SUNDAY 11/16/14; ISIS Beheading; Japan GDP Signals Recession

A video appears on the internet showing the beheading of hostage Peter Kassig by the ISIS radicals in Syria and Iraq. The Islamic nutcases did not show mercy for Kassig who had converted to Islam and was helping provide aid to the Syrian people. The last beheading was UK citizen Alan Henning on 10/3/14 six weeks ago. There are many beheadings but the notable Western victims (US and UK) began with James Foley’s beheading on 8/19/14. Two weeks later Steven Sotloff was murdered on 9/2/14. Two weeks later, David Haines was beheaded on 9/13/14. Three weeks passed next resulting in the murder of Alan Henning on 10/3/14.

The heinous 15-minute video shows 










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on indicating an economy that may be crumbling and falling apart obviously a far greater concern. The stock market ran higher last week on an expected delay of the sales tax and the weaker GDP data definitely points in this direction but the degree of weakness is spooking global traders. PM Abe holds a news conference tomorrow.

At 7 PM EST, the dollar/yen retreats to 116.71. S&P -4. Dow -30. Nasdaq -7. Oil turns negative. WTIC 75.67. Brent 79.37. Commodities may weaken since the economic data from Japan and China is disappointing reflecting slowing global demand. The NIKK drops -0.8% to 17360. The SPASX200 trades lower with the Aussie dollar at 0.8757. KOSPI begins the session lower.

At 7:08 PM, S&P -5. Dow -40. Nasdaq -10.

At 7:16 PM, S&P -6. Dow -46. Nasdaq -11. Dollar/yen 116.48. The US 10-year Treasury yield drops to 2.30%.

At 7:25 PM, S&P -7. Dow -45. Nasdaq -13. Dollar/yen 116.47.

At 7:32 PM EST (8:32 AM Hong Kong), S&P -8. Dow -64. Nasdaq -15.