Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- Gold surges as COMEX shorts hit 7 month low
- In the new normal, pending war means precious metals and crude oil slide… lower
- Fed indicates that there is just too much housing demand, and too little workers… let’s take a look
- How the market was impacted by a week’s worth of war talk – Confusion is good
- Want $15 dollar fries with that? August non-mfg index surges to 58.6, highest since 2005
- Biggest initial claims beat in three months, however labor costs stagnate
- ECB leaves marginal lending rate unchanged at .5%
- JPY tested 100 again, as the UST curve flattens significantly
- NASDARK black-out odds surge
- WTI is expensive, which must be good for EBITDA right?
- What does he know? As he did with sub-prime in 2006-07, Dimon has JPM pulling out of student loans…
- US 10yr breaks 3%, will this lead to a rotation to equities? We propose it may lead to a disorderly exit from risk to cash
- Ze bounce – totally normal move in SPX starting at 10am today
Negatives
- Available for Sale Securities showing unrealized net losses at commercial banks
- The Rupee is collapsing
- Trade deficit widens to $39bn in July
- Goldman’s Stolper stopped out at a loss on EUR/GDP long… again
- Housing affordability plummets
- This indicator of economic activity has completely stalled
- Moar rhetoric required, as Euro bond spreads are blowing out
- Japanese stocks get hammered…
- Careful with those Nobel Peace War plans, as China and Russia own 25% of all foreign owned Treasury Securities
- Stocks tumble on ugly August jobs data (psst, check July’s revision
- Record number of people out of labor force
Additional
- August & YTD performance by asset class
- Here are the senators who voted to start another war in Syria
(h/t @ZH_Crown)
And a little more color from Rodrigo Serrano (of RCS Investments)
Weekly Bull/Bear Recap: Sept. 2-6, 2013 by Rodrigo Serrano