One of the clearest signs that a bull market has come to an end is when stock fail to respond to good news. Today’s trading response to better than expected earnings reports out of Netflix, IBM and Bank of America suggests that stocks may be fully priced and remain vulnerable to a seasonal correction. Stock markets fell in the US and Europe to start the week while Canada was flat. Crude oil struggles amid more talk of Iran still wanting to raise production to 4.0 mmbbls per day from 3.7 which should not have come as a surprise but it was a slow news day for energy markets. Economic data from the US was mixed with industrial production in line and Empire Manufacturing disappointing. Traders spent the day marking time waiting for more news with the final US Presidential debate, earnings reports from a ton of big cap companies, economic reports from the UK and interest rate decisions from the ECB and the Bank of Canada later this week. After sinking into the close of exchange trading, the NASDAQ tried to bet a rally going on the back of very strong earnings out of Netflix and IBM but those quickly faded indicating traders appear to be more interested in taking profits against earnings news than in getting excited about growth. Today in Australia we could see some activity around RBA meeting minutes as they may give us more of an indication of tone and direction for going forward with new Governor Lowe having taking over the helm at this meeting. Inflation reports from New Zealand, the UK and the US could drive currency trading if there are any surprises big enough to change central bank speculation. Corporate News NetFlix $0.12 vs street $0.06, US new subscriber adds 370K vs stret 310 K, international new subscriber adds 3.2M way above guidance 2.0M, company guides Q4 domestic streaming adds 1.45M above street 1.27M, guides Q4 international streaming adds to 3.75M above street 3.32M. IBM $3.29 vs street $3.23 United Continental $3.11 vs street $3.07 Economic News Significant announcements released overnight include: US Empire Manufacturing (6.8) vs street 1.0 vs previous (2.0) US industrial production 0.1% vs street 0.2% US manufacturing production 0.2% vs street 0.1% Upcoming significant economic announcements include: (Note: 11:30 am in Sydney/Melbourne is currently 1:30 pm in Auckland, 4:30 pm in Vancouver, 7:30 pm in Toronto/Montréal, 12:30 am in London and 8:30 am in Singapore) 8:45 am AEDT NZ consumer prices street 0.1% vs previous 0.4% 12:30 pm AEDT Australia RBA minutes 9:30 am BST UK consumer prices street 0.9% vs previous 0.6% 9:30 am BST UK core CPI street 1.4% 9:30 am BST UK retail prices street 2.0% vs previous 1.8% 9:30 am BST UK producer input prices street 7.4% 9:30 am BST UK producer output prices street 1.1% 9:30 am BST UK house prices street 7.8% vs previous 8.3% 8:30 am EDT US consumer prices street 1.5% vs previous 1.1% 8:30 am EDT US core CPI street 2.3% 8:30 am EDT US real average weekly earn previous 0.4%