FRIDAY 9/19/14; China Stimulus; Scotland Votes No on Independence; Alibaba BABA IPO Begins Trading; OpEx Quadruple Witching; Leading Indicators; SPX, INDU and TRAN All-Time Highs; COMPQ 14-1/2 Year Record High

The PBOC cuts the 14-day repo rate from 3.7% to 3.5%. Chinese officials are obviously concerned about the cracks in the property market. The rate cut will ease the short-term borrowing costs for banks to shore up the flailing housing sector and encourage growth. The PBOC announced the $81 billion liquidity injection into the top five banks this week and also injected $1.3 billion into






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 IPO ever. AAPL drops -0.6% as traders sell on the news as the iPhone6 begins selling. TSLA -1.7%. SAP -4.4%.

For the week, the SPX gains +1.3%, the Dow is up +1.7%, COMPQ +0.3% and RUT small caps are down on the week losing -1.2%. The bullish joy was led by blue chips as traders ran into dividend stocks thinking they will weather any down turn in the broad indexes; they will not. Dividend stocks will get whacked like the others. XLP is up +1.5% and XLU +1.6% so traders are seeking perceived safety in consumer staples and utilities.

Gold loses 15 dropping to 1217 this week at the lowest level since the beginning of the year. Silver drops -5% this week to 17.79 the lowest since 2010 four years ago. The stronger dollar (USD at 84.86) is whacking commodities. WTIC crude loses -0.4% this week to 91.77 at levels not seen since early 2013. Coal is beaten beyond recognition. BTU loses -8% this week now at lows not seen for 10 years since late 2004. ACI plummets -11%. WLT collapses -27%. KOL -2.1%. CNX -3%. President Obama set out to destroy the coal industry and he has succeeded; West Virginia, Ohio and other coal states be damned.