History says the market sell-off isn’t over and this drop will be ‘sharper than the first’

Stocks could see another swoosh before the market is able to build on, or even hold, this week’s gains. Sam Stovall, chief investment officer at CFRA, said he would not be surprised to see a test of last week’s lows, and he is not alone. Nuveen Asset Mangement chief U.S. equities strategist Bob Doll said the market could test its lows before heading to new highs later in the year. In the year after, if there was no majority change, the market was up even more, an average of about 20 percent. “Al


Stocks could see another swoosh before the market is able to build on, or even hold, this week’s gains. Sam Stovall, chief investment officer at CFRA, said he would not be surprised to see a test of last week’s lows, and he is not alone. Nuveen Asset Mangement chief U.S. equities strategist Bob Doll said the market could test its lows before heading to new highs later in the year. In the year after, if there was no majority change, the market was up even more, an average of about 20 percent. “Al
History says the market sell-off isn’t over and this drop will be ‘sharper than the first’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: patti domm, spencer platt, getty images news, getty images
Keywords: news, cnbc, companies, history, stovall, chief, lows, market, sharper, drop, test, decline, expected, sp, average, selloff, weeks, isnt


History says the market sell-off isn't over and this drop will be 'sharper than the first'

Stocks could see another swoosh before the market is able to build on, or even hold, this week’s gains.

Stocks surged on Tuesday with positive earnings news, regaining a chunk of October’s decline.

Sam Stovall, chief investment officer at CFRA, said he would not be surprised to see a test of last week’s lows, and he is not alone. Nuveen Asset Mangement chief U.S. equities strategist Bob Doll said the market could test its lows before heading to new highs later in the year.

“This is the second decline of this year of 5 percent or more and two out of every time we had more than one decline in a year, the second decline was sharper than the first,” Stovall said. The S&P 500 dipped to 2,710 last week, a 7.8 percent decline from its all-time high in late September. In February, the S&P was down nearly 12 percent at its low.

“There could be a test of the lows. I’m not surprised that tech, consumer discretionary are leading the way [higher] because they led the way downward,” said Stovall. He said if there is another flush out to lows, it could come before the Nov. 6 election.

Dow futures Wednesday morning pointed to a decline of about 100 points at the open.

Yet, strategists say the odds are high that stocks will be strong into the end of the year and next year, as is historically the case after midterm elections. This year, Republicans are expected to retain control of the Senate, but Democrats are expected to reclaim the House, creating the potential for gridlock.

“Since World War II, even if we had a majority change in Congress, the market has risen in price and the average gain was between 12 and 13 percent,” said Stovall. In the year after, if there was no majority change, the market was up even more, an average of about 20 percent.

Source: CFRA

The S&P gained 2.1 percent Tuesday and was 3.7 percent above its recent low at Tuesday’s close. “All the usual suspects that had us concerned have kind of abated,” said Art Hogan, chief market strategist at B. Riley FBR. He said oil is not rising, the dollar is not pushing higher and Treasury yields are lower. The 10-year note yield was at 3.16 percent Tuesday, well below the 3.26 percent level that spooked the market just a week ago.

“At the same time, Morgan Stanley, Goldman Sachs and Adobe — companies are giving us real news, not just things we’re afraid of,” Hogan said.

Earnings news is expected to be extremely strong this quarter, with an average gain of about 21 percent but strategists have also been waiting to hear the comments from industrial, tech companies and others that could feel the pinch from tariffs.

Earnings Wednesday are expected from Abbott Labs, Northern Trust, US Bancorp, Alcoa, Kinder Morgan, Crown Holdings, Kaiser Aluminum, M&T Bank, and Winnebago, among others.

Minutes from the Fed’s last meeting are also expected at 2 p.m. ET, and markets are watching to see if the Fed reveals any plans on its rate hiking plans or comments on it policy of reducing its balance sheet.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: patti domm, spencer platt, getty images news, getty images
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Market sell-off could get ‘significantly worse’ this week — and it echoes 1987 crash, strategist says

A strategist warned that ongoing sell-offs in equity markets are drawing slight parallels with the crash of the late 1980s. Simon Derrick, chief currency strategist at BNY Mellon, raised concerns Monday around recent market moves. Derrick referred to the volatile market, dubbed “Black Monday,” that began on October 19, 1987, in Asia before spreading to Europe and then the United States later in the day. Last week, major markets fell deep into the red with fears of an escalating trade war between


A strategist warned that ongoing sell-offs in equity markets are drawing slight parallels with the crash of the late 1980s. Simon Derrick, chief currency strategist at BNY Mellon, raised concerns Monday around recent market moves. Derrick referred to the volatile market, dubbed “Black Monday,” that began on October 19, 1987, in Asia before spreading to Europe and then the United States later in the day. Last week, major markets fell deep into the red with fears of an escalating trade war between
Market sell-off could get ‘significantly worse’ this week — and it echoes 1987 crash, strategist says Cached Page below :
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Market sell-off could get 'significantly worse' this week — and it echoes 1987 crash, strategist says

A strategist warned that ongoing sell-offs in equity markets are drawing slight parallels with the crash of the late 1980s.

Simon Derrick, chief currency strategist at BNY Mellon, raised concerns Monday around recent market moves.

“Without wishing to be too alarmist, there have been a few parallels to what was happening 30 years ago in terms of what’s been happening to the dollar, what’s been happening to oil prices, what’s been happening to Treasury yields,” he told CNBC’s “Squawk Box Europe.”

“It’s all very September/October 1987 from that perspective.”

Derrick referred to the volatile market, dubbed “Black Monday,” that began on October 19, 1987, in Asia before spreading to Europe and then the United States later in the day. The Dow Jones industrial average fell more than 500 points — or 22 percent — in a single day.

Last week, major markets fell deep into the red with fears of an escalating trade war between the U.S. and China. Higher Treasury yields — effectively the cost of borrowing in the U.S. — also unnerved investors, as well as political problems in Italy and worries over Brexit negotiations in the U.K.

Derrick was adamant that current events wouldn’t play out like they did 1987, but said a “confluence of different circumstances” could lead to a serious risk-off event, leading the market to get significantly worse this week.

“Could it get significantly worse (this week)? Yes,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: chloe taylor, michael nagle, bloomberg, getty images
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Market is rallying but ‘we’re not out of the woods yet,’ says trader

However, Cheslock pointed out that the blue-chip index hasn’t regained all it lost in the recent sell-off. Cheslock, an equity trader at Virtu Financial, said markets were oversold after last week’s rout so equities are now being bought. “It doesn’t really give us an indication if the market is going to go higher or hit all-time highs. Last week’s sell-off was brought about, in part, by concern over rapidly rising interest rates and a possible global economic slowdown. On Tuesday, the Dow posted


However, Cheslock pointed out that the blue-chip index hasn’t regained all it lost in the recent sell-off. Cheslock, an equity trader at Virtu Financial, said markets were oversold after last week’s rout so equities are now being bought. “It doesn’t really give us an indication if the market is going to go higher or hit all-time highs. Last week’s sell-off was brought about, in part, by concern over rapidly rising interest rates and a possible global economic slowdown. On Tuesday, the Dow posted
Market is rallying but ‘we’re not out of the woods yet,’ says trader Cached Page below :
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Market is rallying but 'we're not out of the woods yet,' says trader

Closing Bell Exchange: Major indices on pace for best day since March 26th 6 Hours Ago | 03:44

The U.S. stock market shook off the recent sell-off and rose sharply on Tuesday, but that doesn’t necessarily mean it’s time to celebrate yet, trader Matthew Cheslock told CNBC.

The Dow Jones Industrial Average closed up more than 500 points on Tuesday. However, Cheslock pointed out that the blue-chip index hasn’t regained all it lost in the recent sell-off.

“We’re not out of the woods yet,” he said on “Closing Bell.”

Cheslock, an equity trader at Virtu Financial, said markets were oversold after last week’s rout so equities are now being bought.

“It doesn’t really give us an indication if the market is going to go higher or hit all-time highs. This is probably some kind of smaller bounce in between,” he noted.

Last week’s sell-off was brought about, in part, by concern over rapidly rising interest rates and a possible global economic slowdown. The major indexes suffered their worst weekly loses since March.

On Tuesday, the Dow posted its best day since March after positive earnings reports from some of the largest U.S. companies.

The Dow is now up 3 percent from last week’s lows thanks to Tuesday’s gains and Friday’s rally.


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: michelle fox
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Cramer’s charts of the fear gauge suggest the sell-off pain isn’t over yet

As strong as Tuesday’s rally was, it may not mark the end of the sell-off that ravaged stocks in last week’s trading, CNBC’s Jim Cramer said. Looking at the Cboe Volatility Index, also known as the market’s “fear gauge” or the VIX, Cramer and volatility expert Mark Sebastian determined that stocks could see another leg of pain even after Tuesday’s surge. “While today’s up action looks fabulous, Sebastian points out that it doesn’t mean the pain is over,” the “Mad Money” host said. The VIX measur


As strong as Tuesday’s rally was, it may not mark the end of the sell-off that ravaged stocks in last week’s trading, CNBC’s Jim Cramer said. Looking at the Cboe Volatility Index, also known as the market’s “fear gauge” or the VIX, Cramer and volatility expert Mark Sebastian determined that stocks could see another leg of pain even after Tuesday’s surge. “While today’s up action looks fabulous, Sebastian points out that it doesn’t mean the pain is over,” the “Mad Money” host said. The VIX measur
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Cramer's charts of the fear gauge suggest the sell-off pain isn't over yet

As strong as Tuesday’s rally was, it may not mark the end of the sell-off that ravaged stocks in last week’s trading, CNBC’s Jim Cramer said.

Looking at the Cboe Volatility Index, also known as the market’s “fear gauge” or the VIX, Cramer and volatility expert Mark Sebastian determined that stocks could see another leg of pain even after Tuesday’s surge.

“While today’s up action looks fabulous, Sebastian points out that it doesn’t mean the pain is over,” the “Mad Money” host said. “Today, we’re melting up. Sebastian thinks that the volatility index has peaked for the moment, but as we saw in February and the summer of 2015, the day where the VIX peaks is not necessarily the day where the S&P 500 bottoms.”

Put simply, volatility refers to the amount of uncertainty in the market’s prediction of changes in a stock or index’s value. The VIX measures expectations of near-term volatility by tracking S&P 500 option prices.

When the VIX goes higher, it tends to mean that investors are getting more worried about the market and making bets to protect themselves.

Sebastian, the founder of OptionPit.com, Cramer’s colleague at RealMoney.com and “Mad Money’s” resident VIX expert, spotted a few similarities between last week’s sell-off and the weakness it endured in early February.

Back then, the VIX peaked before the S&P 500 truly bottomed, a sign that the VIX’s highest level doesn’t always coincide with the peak of the market’s panicked selling.

“This is one of the tells Sebastian watches for when he’s trying to call a bottom: […] if the market goes down and the VIX doesn’t spike to new highs, that’s the sign the pain might be over,” Cramer explained. “But the point here is that, at least in February, the peak in the VIX came before the S&P’s absolute bottom.”

“In short, when Sebastian looks at this market, he sees a lot of similarities with the February collapse,” the “Mad Money” host continued. “This is what February might’ve looked like [if] we hadn’t had all those crazy VIX instruments blowing up. And that’s why he predicts that the averages will test their lows sometime next week.”

The same thing happened in the summer of 2015, when the VIX surged to a notably high level of 40 one day before the S&P 500 actually bottomed.

When it did, the VIX dropped alongside the index rather than following its typical inverse pattern.

And “after yesterday, you can’t say we’re rebounding in a straight line,” Cramer noted. Stocks attempted a rally in Monday’s session before reversing course and ending the day lower.

“That’s why Sebastian believes there’s a strong chance that this market will retest last week’s lows, probably go lower, even,” Cramer continued. “He does not think we’ve seen the bottom.”

Once the market does bottom, though, Sebastian predicted a sustainable rebound that could even drive the S&P 500 to new all-time highs by the end of the year.

“But before that move can begin, he expects to see one more shakeout,” Cramer said.

“Bottom line? The charts, as interpreted by our resident VIX expert, Mark Sebastian, suggest that you may want to curb your enthusiasm at the moment,” the “Mad Money” host continued. “While today’s run was certainly encouraging, Sebastian says we need to have one more leg down before this market can actually bottom. My view? I don’t know. It makes some sense. I guess I just thought that today’s rally was a little more convincing.”


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: elizabeth gurdus
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Spanish oil company Cepsa postpones bumper IPO, blames market rout

Spain’s Cepsa postponed what would have been the largest oil company listing in a decade on Monday, the latest IPO to succumb to a global sell-off in equity markets. Spain’s IBEX stock market index registered its biggest weekly fall since February at Friday’s close, and remains at two-year lows. “The most recent international economic developments have sowed considerable uncertainty in international capital markets,” Cepsa said in a statement. Mubadala will consider returning to the stock market


Spain’s Cepsa postponed what would have been the largest oil company listing in a decade on Monday, the latest IPO to succumb to a global sell-off in equity markets. Spain’s IBEX stock market index registered its biggest weekly fall since February at Friday’s close, and remains at two-year lows. “The most recent international economic developments have sowed considerable uncertainty in international capital markets,” Cepsa said in a statement. Mubadala will consider returning to the stock market
Spanish oil company Cepsa postpones bumper IPO, blames market rout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: luke macgregor, bloomberg, getty images
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Spanish oil company Cepsa postpones bumper IPO, blames market rout

Spain’s Cepsa postponed what would have been the largest oil company listing in a decade on Monday, the latest IPO to succumb to a global sell-off in equity markets.

Cepsa’s owner, Abu Dhabi state investor Mubadala, had planned to raise about 2 billion euros ($2.3 billion) by selling 25 percent of Cepsa.

Markets have been roiled by anxiety about a potential trade war between the United States and China, uncertainty over Britain’s exit from the European Union, a global economic slowdown and higher U.S. interest rates.

Spain’s IBEX stock market index registered its biggest weekly fall since February at Friday’s close, and remains at two-year lows. The index opened down 0.15 percent on Monday.

“The most recent international economic developments have sowed considerable uncertainty in international capital markets,” Cepsa said in a statement.

“In this scenario, the appetite of international investors has retracted significantly, along with their willingness to participate in stock market listings such as the one being carried out by Cepsa,” it said.

Mubadala will consider returning to the stock market when conditions become more favourable, Musabbeh Al Kaabi, chief executive of Mubadala’s Petroleum and Petrochemicals platform, said.

“The feedback from potential investors reinforced our view of Cepsa’s value and the strengths of the underlying business,” Al Kaabi said in a statement.

Cepsa’s float would be the biggest by an oil company in terms of proceeds since Brazil’s OGX Petroleo e Gas in 2008.

IPO plans globally have been hit by market turmoil.

Last Friday alone, Tencent Music Entertainment, the owner of China’s most popular music app, delayed a U.S. share offering, sources said, and Portuguese holding company Sonae cancelled plans to list shares in food retail unit Sonae MC. Dutch car leasing company Leaseplan also shelved plans to float in Amsterdam, blaming a global sell-off in equity markets.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: luke macgregor, bloomberg, getty images
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Goldman says the sell-off is just about over and tells investors to get back into growth stocks

While investors wait for the sequel to last week’s market sell-off, Goldman Sachs strategists think the worst of it already may have passed. “We see limited further downside,” David Kostin, the firm’s chief U.S. equity strategist, said in a note. He added that the kind of pullback the market saw last week was common. “Despite the recent sell-off, equity fundamentals are strong and we remain constructive on the path of the S&P 500,” he added. Goldman’s year-end price target for the S&P 500 is 2,8


While investors wait for the sequel to last week’s market sell-off, Goldman Sachs strategists think the worst of it already may have passed. “We see limited further downside,” David Kostin, the firm’s chief U.S. equity strategist, said in a note. He added that the kind of pullback the market saw last week was common. “Despite the recent sell-off, equity fundamentals are strong and we remain constructive on the path of the S&P 500,” he added. Goldman’s year-end price target for the S&P 500 is 2,8
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Goldman says the sell-off is just about over and tells investors to get back into growth stocks

While investors wait for the sequel to last week’s market sell-off, Goldman Sachs strategists think the worst of it already may have passed.

As Wall Street recovered from a nearly 6 percent sell-off from the most recent high in the Dow industrials that knocked more than 1,500 points off the blue chip index, Goldman’s experts said solid fundamentals should help keep a floor for stock prices.

“We see limited further downside,” David Kostin, the firm’s chief U.S. equity strategist, said in a note. He added that the kind of pullback the market saw last week was common. “Despite the recent sell-off, equity fundamentals are strong and we remain constructive on the path of the S&P 500,” he added.

Goldman’s year-end price target for the S&P 500 is 2,850, which looked somewhat pessimistic when the market was breaking records but now points to 3 percent upside from Friday’s close, and, perhaps more importantly, conviction that the market drop doesn’t have much further to go.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: jeff cox, scott eells, bloomberg, getty images
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Morgan Stanley: The stock sell-off is going to get worse

Wilson said last week that those rising interest rates served as the “tipping point” for the rolling bear market to finally hit the U.S. and “take out the last holdouts.” And he predicts the global liquidity issue is “going to get worse” as the end of the year approaches. However, Wilson pointed out to CNBC on Monday that we’re in the “last phase” of the rolling bear market. “That will probably be it for the rolling bear market,” he said on CNBC’s “Fast Money. “It’s going to be tricky in here th


Wilson said last week that those rising interest rates served as the “tipping point” for the rolling bear market to finally hit the U.S. and “take out the last holdouts.” And he predicts the global liquidity issue is “going to get worse” as the end of the year approaches. However, Wilson pointed out to CNBC on Monday that we’re in the “last phase” of the rolling bear market. “That will probably be it for the rolling bear market,” he said on CNBC’s “Fast Money. “It’s going to be tricky in here th
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Morgan Stanley: The stock sell-off is going to get worse

On Monday, U.S. stocks failed to bounce back from last week’s sell-off. The Dow Jones Industrial Average closed 89.44 points lower, while the S&P 500 fell 0.6 percent and the Nasdaq Composite dropped 0.9 percent.

The action followed last week’s rout that saw the major indexes suffer their worst weekly loses since March thanks to fears about rapidly rising interest rates and a possible global economic slowdown.

Wilson said last week that those rising interest rates served as the “tipping point” for the rolling bear market to finally hit the U.S. and “take out the last holdouts.”

The move higher in rates is primarily due to the Federal Reserve accelerating its balance sheet reduction, along with the European Central Bank beginning to taper its quantitative easing program, he said in Monday’s note.

And he predicts the global liquidity issue is “going to get worse” as the end of the year approaches.

However, Wilson pointed out to CNBC on Monday that we’re in the “last phase” of the rolling bear market. He predicts perhaps another 10 percent decline in U.S. growth and small-cap stocks, or even 15 percent in some names.

He said the S&P 500 could get down to 2,600 or even 2,500 if “it gets really nasty.”

“That will probably be it for the rolling bear market,” he said on CNBC’s “Fast Money. “That’ll probably be a good place to start buying.”

He’s been favoring value over growth since those stocks have been going down less.

“There are names to buy. There’s been a lot of damage this year already and some bargains have been created,” Wilson said.

It’s just hard to pick stocks right now because of the liquidity situation, which is a market event, he added.

“It’s going to be tricky in here the next couple of weeks,” he said.”

— CNBC’s Keris Lahiff and Fred Imbert contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michelle fox, spencer platt, getty images
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As the Dow plummeted, two of its stocks have weathered the sell-off

Amid a wild week for the Dow, two of its 30 stocks weathered the sell-off: Walmart and Verizon. Craig Johnson, chief market technician at Piper Jaffray, says one of them could continue to weather any market pressure. If they’re going to take profits out of the fab five tech stocks — Microsoft, Apple, etc. Verizon is one of those names that you can step up and buy,” Johnson said on CNBC’s “Trading Nation” on Thursday. Over the past two days, Verizon has fallen 3 percent, a shallower drop than the


Amid a wild week for the Dow, two of its 30 stocks weathered the sell-off: Walmart and Verizon. Craig Johnson, chief market technician at Piper Jaffray, says one of them could continue to weather any market pressure. If they’re going to take profits out of the fab five tech stocks — Microsoft, Apple, etc. Verizon is one of those names that you can step up and buy,” Johnson said on CNBC’s “Trading Nation” on Thursday. Over the past two days, Verizon has fallen 3 percent, a shallower drop than the
As the Dow plummeted, two of its stocks have weathered the sell-off Cached Page below :
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Keywords: news, cnbc, companies, dow, weathered, johnson, market, plummeted, weve, weather, selloff, verizon, week, stocks, wild


As the Dow plummeted, two of its stocks have weathered the sell-off

Amid a wild week for the Dow, two of its 30 stocks weathered the sell-off: Walmart and Verizon.

Craig Johnson, chief market technician at Piper Jaffray, says one of them could continue to weather any market pressure.

“At these levels, we’ve got to recognize that portfolio managers have to do something. If they’re going to take profits out of the fab five tech stocks — Microsoft, Apple, etc. — they need to put money somewhere. Verizon is one of those names that you can step up and buy,” Johnson said on CNBC’s “Trading Nation” on Thursday.

Over the past two days, Verizon has fallen 3 percent, a shallower drop than the 5 percent decline in the S&P 500 and the Dow.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: keris lahiff, aly song, adam jeffery, mike blake, jin lee, kcna, thomas barwick getty images, source, lawrence mcdonald
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Cramer Remix: Friday’s rally may not be sustainable

Friday’s volatile trading session may have helped stocks pare their losses from earlier in the week, but CNBC’s Jim Cramer said it would take more than a market rally in China to mount a sustainable recovery. And the concern that initially spurred the sell-off — the idea that the Federal Reserve’s policy could cause an economic slowdown — was still very much intact among investors, Cramer warned. With that in mind, he turned to his game plan to lay out how investors should look at the week ahead


Friday’s volatile trading session may have helped stocks pare their losses from earlier in the week, but CNBC’s Jim Cramer said it would take more than a market rally in China to mount a sustainable recovery. And the concern that initially spurred the sell-off — the idea that the Federal Reserve’s policy could cause an economic slowdown — was still very much intact among investors, Cramer warned. With that in mind, he turned to his game plan to lay out how investors should look at the week ahead
Cramer Remix: Friday’s rally may not be sustainable Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: elizabeth gurdus, andrew harrer, bloomberg, getty images, adam jeffery, brendan mcdermid, anjali sundaram
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Cramer Remix: Friday's rally may not be sustainable

Friday’s volatile trading session may have helped stocks pare their losses from earlier in the week, but CNBC’s Jim Cramer said it would take more than a market rally in China to mount a sustainable recovery.

“When the stock market falls as hard as it’s been falling for the past week, it doesn’t take much to give us a bounce,” the “Mad Money” host said. “But, listen, we won’t get [a] sustainable rebound until it’s based on something domestic, something here, which is why we had that intraday sell-off before the late-afternoon bounce.”

And the concern that initially spurred the sell-off — the idea that the Federal Reserve’s policy could cause an economic slowdown — was still very much intact among investors, Cramer warned.

With that in mind, he turned to his game plan to lay out how investors should look at the week ahead. Wall Street will get a flurry of earnings reports from major companies including Bank of America, Netflix, Johnson & Johnson and more.

Click here for the full game plan.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: elizabeth gurdus, andrew harrer, bloomberg, getty images, adam jeffery, brendan mcdermid, anjali sundaram
Keywords: news, cnbc, companies, market, game, week, wont, fridays, remix, sustainable, plan, investors, rally, cramer, selloff, johnson


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US crude posts 4% weekly loss, settling at $71.34, dragged down by market sell-off

Brent crude gave back early gains and turned lower Friday after a closely watched forecaster said world oil supply is adequate and the outlook for demand is weakening. Meanwhile, U.S. crude pared gains but stayed in positive territory on a lift from Wall Street. The monthly report by the International Energy Agency (IEA) on Friday weighed on crude markets. The IEA said the market looked “adequately supplied for now” and trimmed its forecasts for world oil demand growth this year and next. “The d


Brent crude gave back early gains and turned lower Friday after a closely watched forecaster said world oil supply is adequate and the outlook for demand is weakening. Meanwhile, U.S. crude pared gains but stayed in positive territory on a lift from Wall Street. The monthly report by the International Energy Agency (IEA) on Friday weighed on crude markets. The IEA said the market looked “adequately supplied for now” and trimmed its forecasts for world oil demand growth this year and next. “The d
US crude posts 4% weekly loss, settling at $71.34, dragged down by market sell-off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12
Keywords: news, cnbc, companies, world, iea, loss, oil, market, gains, demand, outlook, dragged, supply, york, selloff, crude, posts, 7134, weekly, settling


US crude posts 4% weekly loss, settling at $71.34, dragged down by market sell-off

Brent crude gave back early gains and turned lower Friday after a closely watched forecaster said world oil supply is adequate and the outlook for demand is weakening.

Meanwhile, U.S. crude pared gains but stayed in positive territory on a lift from Wall Street.

The monthly report by the International Energy Agency (IEA) on Friday weighed on crude markets. The IEA said the market looked “adequately supplied for now” and trimmed its forecasts for world oil demand growth this year and next.

“The weaker outlook has gotten a raised profile in the market, but there’s potential for a real supply crunch toward the end of this year,” said John Kilduff, a partner at Again Capital Management in New York. “The demand outlook is hurt right now because of the situation with the U.S. and China in particular.”


Company: cnbc, Activity: cnbc, Date: 2018-10-12
Keywords: news, cnbc, companies, world, iea, loss, oil, market, gains, demand, outlook, dragged, supply, york, selloff, crude, posts, 7134, weekly, settling


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