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Succinct Summation of Week’s Events (12/17/10)

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By Barry Ritholtz - December 17th, 2010, 3:00PM

Positives:

1) US Retail Sales show solid gains

2) Philly Fed best since Apr ’05 and NY survey also above expectations

3) Initial Claims downward trend continues

4) ABC confidence rises to 3 month high

5) NFIB small biz confidence rises to best since Dec ’07

6) Germany’s IFO rises to record high and French business confidence hits best since June ’08

7) CPI rate of change still benign

8) China doesn’t raise rates

Negatives:

1) Global interest rates continue higher, yes better growth an influence but also inflation expectations and debt and deficit concerns rise

2) Mortgage rates above 5%

3) CPI absolute headline index just shy of record high, core index at record high

4) Philly Fed price pressures grow

5) PPI above expectations

6) Chinese CPI rises 5.1% y/o/y and they drag their feet on raising rates

7) Hang Seng index closes near 10 week low

8) Spanish yields continue higher

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Category: Markets.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

10 Responses to “Succinct Summation of Week’s Events (12/17/10)”

  1. Bill W Says:
    December 17th, 2010 at 3:14 pm

    If the market closes above 1228 for the week, I think that is a positive.

    As a negative, the Hidenburg Omen doesn’t seem to be getting anywhere near the attention that is got in August. Don’t get me wrong, I have no idea if it is a worthwhile indicator or not. It just seems to me that no one caring about it shows how bullish sentiment has gotten since August.

  2. VennData Says:
    December 17th, 2010 at 3:35 pm

    1) Sam Zell not to take billionaire “Giving Pledge” …shocked.

    http://www.chicagobusiness.com/article/20101209/NEWS07/101209868/chicago-billionaire-joe-mansueto-joins-buffett-gates-pledge-to-give-away-wealth

    2) Rick Santelli yammering on about inflation …mocked.

    http://www.emii.com/Articles/2737823/Home-Page/Top-Stories/US-Inflation-Remains-Low-As-Industrial-Production-Gains.aspx

    3) Conservative Consigliere and Communications Clown for Conservatives, Coulson, Concocts Celebrity Communications Cloud …Murdoched

    http://www.bloomberg.com/news/2010-12-16/sienna-miller-says-editor-ordered-phone-hacking-guardian-says.html

    4) GOP: Estate Tax stifling job growth, and change will help the rich get back on their feet; while the Middle Class gets …focked

    http://blogs.wsj.com/wealth/2010/12/16/does-the-estate-tax-hurt-farmers-and-family-businesses/

    5) “China’s high-speed rail network is already more extensive than the rest of the world’s combined. A 1,068km journey from Wuhan to Guangzhou takes just three hours, against 10 hours in 2009. A similar length journey, between Chicago and New York, takes 18 hours…” …do Supply Side-claiming policy makers support supplying us with energy efficient trains? …blocked

    http://m.ft.com/cms/s/0/1f09e1a2-0882-11e0-80d9-00144feabdc0.html

    6) Tea Partying Senator from South Carolina, Jim DeMint, doesn’t want to lower your taxes now …docked

    http://www.ft.com/cms/s/0/b5ced4c0-0879-11e0-80d9-00144feabdc0.html#axzz18OKO0xks

    7) Stocks Lure Bond-Giant Pimco “After 1,8 billion in withdrawls…” Pimco decides “new normal” means new policy, new shareholders get …rocked

    http://online.wsj.com/article/SB10001424052748704073804576023980704044902.html

    8) McKinsey predictacrats says money will get more expensive …overstocked

    http://economictimes.indiatimes.com/news/economy/finance/Global-economy-faces-higher-capital-costs-Study/articleshow/7074873.cms

    9) David Rosenberg gets …socked.

    http://finance.yahoo.com/q?s=BND

    10) David Einhorn gets …knocked.

    http://finance.yahoo.com/q?s=JOE

    11) David Goldman gets …clocked.

    http://finance.yahoo.com/q?s=SPY

    12) Glenn Beck wants you to …re-stock

    http://finance.yahoo.com/q?s=GLD

  3. realgm Says:
    December 17th, 2010 at 4:13 pm

    Negatives? VIX crashed today to below $16.

    Usually a correction comes after such a low in volatility index.

  4. DiggidyDan Says:
    December 17th, 2010 at 5:11 pm

    Unemployment is still not getting better where i’m from and an air of social unrest is starting to come to a head. They better figure out how to fix the discontinuity and the gap between the poor common man and the rich soon, or horrific events will become much more prevalent in our society as people begin to crack under pressure and/or get desperate enough to become an NTL (someone with nothing to lose). See this video of a crackpot in Florida:
    http://www.bradenton.com/2010/12/14/2812394/gunman-opens-fire-during-fla-school.html

  5. jlj Says:
    December 17th, 2010 at 9:44 pm

    Missed any comment on the bloomberg story on “Banks Push Fed to Curb Borrowers’ Right to Rescind Mortgages”, By Carter Dougherty – Dec 15, 2010 11:01 PM CT . Brand new bottle, same ol whine.

  6. beaufou Says:
    December 17th, 2010 at 10:34 pm

    It’s friday night, so I’ll give Dan a musical response:
    http://www.youtube.com/watch?v=vtveZ0t48p4

    and this one in french from the seventies, still actual and fun:
    http://www.youtube.com/watch?v=1ljgzwZbxN0

  7. Dow Says:
    December 18th, 2010 at 12:14 am

    California’s recovery might not mean a robust job market
    By Alana Semuels, Los Angeles Times
    December 18, 2010

    Despite double-digit growth in port traffic, a surge in retail sales and rising consumer confidence, employers added just 1,600 jobs in California in November.

    The unemployment rate remained steady at 12.4%, the state Employment Development Department said Friday.

    The entire article is a bit on the scary side.

  8. How the Common Man Sees It Says:
    December 18th, 2010 at 5:10 am

    @DiggidyDan,

    One more notch on Uncle Bennie’s sceptre

  9. mathman Says:
    December 18th, 2010 at 9:10 am

    Of course this doesn’t help (and isn’t counted in the CPI index):

    http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/16/MN571GQRDL.DTL

    and, what do you know?

    http://www.smirkingchimp.com/thread/david-sirota/33188/just-released-irs-data-show-effects-of-our-radical-new-greed-is-good-culture

  10. TripleSigma Says:
    December 18th, 2010 at 5:38 pm

    Actually, mortgage rates above 5% should be seen as a positive.

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