Positives

1) Chicago, Richmond and Dallas PMI’s better than expected
2) Initial Jobless Claims show big drop
3) New Home Sales touch above estimates and Existing Home Sales at 3 mo high (caveat looking forward being foreclosure issues)
4) UK Q3 GDP at 3.2% rises twice forecasts and consumer confidence hangs in
5) French, German and Italian consumer confidence hold at good levels
6) Personal consumption and equipment and software spending good in Q3 GDP.

Negatives

1) UoM confidence falls to lowest since Nov ’09
2) Conference Board confidence reveals still weak labor market
3) Q3 GDP ordinary overall as exports lag
4) Core Durable Goods orders unexpectedly fall, inventories creep higher
5) Interest rates move higher, has Fed lost QE2 battle before it officially begins?
6) CRB touches 2 yr high
7) PIG CDS move higher
8) AAII says Individual investors get giddy on stocks.

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

10 Responses to “Succinct Summation of Week’s Events (10/29/10)”

  1. godot10 says:

    Why are highs in the CRB negative?

    High prices for stuff means people will dig for stuff or grow for stuff to meet the demand for stuff. High commodity pricess stimulate the economic activity around producing more stuff.

    That sounds like a positive to me.

  2. TakBak04 says:

    If you are a “Day Trader” this week was shit from what I see out there. But, maybe I don’t read the “correct sites.” I just read the “Split Off’s from the BIG PICTURE.

    I’m thinking that Wall Street and making money off of it is going to go the way of “Vegas” and Offshore Gambling in Third World Countries.

    Don’t know…not a Math Major…just Liberal Arts……Looking at “Social Picture…Anecdotally…which Math Folks SCOFF AT AND RIDICULE…. BUT…I am an investor in this Market…. and I’m not so CLUELESS that I’m not making money.

    YOU FOLKS forgedaboudus! We can “Walk and Invest and Chew Gum at the SAME TIME………and we don’t get wiped out!

  3. Peter,

    Two things..

    1.) You’re underappreciated

    2.) (radically disassociated)(and, more broadly) CWBFS, does no one read this http://www.ritholtz.com/blog/2010/10/shadow-inventory-an-avalanche-thats-coming-soon/
    let alone, have a Comment on it?

  4. maximo says:

    Dr. Roubini and Business Insider bloggers were sparring on twitter over the GDP number this AM. Here’s one tweet from @Roubini: “Wiesenthal of Business Insider is an idiot: clueless on Econ 101:final sales up 0.6% in GDP. Headline driven by inventories.” All jokes aside his feed was very informative.

  5. perra says:

    The UK’s Q3 GDP growth coming in at 0.8% (3.2% annualized) is a very positive sign that has not been given enough attention in main stream media. This data point alone is taking the markets higher in Europe.

    It is also notable because of how badly the forecasters missed on this one.

  6. Maximo:
    You gotta love someone like Roubini. He’s not afraid to call people out like that, and in public no less. Awesome!!

  7. rktbrkr says:

    O’bama’s election-timed chance to claim “we will make you safer”, Bush did it in 2006, what a joke – bombs mailed from Yemen to Chicago synogogues, give me a break!

  8. Joe Friday says:

    Look, he wasn’t my candidate, but there’s a HUGE difference between raising the threat level colors on vague and non-specific threats (which never panned out) just before the election, and plastic explosives actually being onboard commercial airliners.