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Market Flash: Market Down

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From The Trading Floor: Stocks are trading lower today after the International Monetary Fund cut its growth forecast and warned of frothy stock levels in the face of slowing growth in Europe

  • National Retail Federation released its holiday sales forecast for 2014 and it is expecting good things. Sales for the months of November and December are expected to be up 4.1% versus a 3.1% increase in 2013 and an average 2.9% increase over the last ten years

  • The Obama administration has called for new protocols to help stop the spread of Ebola, including additional passenger screening at airports and increased efforts to educate medical providers on how to handle cases.

  • Rio Tinto says it rejected an informal approach from Glencore about a potential $160B merger in August and has had no further contact

  • Kansas City Fed President Esther George reiterated that a growing economy means the U.S. central bank needs to move toward raising short-term interest rates

  • IBD / TIPP Economic Optimism for October remained the same at 45.2

  • Job openings in the U.S. rose by 230,000 in August to 4.84 million

  • Consumer Credit for August will be released at 3:00

  • In Europe and specifically Germany, industrial output declined 4.0% month  over month in August

  • The Bank of Japan and the Reserve Bank of Australia announced that their key lending rates are being left unchanged at 0.1% and 2.5%, respectively

  • Samsung acknowledging its third quarter operating profit will be 60% below the year]ago period due to pressures in its smartphone business.

  • Resistance today looks to be at the 1975 / 1978 level with support at 1956 / 1959


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