Stocks Fall for 16th Monday in Last 17; Riots Shutter Foxconn Plant

Seriously, folks, this is getting old.

Major US averages fell for the 16th time in the last 17 Mondays.

This is the new regime. Stocks always go down on Mondays and up on Fridays. They trade in extremely narrow ranges with little to no volatility. Anybody making open orders is immediately raped by HFTs and only insiders win. There is no volume (actually today's volume on the NYSE was in the range from pathetic to morose).

There was actually some positive news on the day. According to a Sunday Times article, Goldman Sachs (GS) is planning to lay off as many as 100 partners in the immediate future. The firm denied the allegations, saying that the changes had been long-planned and many of the departures are due to retirements. No matter the case, it's always good to hear that some of the tentacles of the "giant squid" are being shorn off.

A huge riot of some 5000 workers forced the shutdown of a huge Foxconn facility in Taiyuan, China. The facility reportedly employs 79,000 workers and manufactures the Apple iPhone and other electronic devices for companies such as Dell and Hewlett-Packard.

The price of crude oil fell again on Monday, causing speculation that the Fed's new bond purchase program, otherwise known as QEternity, is not going to be effective in creating jobs or strengthening the sagging US and global economies.

Business as usual.

Dow 13,558.92, -20.55 (0.15%)
NASDAQ 3,160.78, -19.18 (0.60%)
S&P 500 1,456.89, -3.26 (0.22%)
NYSE Composite 8,356.56, -20.95 (0.25%)
NASDAQ Volume 1,706,535,750
NYSE Volume 2,992,098,250
Combined NYSE & NASDAQ Advance - Decline: 2337-3175
Combined NYSE & NASDAQ New highs - New lows: 307-27
WTI crude oil: 91.93, -0.96
Gold: 1,764.60, -13.40
Silver: 33.98, -0.65