Succinct summation of week’s events:


1) For asset prices at least, Fed VC Dudley hints at more action, CRB RIND up 14 out of 15 days to record high
2) PIG debt rallies sharply as Ireland quantifies bank rescue’s and Portugal gives budget details
3) Less than expected maturing ECB funds rolled into new facilities
4) Chinese PMI mfr’g indices both rise more than expected and Shanghai index at 2 week high
5) Q3 Japanese Tankan mfr’g survey rises 7 pts 6) Initial Jobless Claims lower than expected


1) Fed VC Dudley hints at more action, commodity inflation growing, $ index lowest since Jan and gold at record high
2) ISM falls to lowest since Nov ’09
3) MBA said refi’s fell to 7 week low even as mortgage rates fall to new low
4) Conference Bd Consumer Confidence falls to lowest since Feb
5) House votes to slam China’s currency policy and implicitly threatens trade war.

Category: Uncategorized

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10 Responses to “Succinct summation of week’s events”

  1. VennData says:

    Israel attacks Iran…

    “…The Stuxnet code contains reference to 9 May 1979, the date a prominent Jewish businessman, Habib Elghanian, was executed in Iran. Also the malware contains a string called Myrtus which corresponds to Myrtle, a figure from the Book of Esther who informs [...] the king of a plot against the Jews, prompting a royal authorisation for reprisals. Esther was born as Hadassah which means Myrtle…”

    Pontius Pilate: Centurion, why do they…titter so?

    Centurion: Just some, ehm…Jewish joke, sir.

  2. louis says:

    Chief of Staff quits president, Does not matter party and running for mayor, etc. You dont leave your president before midterms.

  3. willid3 says:

    or the looming Chin issue

    this is the one will keep us in recession if not send us to depression because we can’t recover without jobs. and they have ours now

  4. Pool Shark says:

    Gold at a record high is a “negative” event?

    Did you forget to buy gold before the runup, Barry?

  5. JasRas says:

    Is Fed be supportive bad if monetary expansion leads to inflation of asset prices? Granted, I am not for “infinity and beyond”, but if one believes “bonds are expensive” and “bonds are not the place to be”, wouldn’t that person deftly use an expansionist policy as argument #1 for those statements? And isn’t the natural affect of such policy be to either actually cause prices of assets to rise from inflation or *appear* to rise via debasement? The joke in it all is that CPI has been futzed around with so much since the early 1980′s that the govt has people believing there is no inflation. Hirsch came out with that beaut of a chart this week that so simply illustrates that if past is prologue, inflation will occur and has to prior to the start of a secular bull market in stocks…

    Biggest negatives I see are the ugly heads of protectionism and trade war rearing heads in various places. Our congress for one, and that little problem between Japan and China… Let’s see, two of China’s larger trade partners getting pissy…nothing good can come of this.

  6. @poolshark

    I noticed that too. Though it is not Barry that said it the financial media has outed itself on that one (because most of them would have made that same mistake). I always thought gold was an asset

  7. dougc says:

    Interesting article. on on sep 30 “fhe ties that bind at the federal reserve” they share their info with large investors before the public.

  8. rktbrkr says:

    BAC falls in line also halts foreclosures, Wells and CITI claim they don’t have problems like Chase,BAC and Ditech/GMAC/Ally – thats laughable! BAC released their news late on Friday, smooooth operators!

    Problems with “Toxic titles”
    It could also put the damper on current foreclosure sales, as few buyers would be willing to buy a foreclosed home with a tainted title, and even fewer title companies and mortgage lenders would sign off on such a purchase.

    “stopwatch justice”
    Apparently CITI and Wells aren’t squeaky clean with their foreclosures.

  9. jad714 says:

    Wow. A trade war with China. Eventually a real war with China, no doubt. I had a feeling it might happen. In my time of interning with I watched what was going on with China and Japan, just hoping we wouldn’t get involved. Well, I guess this will be quite a ride.