Oil prices are trying to rebound despite the IEA cutting its demand forecast. The International Energy Agency says the weak global economy will cause the world to use less oil next year than previously thought. It says the massive supply of oil continues to keep a lid on prices. Valeant (VRX) executives may be facing a criminal investigation. The Wall Street Journal says U.S. prosecutors have opened a criminal investigation into the drugmaker over whether it hid from insurers its relationship with a specialty pharmacy that helped boost its drug sales. Valeant's drug pricing and its business practices have drawn interest from multiple U.S. government agencies. Shake Shack (SHAK) is getting whacked as it's seeing a sales growth slowdown. The company says new sandwiches, like a chicken sandwich and a bacon cheddar burger, have allowed it stay competitive as other restaurant chains falter.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.