Senior Technical Strategist Ryan Detrick. “This is unprecedented and really only adds to the high levels of uncertainty already out there.
Markets Halted as Wall Street Endures Hurricane Sandy
As Hurricane Sandy made its way up the Eastern Seaboard and targeted the nation’s financial center, trading was suspended for the Dow Jones Industrial Average (DJI) and other major indexes and exchanges. In fact, because the potential for greater problems will rise throughout the day and into tomorrow, the stock exchanges will remain closed on Tuesday, with hopes to reopen on Wednesday. To appreciate just how much of a threat Sandy actually is, this marks the first time since 1888 that Wall Street will be shuttered for two consecutive days due to weather. “Consider this: the market is closed in the heart of earnings season and right ahead of the election,” noted Schaeffer’s Senior Technical Strategist Ryan Detrick. “This is unprecedented and really only adds to the high levels of uncertainty already out there.
The price of European Brent oil opened Tuesday’s trading session firm over $109 a barrel as Hurricane Sandy threatens a partial operational shutdown in refineries on the US East Coast as the Hurricane it New York City late last night.
Latest Brent Oil Price
In London, ICE Brent oil futures for December 2012 delivery was trading at $109.58 a barrel, 09:02 GMT today on the ICE Futures Exchange, or 0.1 percent higher.
“Sandy looks to make a direct hit in the Northeast, so it’s very possible New Jersey and Pennsylvania refiners might engage in some defense and slow or shut some operations,” said John Kilduff, partner at Again Capital LLC in New York.
If one is curious why the EURUSD has been ramping as if no one will ever sell one more euro ever again, the reason is simple: the BIS is desperate to mask the fact that the fragile Greek coalition, whose creation sent Europe to the edge back in June during the Greek re-elections that just barely avoided a Grexit, has just crumbled. And with an illiquid market, the reflexive argument always is a simple one: if someone is buying, the news must be good, so dear momo-chasers – buy along. Only the news isn’t good, and in a centrally-planned world, the only buyer left are central banks, who are now solely political, and not market, forces. What the news really is, is that with Greece poised to vote on critical labor reforms (read more layoffs) next week, which must be passed in Parliament with a majority vote in order to get the next Troika bailout tranche, the Samaras-led coalition just lost one of its three members, after the Democratic Left announced it would take its 16 votes and vote against any further austerity. In doing so it has effectively joined Syriza and any other anti-bailout powers, and has made certain that yet another Greek election is imminent, one which will finally see the rise of the “anti-memorandum” forces on top, and finally launch the 3 year overdue departure of the Greek ferryboat from the monetary landmass, with even more dire consequences for the USS EURtanic.
A Greek coalition partner confirmed on Tuesday it would vote against labour reforms proposed by foreign lenders, ignoring the prime minister’s appeal for a united front to push through more unpopular austerity.
Greece’s coalition government will delay a vote on major new austerity measures by another week, but warned Tuesday there would be financial “chaos” if a deal is not reached.
Finance Minister Yannis Stournaras told reporters that the austerity measures, worth 13.5 billion euros ($17.4 billion), would be submitted to parliament next week, as the three parties in government continue to disagree over new savings demanded by international bailout lenders.
Spain’s economy has continued to shrink, according to official figures, as the government’s harsh austerity measures take their toll.
The country’s GDP contracted by 0.3% between July and September, slightly better than the 0.4% drop of the previous quarter, the country’s National Statistics Institute said.
This could get ugly in a hurry. Oyster Creek is the same design, but even older than Fukushima, and acccording to Reuters, just 6 more inches of water will completely submerge the cooling pump.
“Unprecedented” damage to New York City’s power and transport grid won’t be easy to fix.
Mayor Bloomberg said at a press conference that he guesses it will take 3-4 days to bring power fully back online; 4-5 days to fix the subways.
There are currently 750,000 New Yorkers without power.
“Our administration will move heaven and earth to help [Con Ed and the MTA],” said Bloomberg.
City buses are expected to be online tomorrow, with roads open too.
(Reuters) – Exelon Corp declared an “alert” at its New Jersey Oyster Creek nuclear power plant due to a record storm surge, the Nuclear Regulatory Commission said, warning that a further water rise could force the country’s oldest working plant to use emergency water supplies to cool spent uranium fuel rods.
The alert came after water levels at the plant rose by more than 6.5 feet, potentially affecting the pumps that circulate water through the plant, an NRC spokesman said late on Monday. A further rise to 7 feet could submerge the service water pump motor that is used to cool the water in the spent fuel pool.
Just reported by Bloomberg: US markets WILL reopen tomorrow.
US markets have been closed Monday and today due to Hurricane Sandy.
Getting the market reopened for tomorrow has always been an important priority since it’s the last day of the month and portfolio managers wanted the ability to trade before end-of-month statements go out.