day holiday.
The September-quarter earnings calendar kicks into high gear this week. Tomorrow, investors are keeping an eye on a number of important bellwether companies, including banking giants Citigroup (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM), and Wells Fargo & Co. (NYSE: WFC).
U.S. stock markets continued their spiral on Friday. The sell-off accelerated in the final hour of trading, with the Dow Jones Industrial Average slipping another 115 points. It was the worst week for both the S&P 500 and the Nasdaq since May 2012. On Friday, the S&P Volatility Index (VIX) jumped another 13%, finishing one of the most volatile trading weeks of 2014.
Now, with so many bears out in force, our Chief Investment Strategist Keith Fitz-Gerald explains the strategy you need to trade after a "market reversal."
Here's what else you should know to make your Monday profitable:
Oil Prices Today: As rising supplies and wariness about demand continue to hit the global oil markets, crude prices slipped to four-and-a-half year lows today. According to various reports, members of OPEC have privately told trading audiences that they are comfortable with global crude prices in the $80 range, and both Saudi Arabia and Kuwait announced they will not cut production. Reuters reports that Saudi oil ministers have told market participants to prepare for low prices for an extended period, perhaps aimed at curbing expanding production from rivals like the United States. However, falling prices could create a larger geopolitical mess in nations where oil revenues are central to spending on social welfare programs, as Money Morning's Global Energy Strategist Dr. Kent Moors explains.
- Gold Prices Today: Spot gold prices hit a one-month high today at $1,237.48 per ounce.
- The Next Subprime Crisis: Reuters reports that U.S. regulators are asking banks for more insight into their auto financing exposure. A recent spike in subprime auto lending has fueled concern from Washington agencies about the health of Americans' finances. In addition, auto repossessions increased by 70% in the second quarter compared to the same period last year, according to Experian Automotive. The subprime auto loan crisis is a story we explored back in April 2013. And our Shah Gilani blew the doors off this brewing crisis fueled by collusion between the U.S. government and the auto industry just a few months ago.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.