THURSDAY 10/15/15; GS; C; CPI (Consumer Price Index); Empire State Mfg Index; Philly Fed Survey; Fed is Likely to Delay Rate Hike Until 2016 Creating Cascading Global Rally; US Dollar Index Prints a Death Cross; SLB; AMD

The SPASX200 begins trading marginally higher. BOK (Bank of Korea) and BI (Bank of Indonesia) are providing rate decisions today.

US futures are higher and gaining upside on the Jon Hilsenrath article in the WSJ that concludes that the Fed will wait until 2016 to hike rates. Hilsenrath is considered to have the inside track on Fed thinking so traders are bidding up the stock and futures markets since easy money will continue for the next few months. S&P +4. Dow +17. Nasdaq +31.

Euro 1.1477. ECB President Draghi has to be losing sleep over the higher euro. Dollar/yen 118.71 under the 119 level. Pound 1.5475. Aussie dollar 0.7320. USD 93.98.

WTIC oil 46.27. Brent oil 49.15. Natural gas 2.54. Gold 1186. Silver 16.18. Copper 2.4175.

US Treasury yields are; 2-year 0.56%, 5-year 1.28%, 10-year 1.98%, 30-year 2.84%. The 2-10 spread is 142 bips. German bund 0.546%. Japan 10-year bond 0.308%.

The NIKK is up +0.8% in the early going. The KOSPI gains +0.8% and Aussie stocks build on earlier gains. ASX 200 +0.5%. Euro 1.1467. Dollar/yen 119.07. WTIC oil 46.43. Gold 1184. US 10-year yield 1.99%.

Chinese and Hong Kong indexes begin the session moving higher and Asia stocks develop an optimistic tone. The weak data in China and the US hints that the PBOC will have to provide more stimulus. Bad news is good news and the central banker easy money will pump stock markets higher. China says money supply has 




































[Text is Redacted: Purchase October 2015-10 to Read the Complete Chronology]

Fed’s Mester, a hawk, continues to state the case for a rate hike. Market participants, however, have already written off a hike until 2016 and this is evidenced by the robust global stock market rally the last couple days. She says delaying the first rate hike may create risks to the economy and markets. Mester’s hawkish comments fall on deaf ears.

Notable market technician Louise Yamada says stock market rallies should be sold going forward. Market leaders are underperforming during the recent relief rally. Yamada says evidence is mounting that a long term top is in place and other indicators are on a classic sell signal. Yamada is a very talented technician but failed to warn of the market top resulting in a -10% to -60% initial haircut in stocks.

The Keystone Speculator is the only Wall Street analyst that accurately described the market top forming this year using chart divergence techniques. Loyal followers of the KE Stone family of blogs and this daily chronology were fully prepared and ready for the rollover. Keystone warned of the market top during the spring and summer since the monthly charts for the major indexes have printed negative divergence with overbot conditions and rising wedge patterns. This is a key piece of evidence that easily foretold the top in the stock market.