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Today's Economic Data Highlights
Industrial production, homebuilder sentiment, the TICS data, and a Fed speech…
9:00: TICS long-term inflows for Aug…Only one forecaster currently on the Bloomberg list, expecting +$50bn vs. a previous of +$61.2bn.
9:15: Industrial production and capacity utilization for Sep…another small gain? Although hours worked in manufacturing slipped in September, most other indicators—in particular the production indexes of business surveys—suggest that industrial output continued to increase last month.
On production, median forecast (of 63): +0.2%, ranging from -0.3% to +0.4%; last +0.2%.
On capacity utilization, median forecast (of 54): 74.8%, ranging from 72.5% to 75.1%; last 74.7%.
10:00: Housing market index for Oct….stabilization? Analysts continue to expect this index to turn up slightly from a very low level. So far, post the homebuyer tax credit, these forecasts have been too optimistic.
Median forecast (of 40): 14, ranging from 12 to 15; last 13.
12:55: Atlanta Fed President Dennis Lockhart speaks on the economy….to the Savannah Rotary Club, Savannah, GA. Like many other Fed speakers of late, he will probably use this opportunity to express his views on whether the FOMC is justified in adopting QE2, which looks virtually sure to happen in early November. Mr. Lockhart’s next turn as a voting member of the FOMC comes in 2012.
from Goldman Sachs
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Tyler, I think the numbers of CITI's Q3 and the impact on banking will be the most important today.
I concur. Can't decide whether to put FAZ on or not. Ain't lookin like buy Friday sell Monday is going to play out this week, so gotta figure out something to dabble in. Maybe a mission into the land of VXX. There's three POMOs this week, two Treasury and one TIPS. Hmmmm.
Anyhow, it's Monday, that means everyone needs some music to get the week rollin. Here is my answer to Steak's call for playlists (music this time, not comedy):
Steak and Shake:
http://www.youtube.com/view_play_list?p=438A49417E0A53F7
I would look at something long today. Stupid POMO's this week, lack of much economic data, and AAPL is on earnings front today. Tread lightly if you're going short.
Yea, there's probably at least another two weeks before the foreclosure mess starts exacting its toll. I know the banks will keep pumping out winning reports this quarter no matter how bogus and AAPL will too. And those damn POMOs! I hate this market. Not comfortable adding to the PMs right now. Maybe it's time I get into the forex game.
citi made 2.2 billion profit! That's not bad!
Tomorrow will be BAC reporting day, and that will set the mood.
As all banks are near year lows a shoot up will trigger a rally and put the DOW above 11600.
They made a profit through accounting trickery, and did the same thing JPM just did. Look at the loan loss provision, it was quite a laughable drop.
Why do you think companies have accountants? To write it as it is?
HHHAAAAAaaaaaaahhaaa....aaahhhaaaaHHHHAAAH
No serious, it's been like this the last 100 years. Nothing new about that.
But now, it is blatant lying to your face while laughing while they tell it. It really has become quite boisterous, and sickening.
20 years ago, we didn't have internet and when the President said something, we all believed it to be true.
Chart: ES and ZB
Reversal day.
http://99ercharts.blogspot.com/2010/10/es-zb_18.html
Charts
USD/JPY http://99ercharts.blogspot.com/2010/10/usdjpy_18.html
EUR/USD http://99ercharts.blogspot.com/2010/10/eurjpy_18.html
Hmm... industrial production -0.2% on expectations of +0.2%.
And it will all be forgotten by the 10:15, just in time for POMO.
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