Intraday Market Update
Equity markets around the globe have experienced selling pressure on Tuesday after reports indicated that the People's Bank of China is temporarily raising its reserve requirement for six large commercial banks, which is intended to soak up excess cash from the economy to avoid the formation of asset bubbles and an overheating of the economy, but at the same time avoid over tightening. In the US, traders have simply not let equity markets fall for any material loss in weeks. The S&P 500 gapped lower and was down -10 points within the first 20 minutes of trading but the dip was aggressively bought, sending the index back to breakeven. In late morning trading all of the major indexes are near the flat line as traders await today's only economic data with the release of the September FOMC minutes at 2:PM EST. Agricultural commodities continue to motor higher while other commodities are under pressure on the heels of a strong US Dollar. Gold has lost -$7 to $1,347 per ounce, while front month crude has pared about -0.50%. Overseas, the Asia-Pacific region was mostly lower led by -2.09% declines in the Nikkei Index. China was the lone bright spot as the Shanghai Index gained +1.23%. European markets were lower across the region.

In M&A news, Dow member Pfizer announced that it is acquiring King Pharmaceuticals (KG) for $3.6 billion in cash, or $14.25 per share. This represents a +40% premium to KG's closing price yesterday. Pfizer said the acquisition will advance the firm's strategic objectives by strengthening its position within the rapidly growing pain relief market. JP Morgan said OfficeMax (OMX) could be a potential leveraged buyout target. Shares of OMX are up more than +6%. In earnings news, industrial and construction supply firm Fastenal (FAST) is down nearly -4% despite beating earnings and revenue estimates in their Q3 report.

Attention is now firmly focused on this afternoon's release of the FOMC minutes from their September meeting which will likely cause a volatile trading session this afternoon. After the bell we hear earnings from Intel and CSX which is likely to cause a volatile overnight session.

Core Sector List: Overall reading: 7 sectors advancing, 13 sectors declining
Strongest Sectors: Internet, Oil Services, Biotech's
Weakest Sectors: Transportation, Miners, Oil


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