Succinct summation of week’s events

Positives

1) Sept Retail Sales follow good Aug

2) CPI report benign

3) Corporate earnings off to good start, GOOG rocks

4) Oct NY Fed survey much better than expected

5) Refi’s jump 21% in response to new low in mortgage rates

6) Greek debt continues to rally

7) China bank loans rise more than expected and Shanghai index rallies to near 6 mo high

Negatives

1) Treasury auctions mediocre, market sloppy all week, QE2 priced in

2) CRB closes up for 8th straight week and makes CPI report backward looking

3) Inflation expectations in 10 yr TIPS rise to highest since May

4) Mortgage put back concerns shake banks, BoA CDS higher by 50 bps on week to most since July ’09, foreclosure delays create mess

5) Trade Deficit worse than expected, 2nd highest since late ’08

6) $ index down for 7 out of 8 weeks

7) NFIB small biz optimism index lackluster

8) UoM confidence falls to 3 mo low

Category: Markets

Where’s the Note?

A site (gone viral) that allows homeowners to request to find out who actually owns their mortgage note: “When Wall Street banks securitized, packaged, sold, and resold mortgages, they created a system where it is often impossible to figure out who actually owns mortgage notes and therefore has the authority to foreclose on properties. But…Read More

Category: Credit, Legal, Real Estate

Stick With “What’s Working” and Don’t Fight the Fed

Source:
Barry Ritholtz: Stick With “What’s Working” and Don’t Fight the Fed
Aaron Task
Yahoo Tech Ticker Oct 15, 2010
http://finance.yahoo.com/tech-ticker/barry-ritholtz-stick-with-”what’s-working”-and-don’t-fight-the-fed-535508.html

Category: Media, Video

The Impact of Error From Securitization to Foreclosure

There are quite a few misunderstandings, denials, and exaggerations floating around as to what the final outcome might be of “Fraudclosure.” At the current stage, we really do not know how extensive the problems are. We could make wild and unsubstantiated conclusions, but we prefer reason and logic. So let’s break this down as to…Read More

Category: Derivatives, Foreclosures, Legal

Today, Bernanke and QE2

David R. Kotok Chairman and Chief Investment Officer Today, Bernanke and QE2 October 15, 2010 > We expect an upward movement in stock prices through yearend because of the Fed’s actions. In Boston today, Ben Bernanke has clearly stated the position of the majority of the FOMC. The target is to get inflation HIGHER and…Read More

Category: Federal Reserve, Think Tank

Inflation/Deflation in context

I’ve sent this chart once before but felt the need to do it again so we can visualize the CPI price level and what its done over the past 60 years. It puts into context why some scratch their heads about the big fears of deflation that is causing the Fed to act as they…Read More

Category: Think Tank

Almost all the news fit to blog

Bernanke in his speech on monetary policy is reiterating the recent message from himself and a majority of the Fed’s belief that another round of asset purchases will likely come on Nov 3rd as the Fed won’t wait for another downturn in economic activity and will instead respond to a lack of improvement. We saw…Read More

Category: MacroNotes

One Year later: Mish vs. ECRI vs. Krugman

“New Deal democrat” is the nom de blog for a professional who is not employed in finance or investment, but who has been an investor for nearly 20 years. NDD publishes regularly at The Bonddad Blog ~~~ As Barry Ritholtz pointed out at the time, exactly one year ago today a very specific intellectual challenge…Read More

Category: Data Analysis, Think Tank

Justin Bieber on the Credit Freeze, Recession

Jimmy Fallon is Justin Bieber who eventually starts dissing Alan Greenspan: Hat tip David S

Category: Humor, Weekend

The PermaBear to English Translation Guide

These days, the spectrum of market commentary is broad, ranging from permabulls to recessionistas to gold bugs to dollar bears. More recently, a special group of folks have been out in full force — the PermaBears — and their jargon can be a bit . . . confusing . . . to the uninitiated. For…Read More

Category: Humor, Psychology, Trading