We Are Heading To A Market Shock IN October 2012 And Things Are Going To Fall Apart

WALL STREET DOOMSDAY COMING IN OCTOBER!

According to Nouriel Roubini (Dr. Doom) and the prophecy of Edgar Cayce, Wall Street will have a major crash in October of this year.

Nouriel Roubini, professor of economics at New York University and chairman of Roubini Global Economics, has reportedly said that the stock market will be in for a major shock in October of this year.

Roubini reportedly feels that the alarming economic downturn will cause “the global financial system to implode,” according to a source close to a Wall Street executive.

Continued below.

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What is most shocking is the Edgar Cayce, known as the “sleeping prophet” predicted back in 1940 that there would be major stock market crash in October of 2012.

CNBC: Stocks Face Turbulence in the Fourth Quarter

Investors are bracing for fresh shock waves in the fourth quarter from the old familiar trouble spots that have been hanging over markets.

The third quarter’s more than 6-percent gain surprised many analysts, who have been expecting a pullback due to any number of sources, including Europe’s unresolved debt crisis and the downshifting of the Chinese economy.

Now, as the U.S. election gets closer, more attention is being paid to the so-called “fiscal cliff.” The cliff is the slam the economy would feel from the expiration of Bush-era tax cuts and automatic spending cuts that could take effect Jan. 1, if Congress doesn’t act in its lame duck session. (Read More: Beware of a 25% Correction: Pro)

“The market wants to know whether things are going to fall apart or not,” said Ed Keon of Quantitative Management Associates. “Meaning — Is China going to really have a hard landing? Is Europe going to break apart? Is the U.S. budget problem going to result in a horrible spectacle in Washington, with the same kind of tremendous uncertainty we saw in the debt ceiling debate? Those are things that would have major economic impact and a major impact on earnings.”

HUGE MISS: Chicago PMI Falls Below 50 For The First Time In Years

Whoops!

It’s a miss.

The Chicago Purchasing Managers survey has fallen below 50 for the first time since September 2009.

The 49.7 reading is well below last week’s 53.0, and well below 52.8.

From ISM-Chicago:

September 2012: The Chicago Purchasing Managers reported the Chicago Business Barometer fell to 49.7, its lowest level in three years. Among the Business Activity measures, five of seven posted declines as New Orders fell below 50 and Order Backlogs contracted for the fourth of the past five months. Prices Paid showed the biggest gain in nearly two years and Supplier Deliveries moved back above 50. BUSINESS ACTIVITY: • EMPLOYMENT: 2 1/2 year low; • NEW ORDERS, ORDER BACKLOGS, and SUPPLIER DELIVERIES: 3 month moving averages lowest since mid 2009; • PRICES PAID: third consecutive monthly gain; BUYING POLICY: • CAPITAL EQUIPMENT: 17 month low.

Cue Stagflationary Recession: Chicago PMI Huge Sub-50 Miss, Back To September 2009 Levels; Prices Paid Spikes

Now data matters, folks!

The Dow Is Diving Nearly 100 Points — And That Should Tell You Something Big

Folks, there is no “Fed Put.”

Just because the Fed announced QE-Open Ended, it doesn’t mean that markets can’t decline,

As we’ve stressed for years, what matters is data.

And today the data was bad.

Personal income missed estimates, growing just 0.1% vs. expectations of 0.2%. And last month’s 0.3% growth number was revised down to 0.1%.

Chicago PMI was ugly, falling below 50 for the first time since September 2009.

And UMich Consumer Confidence missed by a tad.

…

** Goldman Cuts Q3 GDP Forecast To Stall Speed 1.9%

EUROPE Is Now In A Completely Unmanageable Situation

Photos Of The Giant Protests Rocking Greece And Spain

Discontent in Spain and Greece is rising.

Greece’s two largest labor unions went on strike today, disrupting flight and train services and forcing hospitals to depend on emergency staff.

This is the first general strike in Greece since the coalition government came to power.

Protestors gathering around the Greek Parliament in Athens, throwing Molotov cocktails at the riot police but have been pushed out of the main square now, according to BBC.

Meanwhile, Spain which saw massive anti-austerity protests yesterday, also saw a smaller number of demonstrators take to the streets today. But the demonstrations are expected to gather steam and some reports say 1,300 police officers have been deployed to keep clashes in check.

Spain is also grappling with the threat of a Catalan secession, a crucial economic region of the country. And pressure is building on Mariano Rajoy to request a sovereign bailout, though he has said he will only do so if the country’s borrowing costs stay high over a long period of time.

** Debt Crisis: Spanish GDP Falling At ‘Significant Pace’

** Greece Is About To Default AGAIN!

Greece Caught Underreporting Its Budget Deficit By Nearly 50%

here was a time about a year ago, before the second Greek bailout was formalized and the haircut on its domestic-law private sector bonds (first 50%, ultimately 80%, soon to be 100%) was yet to be documented, when it was in Greece’s interest to misrepresent its economy as being worse than it was in reality. Things got so bad that the former head of the Greek Statistics Bureau Elstat, also a former IMF employee, faced life in prison if convicted of doing precisely this.

Impending Catastrophe: Spain Has Entered A Full-Scale Collapse And Created A Tremendous Amount of Instability Which Could Trigger An Imminent Lehman-Like Event And A Rerun of The Great Panic of 2008

SPAIN MUST LEAVE THE EURO

….

Less than a year after sweeping to power in a landslide victory, Mr Rajoy is already fatally wounded. He promised never to apply taxpayers’ money to bailing out the banks. He already has. He promised not to follow Greece, Ireland and Portugal into a sovereign bail-out. Now, other than leaving the euro, he’s got no choice. Even on gay marriage, Mr Rajoy has failed to deliver as promised.
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