Business Summary Links By Day
Dave’s
Daily: http://www.etfdigest.com ‘CHUCKY THE CONSUMER IS BULLISH 10-15-12
The “bad news is good and good
news is better” theme was
once present again Monday. The good news was from Retail Sales were higher
(1.1% vs expected .9%) and previous data for July and August were also revised
higher. Gains were from autos, gasoline and electronics (iPhones?). The U.S.
consumer loves their cars and gadgets. There’s a lot of peer pressure for the “I got to have it” crowd and auto companies
are self-financing now even featuring sub-prime lending. Consumers are buying
more inefficient vehicles even as gas prices climb. They want their guzzlers
but rage at the gas prices which is odd. Also Citigroup (C) reported earnings which were better than
expected ($1.06 vs $.98). This was based in large part on an increase in bond
trading revenue. Since QE3 is just underway perhaps the build in MBS and other
Treasury bond trading was building to feast on Fed buying. The company is also
going to divest itself of Smith-Barney and cut more jobs. The bad news was from a
still weak Empire State Mfg Survey (-6.16 vs -3 expected & prior -10.41) so
the beat goes on there. Curiously Fed Governor Bullard, currently a non-voting FOMC
member and previous QE advocate, fretted Monday that QE was hurting savers. Who
knew?!? Over the weekend China reported more moderate inflation data
but there was also an article from Xinhua and featured in Reuters indicating the Chinese aren’t interested in QE.
Remember, unlike the U.S. the Chinese report gross inflation data skipping the
weird “core” rate we’ve come to expect from the
BLS. Stocks started the trading
day rather tentative given the more positive news and then jumped later as
investors seized on the “risk on” environment. Stocks
clearly were led higher by financials (XLF), healthcare (XLV) and a homebuilder’s bounce (ITB) while bonds
(TLT) were weaker. The dollar (UUP) was firm while precious metals (GLD &
SLV) declined sharply. The latter was occasioned by no doubt premature thoughts
better economic data might cause the Fed to slow its money printing agenda.
This while supply constraints given the long South African miner’s strike continues.
Nevertheless the sector was weak and trailing stops were hit. Commodities (DBC)
overall were weak led lower by base metals (JJC) and oil (USO). Volume was once again a
light affair while breadth per the WSJ was positive…’ , 21
Signs That The Global Economic Crisis Is About To Go To A Whole New Level http://albertpeia.com/21signsglobaleconomiccrisisabouttogetmuchworse.htm , Greece
Is Not Poor - It Actually Has Massive Uptapped Reserves Of Gold, Oil And
Natural Gas http://albertpeia.com/greeceyuntappedwealth.htm , US
Households Are Not "Deleveraging" - They Are Simply Defaulting In
Bulk ZeroHedge.com Lately there has been an amusing and very
spurious, not to mention wrong, argument among both the "serious
media" and the various tabloids, that US households have delevered to the
tune of $1 trillion,
primarily as a result of mortgage debt reductions (not to be confused with
total consumer debt which month after month hits new record
highs, primarily due to soaring student and GM auto loans). The implication
here is that unlike in year past, US households are finally doing the
responsible thing and are actively deleveraging of their own free will. This couldn't be further from the truth,
and to put baseless rumors of this nature to rest once and for all, below we
have compiled a simple chart using the NY Fed's own data, showing the total
change in mortgage debt, and what portion of it is due to discharges (aka
defaults) of 1st and 2nd lien debt. In a nutshell: based on NYFed calculations,
there has been $800 billion in mortgage debt deleveraging since the end of
2007. This has been due to $1.2 trillion in discharges (the amount is greater
than the total first lien mortgages, due to the increasing use of HELOCs and
2nd lien mortgages before the housing bubble popped). , Market
Thoughts From David Rosenberg "The
consensus view was that QE3 was going to send the stock market to the moon. Yet
the peak level on the S&P 500 was 1,465 on September 14th, the day after
the FOMC meeting. The consensus view was that the lagging hedge funds were
going to be forced to play some major catch-up and take the stock market to the
moon too. Surveys show that the hedge funds have already made this
adjustment...Q3 EPS estimates are still coming down and now stand at -3% YoY
from -2% at the start of October....this is the first time the Fed embarked on
a nonconventional easing initiative with the market overbought and with profits
and earning expectations on a discernible downtrend. Not only that, but the
fact the pace of U.S. economic activity is still running below a 2% annual
rate, which is less than half of what is normal at this stage of the business
cycle with the massive amount of government stimulus, is truly remarkable. Keep
an eye on the debt ceiling being re-tested — the cap is $16.394 trillion and we are now at
$16.119 trillion. This is likely to make the headlines again before year-end — the rating
agencies may not be taking off much time for a Christmas break." , US
CEOs Opine On America's Debt And The Fiscal Cliff , NYSE
Short Interest Drops To 5 Month Low
{ Though somewhat counter-intuitive, this is actually a bearish
indicator. } One place where the S&P level still does have a modest
influence is the number of shorts in the market, which are strategically used
by repo desks and custodians (State Street and BoNY), to force wholesale short
squeezes at given inflection points, usually just when the bottom is about to
drop out. The problem is that even short squeezes are increasingly becoming
fewer and far between, for the simple reason that the Fed has managed to nearly
anihilate shorters as a trading class with its policy… , Jeff
Macke On Citi's Earnings: "These Numbers mean NO-THING" , Timberrrrr!...
Will Be The Best Performing Asset In Next 7 Years Per Jeremy Grantham; Large
Caps To Return 0.0% , Latest
Unintended Casuality Of QEtc.: Mortgage REITs , To
Fight Hyperstagflation, Greece Will Allow Sale Of Expired Food Products , Guest
Post: The Future of America Is Japan: Runaway Deficits, Runaway Debts If you want to know how the Keynesian Cargo Cult's grand experiment in
borrowing money to fund bloated fiefdoms, rapacious cartels and bridges to
nowhere ends, just look west (from California) to Japan. The
Japanese State, partly because they seem to believe in the Cargo Cult, and
partly to avoid exposing the insolvency of their crony-capitalist financial
sector, has been borrowing and spending money on a vast scale for two decades.
Rather than face the fraud and corruption at the heart of American (and
Japanese) finance and governance, the Keynesians just want to leave the
predatory, parasitic crony-capitalist Status Quo intact and create an illusory
world of bogus "demand" and grotesque malinvestment funded by
ever-increasing debt. Does
anyone seriously think this is the "road to recovery"?
If you want a look at the fiscal future of the U.S., look west to Japan, a
nation that sits precariously on a fiscal cliff a thousand feet high. , US
Homeowners Launch Class Action Suit Against LIBOR-Manipulating Banks , Half
Of Citi's Adjusted Net Income Comes From Loan Loss Reserves; Home Equity Loan
Losses Surge , September
Retail Sales: Seasonal vs Non-Seasonal - Spot The Difference Just when we thought we may finally get one
decent economic data point which even we could get excited about, we decided to
look at the Non-Seasonally Adjusted September retail sales data. After all the
$4.7 billion seasonal increase in headline retail sales was the second highest
ever (in absolute terms, second only to 2004). Turns out our curiosity was an
enthusiasm-dowsing mistake, as a number which on the surface looked good, was
hardly validated by the Not-Seasonally Adjusted number, which plunged by $31.9 billion. How
does this September sequential change compare to previous years? See the chart
below and decide for yourselves if the massive NSA plunge in September 2012
merits the second best seasonally adjusted retail sales increase in history.
Submitted by Tyler
Durden on 10/15/2012
The economic data twofer this morning
was a beat and a miss. Retail sales
increased by 1.1% on expectations of a 0.8% increase, with the last month's
data being revised from 1.2% to 0.9%. Headline retail sales, ex autos was up
1.1% on expectations of a 0.7% print, and up from an upward revised 1.0%. Some
of the main drivers in the September retail sales pick up were in electronics
and appliance stores, which rose 4.5% from August (thank you iPhone 5),
Gasoline Stations +2.5%, and Motor vehicle and parts dealers 1.3%, which
continue to be a notable driver of retail strength for the second month in a
row. As for the miss, it came from the Empire Fed, which increased from
September's -10.41, to -6.16, but missed expectations of a -4 print. New Orders
improved modestly from -14.03 to -8.97, and ironically was the only subindex in the entire
report that staged an increase. Shipments declined to a negative print, from
2.75 to -6.40. Declines were also recorded in Delivery Times, Unfilled Orders,
Inventories, Prices Paid, Prices Received, the average Employee Workweek, and
most importantly, Number of Employees which declined from 4.26 to -1.08. Not
even the forward looking indicators, so critical to consumer
"confidence" managed to rise, dropping from 27.22 to 19.42.
Submitted by Tyler
Durden on 10/15/2012
AP Business
Highlights
...Yahoo Market
Update…
http://albertpeia.com/archives.htm
FBI Nazi
Bikers Bust FBI Nazi Bikers - What's Up At The FBI/DOJ?
Infowars.com | Now is the time to put an end to Obama’s
treasonous and tyrannical behavior.
http://albertpeia.com/impeachobama.htm
Wobama’s
Choom Gang Bangin’ { This brief video (11 mb) is well done and worth a
watch! }
http://www.albertpeia.com/wobamaschoomgangbangin.wmv
PAPER:
Obama's grandfather tortured by the British? A fantasy (like most of the
President's own memoir)... {
http://albertpeia.com/wobamaschoomgangfantasy.htm }
Drudgereport: Obama: 'Sometimes I Forget' Magnitude of Recession…{
Oh! How conveniently forgetful, though the vast majority of americans don’t
have wobama’s luxury of feigned amnesia suffering from what wobama did and
didn’t do contrary to promises last time around the perpetual campaign trail
littered with his typical jive-talking b***s***! The following headline will
help him remember some of his sordid, pot-clouded high school past! }...
FLASHBACK: Obama's Sordid High School Past...
By Ben Shapiro ‘While the Washington Post has been diligently
digging into relatively innocent high school pranks
by Mitt Romney, they’ve spent the last few years diligently ignoring President
Obama’s far more controversial high school days.Obama, by all accounts, was a
habitual drug user in high school. He tried cocaine, he admits in Dreams
From My Father; he “tried drugs enthusiastically.” The Chicago Tribune
reported back in 2007 that Obama thanked the “Choom Gang” in his high school
yearbook; “chooming” was Hawaiian slang for smoking pot. The Honolulu
Advertiser reported that Obama’s senior portrait “prominently displayed …
A package of ‘Zig-Zag’ rolling papers and a matchbook.” One of Obama’s close
friends was arrested for drug possession during high school.In his memoir,
Obama talked about routinely getting high. “Junkie. Pothead,” he wrote. “That’s
where I’d been headed: the final, fatal role of the young would-be black man.”
But, according to Obama, he only got high because he was contemplating deep
matters: drugs could “push questions of who I was out of my mind.” Obama told
students in 2007 that this activity constituted “goofing off” and “wasting
time”:"I will confess to you that I was kind of a goof off in high school
as my mom reminded me," Obama said. "I went to high school in
Cracks
in the Washington Post story on Romney’s ‘pranks’ emerge
Correction
Request: Washington Post Uses Falsehood in Romney Hit Piece
Media
Downplays Obama's Past, Tries to Define Romney with Teen Prank
If we're going to delve deep into a candidate's past, let's delve deep into a
candidate's past. Here's Obama in his own words admitting to physically shoving
a little girl named Coretta. Yes, it was at this moment that the first
shot in the War on Women was fired.
http://albertpeia.com/obamashovesgirl.png
No doubt that after expending all that energy
bullying an innocent little girl, young Obama readied himself for round two by
eating a Golden Retriever. More on this breaking story here.If
you're wondering what the rules are regarding a candidate's past; how far back
we're allowed to go in an attempt to define them -- the answer is simple: the
corrupt media will let us know.
Obama WILL NOT pursue gay marriage as part of party
platform...
STONE: 'Playing a
cruel and cynical game'...
Unites Republicans?
New Black Panther Niggers Plan Newspaper Cover With
Zimmerman In Noose { and civilized people everywhere should respond with
niggers in nooses and contributions to the Klu Klux Klan! } ...
LOONEY CLOONEYLAND: BIG CAMPAIGN BOXOFFICE FOR NIGGERO
– Meanwhile, looney clooneyland ain’t doin’ so well with the niggero model –
see next headline! ...
Failed Wobama model illustrated: 16 Reasons To Move Away From
Postal Service loses $3.2b in first quarter...
78% of
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{ some prior links of current
interest }
