Today's Headlines

Bloomberg: 

• China Financial Crackdown Intensifies as Funds, Banks Targeted. China’s crackdown on its financial industry is intensifying as authorities investigate strategies blamed for exacerbating a $5 trillion stock-market rout. Shanghai police raided hedge fund Zexi Investment on Sunday, taking away computers and other materials, according to a person familiar with the matter. General manager Xu Xiang was detained, the official Xinhua news agency reported. Executives at Yishidun International Trading and Huaxin Futures were arrested, Xinhua said in a separate report.
• Agricultural Bank President Said Taken Away to Assist With Probe. Agricultural Bank of China Ltd. President Zhang Yun was taken away to assist authorities with an investigation, people familiar with the matter said. The people, who asked not to be identified, didn’t give details on who is conducting the probe or what it’s related to. Assisting with an investigation doesn’t mean Zhang is accused of wrongdoing. The Communist Party’s Central Commission for Discipline Inspection is carrying out its first broad checks on the finance industry since President Xi Jinping became the party’s head in November 2012. The summer’s stock-market rout in China has triggered investigations that have snared executives from the country’s biggest securities firm as well as a star fund manager and a top regulatory official.
• Can We Trust China's Economic Data? (video)
• China Tells Eager Parents to Hold Off on the Baby-Making for Now. China ordered local family planning agencies to keep enforcing the country’s one-child policy, undercutting one province’s plans to start letting parents expand their families now, state media said. The policy, which the ruling Communist Party abandoned Thursday after 36 years, would remain the law until legislators amend it this spring, the Beijing News reported Sunday, citing a statement by the National Health and Family Planning Commission. Until then, local authorities shouldn’t "willfully" enact their own versions of the new two-child limit prescribed by party leaders, the health ministry said.
• Emerging-Market ETF Flows Break Longest Winning Streak Since May. Investors pulled money out of U.S. exchange-traded funds that invest in emerging markets last week for the first time since early October, ending the longest winning streak for the ETFs since May. Redemptions from emerging-market ETFs that invest across developing nations as well as those that target specific countries totaled $91.3 million compared with inflows of $1.1 billion in the previous week and $2.58 billion in the past three periods, according to data compiled by Bloomberg. Almost all the losses came from bond funds, with stock ETFs declining by less than $1 million. The MSCI Emerging Markets Index fell 2.4 percent in the week. The biggest change was in Mexico, where funds shrank by $87.7 million, compared with $37.3 million of inflows the previous week. Investors withdrew $82.1 million from stock funds and $5.7 million from bonds.
• Money Flooding Out of Canada at Fastest Pace in Developed World. Money is flooding out of Canada at the fastest pace in the developed world as the nation’s decade-long oil boom comes to an end and little else looks ready to take the industry’s place as an economic driver. Canada’s basic balance -- a measure of national accounts that spans everything from trade to financial-market flows -- swung from a surplus of 4.2 percent of gross domestic product to a deficit of 7.9 percent in the 12 months ending in June, according to analysis from Kamal Sharma, a foreign-exchange strategist at Bank of America Merrill Lynch. That’s the fastest one-year deterioration among 10 major developed nations.
• China Stocks Fall for Second Day on Manufacturing Data, Probes. China’s stocks fell for a second day after official data showed manufacturing contracted for a third month and authorities detained a top-performing hedge-fund manager in widening probes into market manipulation and insider trading. The Shanghai Composite Index dropped 1.7 percent to 3,325.08 at the close, while the Hang Seng China Enterprises Index slid 1.5 percent in a fifth day of losses, the longest losing streak in almost two months. PetroChina Co. and Aluminum Corp. of China Ltd. led declines for commodity shares, sliding at least 2.5 percent. Police raided hedge fund Zexi Investment on Sunday, according to a person familiar with the matter. The 26 companies that Zexi disclosed as a shareholder in the past 12 months fell by an average of 4.5 percent on Monday.
• European Stocks Rise as Euro-Area Manufacturing Beats Estimates. (video) European stocks advanced as better-than-expected manufacturing in the region outweighed disappointing Chinese output data. Commerzbank AG rose 6.6 percent after the German lender said quarterly earnings increased by 25 percent, while Chief Executive Officer Martin Blessing prepares to leave the company. HSBC Holdings Plc fell 0.8 percent as RBC Capital said that the bank’s decline in income will lead analysts to downgrade their estimates. Rio Tinto Group and BHP Billiton Ltd. lost at least 1.4 percent, dragging a gauge of miners to among the worst performers of the 19 industry groups on the Stoxx Europe 600 Index as commodity prices slid. The Stoxx 600 climbed 0.3 percent to 376.75 at the close of trading, reversing a loss of as much as 0.7 percent.
• No Credit? No Problem as Auto Lender Taps Subprime Bond Appetite. Skopos Financial, a deep-subprime auto finance company based in Irving, Texas, is packaging $154 million of loans made to borrowers with weak credit -- and some without a credit score -- into bonds rated investment grade. More than three-quarters of the loans backing the deal are to borrowers with credit scores under 600 and another 14 percent have no credit score at all, according to a pre-sale report by Kroll Bond Rating Agency. That would place the bulk of the obligations well below what’s typically considered good credit. The offering is the latest prepared by privately backed auto lenders that offload their risk into securities bought by institutional investors. Skopos, which is backed by Lee Equity Partners LLC, the New York-based private equity firm started by Thomas H. Lee, has only been in business since 2012. Small and thinly capitalized lenders with short track records and little history of surviving difficult credit cycles have gained the most attention in recent years, as regulators flag booming loan volumes and looser underwriting standards. Low interest rates spurring an increasing amount of debt have inflated the market for the bonds. Overall outstanding auto debt now exceeds $1 trillion, Federal Reserve Bank of New York data show. 
• Paul Singer Says Aug. 24 Shows Stock, Bond Markets Are 'Unsound'. Paul Singer, the billionaire founder of $27 billion hedge fund firm Elliott Management, said stock and bond markets are structurally “unsound” as evidenced in recent market volatility. In a wide-ranging letter that warned of the effects from low interest rates, unrest in the Middle East, and leverage in the financial system, Singer, 71, said steep declines and rapid recoveries in financial markets, such as the Aug. 24 stock market slump, and recent flash crashes in bond markets, probably foreshadow the future. “All of the innovations and complexity in the modern world of finance combine in different ingredients at different times with different catalysts to create fragility, not stability,” he wrote in a note to clients dated Oct. 27. “We wonder if the overall impact of financial innovation, including derivatives, structured products, high frequency trading and communication advances, is net negative, albeit with a possibly long delay before the drawbacks become visible.” Singer said Elliott is finding opportunities in activist equity and looking at "potentially interesting" wagers on stressed credit. "We are determined to keep our powder dry for opportunities to come," he wrote. Elliott’s two main funds gained 2.4 percent and 2.8 percent respectively in 2015, after rising 0.2 percent and 0.1 percent in the third quarter, according to the note.

Zero Hedge:

• Santelli Slams Protesters Blockading CME As Traders Unload On "Soros Paid Morons". (video)
• Europe Will Never Be The Same; Neither Will The World.
• Dan Loeb Now A Bear? "We Have More Single Short Names Than Long Positions In Our Book Today".
• Janus Capital Shares Tumble After Soros Said To Pull $500 Million From Gross' Fund. 
• German Bunds Tumble Amid China Reserve "Selling" Chatter. (graph)
• "For Every Job Created In The US This Decade, US Corporations Spent $296,000 On Stock Buybacks". (graph)
• ISM Manufacturing Tumbles To Weakest In 3 Years As Employment Crashes To Lowest Since August 2009. (graph)
• US Manufacturing PMI At 7-Month Highs As Canada's Crashes To Record Low (Below China). (graph)
• US Equities' "Impressive Rebound" Is Hollow Inside. (graph)

Business Insider:

• 'Simply a disaster': The results of Turkey's historic election were surprising, and ominous.
• EPA: Volkswagen cheated emission tests with another engine.
• Marco Rubio is exploding in a key early state.
• How to delete all of the search data Facebook(FB) keeps on you.
• Why a free Ukraine matters to America and the free world.
• The world's economic 'canary in the coal mine' has no good news to offer. (graph)
• More people in the US have this STI than all others combined.
• Chipotle(CMG) shares are tumbling after E. coli reports in 2 states.

Financial Times:

• ECB officials met bankers before key decisions. Some of the European Central Bank’s top decision-makers met banks and asset managers days before major policy decisions, and on one occasion just hours before, copies of their diaries reveal. The diaries, which cover meetings of the six members of the ECB’s executive board between August 2014 and August 2015, were given to the Financial Times under Freedom of Information rules and reveal engagements with the private sector, officials and the media.

Telegraph:

• Eurozone banks still swamped with bad loans. British and American banks have acted fast to clean up their balance sheets, but European lenders are still weighed down with loans which are not being paid off.

El Pais:

• Germany, Spain Clash Over Sovereign Debt Risk. Germany's Bundesbank wants banks to accept that sovereign debt has some risks and introduce a limit to amount banks can hold. Current regulation gives preference to sovereign debt, giving incentives to banks to hold on it for too long, citing Andreas Dombret, member of the Bundesbank management board.

Bear Radar

Style Underperformer:

• Large-Cap Growth +.57%

Sector Underperformers:

• 1) Utilities -.32% 2) Retail +.05% 3) Road & Rail +.06%

Stocks Falling on Unusual Volume:

• EIGI, THS, HAIN, CMG, SCTY, V, SBRA, STRP, MCO, PHI, TMH, ELLI, HY, QUNR, SC, SYKE, CMCO, BBW, RVNC, ECL, ECOL, COLM, DSW, FFIV, MHFI and SBRA
  

Stocks With Unusual Put Option Activity:

• 1) PPC 2) LNG 3) BZH 4) X 5) V
  

Stocks With Most Negative News Mentions:

• 1) CMG 2) ANET 3) SBRA 4) CPN 5) MCO
  

Charts:

• ETFs Falling on Unusual Volume

• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Small-Cap Growth +1.69%

Sector Outperformers:

• 1) Computer Hardware +3.31% 2) Biotech +2.82% 3) Gaming +2.48%
  

Stocks Rising on Unusual Volume:

• MDAS, CTCT, DYAX, CRAY, VRX, EROS, TVPT, AVXL, EL, HPQ, CYTK, MSCI, ACAD, CONN, FLDM, BOFI, GNC and KKR
  

Stocks With Unusual Call Option Activity:

• 1) FFIV 2) CAR 3) TSN 4) DVAX 5) ACI
  

Stocks With Most Positive News Mentions:

• 1) RAX 2) NTRI 3) ILMN 4) MGM 5) EL
  

Charts:

• ETFs Rising on Unusual Volume 

• Stocks Rising on Unusual Volume

Morning Market Internals

NYSE Composite Index:

• Volume Running -3.2% Below 100-Day Average
• 7 Sectors Rising, 3 Sectors Declining
• 68.5% of Issues Advancing, 29.2% Declining
• 62 New 52-Week Highs, 24 New Lows
• 36.5% of Issues Above 200-day Moving Average
• Average 14-Day RSI 44.8
• Vix 14.5
• Total Put/Call .81
• TRIN/Arms .99

Monday Watch

Today's Headlines

Bloomberg:

• China Slide Toward Debt-Deflation Trap Needs 5-Year Plan Fix. As China’s Communist Party leaders began rolling out a blueprint last week to manage a transition to more balanced growth over the next five years, they confront the immediate task of halting the economy’s slide toward a debt-deflation trap. The central bank stepped up efforts last month to avert that risk with a sixth interest-rate cut in a year. While easier policy helps tide over the short term, a long-term fix needs leaders to back reforms in the 13th five-year plan that slash excess industrial capacity, rev up new growth drivers and shift funding away from deadbeat state companies to vibrant private ones. China’s total outstanding borrowing has surged by two-thirds since 2008 to 208 percent of gross domestic product, producer prices have slumped for 43 consecutive months and the consumer price index began a downward trajectory in the middle of last year. The risk is a vicious downward spiral that traps companies as their assets lose value at the same time as real financing costs rise, forcing them to borrow more to stay afloat in a cascading downward plunge.

• China’s Official Factory Gauge Shows Contraction Continues. China’s first key indicator this quarter, an official factory gauge, missed analysts’ estimates, signaling that the manufacturing sector has yet to bottom out as global demand falters and deflationary pressures deepen. The official purchasing managers index was unchanged at 49.8 in October, the National Bureau of Statistics said Sunday, compared with the median estimate of 50 in a Bloomberg survey. Numbers below 50 indicate contraction. “The manufacturing sector is still contracting, though stabilizing," and the report indicates economic momentum remains sluggish, said Liu Ligang, chief Greater China economist at Australia & New Zealand Banking Group Ltd. in Hong Kong.  

• Hidili Says Not in Position to Pay Bonds as China Defaults Mount. China faces another test in its credit markets this week after a coal firm signaled it may default on its dollar debt. Hidili Industry International Development Ltd. is not in a position to repay $190.6 million of principal and interest due Nov. 4. on its 8.625 percent notes, it said in a statement Friday. The mining company based in the southwest province of Sichuan has defaulted on some of its 6 billion yuan ($947 million) of loans, it said. Hidili has hired UBS Group AG to advise on bond restructuring, according to the filing. "Given the poor macro backdrop, we are seeing more distress with companies in overcapacity industries," said Liu Dongliang, a senior analyst at China Merchants Bank Co. in Shenzhen. "Defaults, especially in the private sector, will only become more common.”

• China Steps Up Market Reforms Amid Record Capital Outflows. China is signaling that it’s not letting record outflows this year deter capital-market reforms. The central bank said Friday that it will consider a trial program in the Shanghai free trade zone, allowing residents to buy overseas assets directly and opening up yuan-denominated bonds to trading by foreign companies. Other initiatives include permitting Chinese firms to trade derivatives and establishing securities joint-ventures with international companies. The measures were announced in the face of an unprecedented exodus from China following a surprise devaluation in August and a two-month long stock market rout. Investors pulled $194 billion from the country in September, extending this year’s outflow to $669 billion, according to data compiled by Bloomberg.

• Shanghai Police Said to Raid Office of Hedge Fund Zexi in Probe. Shanghai police raided hedge fund Zexi Investment on Sunday, taking away computers and other materials, according to a person familiar with the matter, in the latest attempt by Chinese authorities to crack down on strategies blamed for exacerbating a $5 trillion stock-market rout.

• Kuroda Sows Doubts Among Some BOJ Watchers He Will Ease Again. After twice this year putting off his inflation target yet declining to step up monetary stimulus, Bank of Japan Governor Haruhiko Kuroda has discouraged some analysts from thinking he’ll ever boost policy again. Forty-four percent of economists surveyed by Bloomberg had expected a move by Kuroda at the Oct. 30 meeting, with a further 22 percent projecting action sometime between December and April. With policy unchanged even as the central bank cut forecasts for growth and prices, some observers are now struggling to determine what it would take for the governor to pull the trigger for more asset purchases. “The possibility of further easing is highly unpredictable,” said Kyohei Morita, the chief Japan economist for Barclays Plc. “The BOJ has become something I don’t really understand,” said Morita, who’s been analyzing the Japanese economy for more than two decades. 

• Merkel Faces Biggest Challenge in Syrians Unwilling to Integrate. Mariam isn’t the kind of Syrian refugee Angela Merkel might have been expecting. After a trek from Turkey with her three children to reunite with her husband in Berlin, the 23-year-old in her long black coat and cream headscarf wants to leave the city she thought would be a “paradise” and return to a Muslim country. “I don’t want roots here, I don’t want to learn German or to integrate,” she said in Arabic, as she endured the rain on an October morning, asking not to be identified by her full name after escaping the violence at home. “I won’t need to, anyway, because I’m here only until the war in Syria is over.” Many Syrians like Mariam at a Berlin refugee center spoke similarly of Germany as a temporary pit stop rather than a completely new life. While only a snapshot, it’s one that could presage the next chapter in the crisis engulfing Europe’s largest economy, with many newcomers resisting learning German and assimilation. Doing so would raise the risk of parallel societies emerging and add to voters’ concerns as Chancellor Angela Merkel faces the biggest threat yet to her chancellorship.

• Bonds Send Same Ominous Signs No Matter Where in World You Look. Ask any bond trader in Tokyo, London or New York what their view on the global economy is, and you’re likely to get a similar, decidedly downbeat answer. That’s not just because fixed-income types are a dour bunch at the best of times. A quick scan across government debt markets suggests that investors are pricing in the likelihood that growth and inflation around the world will remain tepid for years to come.

• China Stocks Drop for Second Day as Manufacturing Extends Slump. Chinese stocks fell for a second day, led by commodity producers, after an official factory gauge contracted for a third month. The Shanghai Composite Index dropped 0.5 percent to 3,364.91 at 10:01 a.m., as three stocks slid for each one that gained. Tongling Nonferrous Metals Group Co., the nation’s second-largest copper smelter, slumped 3.3 percent, while Yanzhou Coal Mining Co. lost 1.9 percent.

• Asia Stocks Fall on China Factory Data as Industrial Shares Drop. Asian stocks dropped, after their best month since May 2009, as industrial companies led losses following data signaling a contraction in Chinese manufacturing. The MSCI Asia Pacific Index fell 0.5 percent to 133.77 as of 9:01 a.m. in Tokyo.

• Swelling Iron Ore Stockpiles in China May Signal More Losses. Iron ore stockpiled at ports in China posted the longest run of gains this year, and Australia & New Zealand Banking Group Ltd. predicts holdings will probably expand further, hurting prices that have dropped below $50 a metric ton. The inventories climbed 1 percent to 84.75 million tons last week to the highest level since May, according to Shanghai Steelhome Information Technology Co. The gain was the third straight increase, the longest run of rises since November.

• Charlie Munger Isn't Done Bashing Valeant(VRX). Charles Munger saw it coming, and now he’s shaking his head. Months before Valeant Pharmaceuticals International Inc. tumbled under attack from short sellers, Munger told investors in Los Angeles the company reminded him of the excesses of the 1960s conglomerate craze. “I’m holding my nose,” Warren Buffett’s longtime business partner said. Turns out, those remarks were just the start of his concerns.

Wall Street Journal:

• Iran’s Khamenei Warns Countries Against Dictating Syria’s Political Future. Supreme leader also rejects direct talks with the U.S. on regional issues. Iranian Supreme Leader Ayatollah Ali Khamenei on Sunday warned against foreign countries dictating Syria’s political future and rejected direct talks with the U.S. on regional issues following recent negotiations to end the long-running Syrian civil war.

• The Slow-Motion Implosion of ObamaCare. I see firsthand in my company why not enough people are signing up and premiums are rising. Health and Human Services Secretary Sylvia Burwell announced recently that she expects 10 million people to be enrolled in health-care coverage through ObamaCare’s exchanges by the end of next year. What she didn’t mention was that in March of last year the Congressional Budget Office predicted that 21 million people would be enrolled in 2016—more than double the new estimate.

Fox News:

• Fred Thompson, former US Senator, dead at 73. (video)

MarketWatch.com:

• Energy companies may rain on S&P 500 earnings parade.

CNBC:

• Macau gaming revenue falls for 17th straight month. Gambling revenue in the Chinese territory of Macau fell 28.4 percent in October from the same period a year earlier, marking the 17th consecutive month of decline, as wealthy clients continued to stay away from China's only legal casino hub. VIP gamblers, which account for about half of revenue, have been staying away from Macau, deterred by a campaign by China's central government against conspicuous spending by public officials, which in turn is part of a wider investigation into unauthorised outflows of money from the mainland.

• A Mass Migration Crisis, and It May Yet Get Worse. They arrived in an unceasing stream, 10,000 a day at the height, as many as a million migrants heading for Europe this year, pushing infants in strollers and elderly parents in wheelchairs, carrying children on their shoulders and life savings in their socks. They came in search of a new life, but in many ways they were the heralds of a new age.

Zero Hedge:

• US, Japanese Stock Extend Losses; Turkish Lira Soars Most In 7 Years. (graph)

• Partner Of "China's Carl Icahn" Executed By Local Police After Attempting Escape Following Insider Trading Charges.

• Putin's Approval Rating Reaches A New High.

• China's Manufacturing Misses; Nonmanufacturing Worst Since 2008 Despite Unprecedented $1 Trillion "Debt Injection". (graph)

• JPM Quants: The Catalyst For The October Rally Is Over; "All 4 Sectors Are Currently Long Equities". (graph)

• Stocks, Symmetry, & A Significant Threat To The Global Economy.

• Iraq Turns On America: “Iraqi People Have Started To Feel That The US Isn't Serious About Fighting ISIS".

• "Social Expenditures" In the US Are Higher Than All Other OECD Countries, Except France.

• Russian Plane "Broke Apart In The Air," Officials Say As Investigators Frantically Search For "Clues".

• Fed Admits "Something's Going On Here That We Maybe Don't Understand". (graph)

• Another Black Swan? Turkey Holds Snap Elections Amid NATO-Backed Civil War.

• Crude Supertanker Rates Collapse As VLCC 'Traffic' To China Lowest In 13 Months. (graph)

• Mario Draghi Admits Global QE Has Failed: "The Slowdown Is Probably Not Temporary". (graph)

• The Quick "Bull" Vs "Bear" Case In 8 Charts. (graph)

Business Insider:

• DISTRESSED INVESTOR: 'We're getting closer'. There's a growing sense on Wall Street that markets are close to the top. That's bad news for some investors, but for a certain breed of investor — those that look to make money from assets that are in distress — these are exciting times.

• Private equity giants are selling their shale to China.

• ISIS just got even closer to a key Syrian supply line.

• 3 dead, 4 injured when car plows into NYC trick-or-treaters. A street full of trick-or-treaters turned into a Halloween horror scene when an out-of-control car jumped a curb and careened into a group of costumed revelers, killing three people, including a 10-year-old girl and her grandfather.

• A flood of cheap money is fueling the mega-mergers boom.

• Make no mistake, China's economy is still wobbly.

Reuters:

• Commodity currencies off to a shaky start on China worry. Commodity currencies slipped on Monday in the wake of disappointing Chinese data and were notable movers in a 'risk off' start to a week packed with crucial economic news. An official survey on Sunday showed activity in China's manufacturing sector unexpectedly contracted in October for a third month, fuelling fears the economy may still be losing momentum despite a raft of stimulus measures. The Australian  dollar slid as far as $0.7105, from around $0.7138 late in New York on Friday, while its New Zealand peer dipped to $0.6732, turning around from Friday's peak near 68 U.S. cents.

Financial Times:

• Oil market slides out of control. A combination of technological progress, in the shape of the spectacular success of US shale oil production over the past five years, worries about the slowdown in China and other emerging economies, and a shift in strategy by Saudi Arabia, the world’s largest oil exporter, has caused a global glut of oil that sent prices tumbling by more than 50 per cent.

FAS:

• Merkel Expects 1 Million Refugees in Germany This Year. German Chancellor Angela Merkel corrects earlier govt estimate that 800,000 refugees will come to Germany this year, citing people briefed on meeting of European leaders on Oct. 25.

Night Trading

• Asian indices are -1.25% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 131.0 +.25 basis point.

• Asia Pacific Sovereign CDS Index 72.25 -2.25 basis points.

• Bloomberg Emerging Markets Currency Index 72.02 unch.  

• S&P 500 futures -.36%.

• NASDAQ 100 futures -.32%.

Morning Preview Links

Earnings of Note

Company/Estimate 

• (CAH)/1.10

• (CLX)/1.18

• (DO)/.60

• (D)/1.05

• (EL)/.70

• (KBR)/.28

• (L)/.59

• (V)/.63

• (SYY)/.51

• (ALL)/1.30

• (AIG)/1.01

• (CAR)/2.00

• (MIC)/.36

• (SANM)/.54

• (THC)/.28

• (VNO)/1.30

Economic Releases 
9:45 am EST

• Final October Markit US Manufacturing PMI is estimated at 54.0 versus a prior estimate of 54.0.

10:00 am EST

• Construction Spending for September is estimated to rise +.5% versus a +.7% gain in August.

• ISM Manufacturing for October is estimated to fall to 50.0 versus 50.2 in September.

• ISM Prices Paid for October is estimated to rise to 38.8 versus 38.0 in September.
  

Upcoming Splits

• (GPN) 2-for-1

Other Potential Market Movers

• The Fed's Yellen meeting with US Treasury/Banking Officials, Eurozone Manufacturing PMI, UK Manufacturing PMI and the Australia central bank decision could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial and commodity shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 25% net long heading into the week.

Weekly Outlook

Week Ahead by Bloomberg. 

Wall St. Week Ahead by Reuters.

Weekly Economic Calendar by Briefing.com.

BOTTOM LINE: I expect US stocks to finish the week modestly lower on China bubble-bursting fears, global growth worries, commodity weakness, earnings outlook concerns, technical selling and rising European/Emerging Markets/US High-Yield debt angst. My intermediate-term trading indicators are giving neutral signals and the Portfolio is 25% net long heading into the week.