Succinct Summations week ending October 11, 2013:

Positives:

1. Despite all the chaos, the S&P 500 is green for the month of Octaper.
2. If you like QE, Janet Yellen is your next Chairwoman.
3. Wells Fargo, the nation’s largest home lender reported a 13% jump in EPS
4. The Dow jumped over 300 points on Thursday, the biggest one day increase since January.
5. Average 30 yr mortgage fell to 4.42% from 4.49%, refi apps rise 2.5% to a two month high.
6. Consumer credit increased by $13.6B in August which was better than expected.
7. Nine out of ten S&P sectors are above their 50-day moving average.
8. Rail traffic jumps to a 6-month high.
9. Greece expects to exit 6 years of contraction in 2014 with expected growth of 0.6% and a surplus YTD. Athens market up 4% on week

Negatives:

1. We are now 11 days into the government shutdown.
2. A deal in DC is merely an agreement on negotiation terms over the next 6 weeks. Tbill yields maturing November 21st into yr end spike.
3. Fed minutes shows Fed remains divided as when tapering is appropriate.
4. The four-week moving average of jobless claims rose by the most since 2009. half of which is due to a computer glitch in California, nice job.
5. U.S. consumer sentiment falls to the lowest level in 9 months, shocker
6. J.P Morgan, the nation’s largest bank recorded a third-quarter loss as legal expenses totaled $9.2B
7. Student loan balances outstanding continue to rise, sending non revolving credit to record highs.

Thanks, Batman!

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.

2 Responses to “Succinct Summation of Week Events (10/11/13)”

  1. ilsm says:

    DoD civilians do not know if when they will be paid for the 4 day impromptu furlough last week. Today’s check was for 6 instead of 10 work days. The rest of the furloughed feds got them same paid days as DoD workers but in two weeks will get no check, unless recalled and e post facto admin leave is addressed.