Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- May durable goods orders beat expectations
- Fed’s Open Mouth Operation helps lift equities
- Jon Corzine sued, however somehow only civil suit
- Gold dips below 1,200… good for stocks right?
- U.S. 7yr auction smoother than the 5yr
- Record bond fund redemptions mean the ‘Great Rotation’ has started right? Not so fast
Negatives
- European stocks hit seven month lows, and their banks enter a bear market
- Shanghai Composite struggles as credit crunch continues to threaten
- 30yr Mortgage rate jumps, should help (un)affordability
- AAPL stocks, and bonds, struggle
- Japanese equities & gold get crushed
- U.S. 5yr auction prices at 1.484%, BTC dips to 2.45, below TTM
- Mortgage applications collapse
- U.S. Q1 GDP revised
higherlower - European household lending is flat out ugly
- U.K. disposable income drops in Q1
Additional
- Confused? No worries, the mainstream media will explain
(h/t @ZH_Crown)