Archive - Nov 4, 2010

• Fed takes bold, risky step to bolster weak economy (Reuters)
• Oil rises towards $86 on Fed, weak dollar (Reuters), we expect $90 oil within a week
• Asia Girds for Stronger Currencies, Bubble Threat From Fed Move (Bloomberg)
• Obama Says He'll Negotiate With Republicans on Bush Tax Cuts (Bloomberg)
• Sarkozy To Meet Hu As France Takes G20 Lead (FT)
• Pettis Op-ed: Targeting Currencies Will Not Stop Trade Imbalances (FT)
• Bank of America Edges Closer to Tipping Point: Jonathan Weil (Bloomberg)
• Analysis: Strategic tensions threaten Asia as China rises (Reuters)
• Goldman's Pay Pool Shrinks Fastest as Traders' Fortunes Dwindle (Bloomberg)

• BOJ confronts two-decade land slump with planned purchase of REITs, ETFs.
• U.S. sales of cars and light trucks rose 13.4% in October from a year ago.
• AES's Sept. net income declines from $185M to $114M.
• Aetna's net rose 53% on invt gains, lower costs. Ups 2010 EPS view to $3.60 (prev $3.05-3.15).
• Alcatel-Lucent Falls on lower-than-expected operating margin
• Amdocs sees Q1 EPS at $0.49-0.58 (cons $0.60); revs of $760-780M (cons $774.39M).
• Becton Dickinson reports in line; posts Q4 EPS of $1.24, Revs up 1% at $1.87B.

Reports today on the Monster index (already out - it fell, but hey, QE2), initial claims, productivity and costs, and spending at retail chains….Oh yeah, and a $5-6 billion POMO.

Morgan Stanley is also extending its abysmal track record in CRE with the 97% in Revel. The bank took an effective loss for the common shareholders, even when backing out the DVA effect (which is a non-cash charge) as long as you normalize one time items. There is plenty more pain in RE to come, and Morgan's track record is horrendous at the same time expenses are rising with talent fleeing.

RANsquawk European Morning Briefing - Stocks, Bonds, FX etc. – 04/11/10

When a Banksta sells a Treasury Note to Ben's Keynesian Magical Mystical Tour...He has no idea what to expect...

Retail traders are notoriously wrong at picking market direction/tops and bottoms. Most retail traders very naturally seem to adopt a counter-trend stance and this offers very accurate signals for individuals looking to trade against this group. This daily report is designed to help traders focus their efforts on higher probability pairs.