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The Week That Was: April 15th-19th 2013

Tyler Durden's picture




 

Succinctly summarizing the positive and negative news, data, and market events of the week...

Positives

  1. Gold selling off hard - Investors no longer worried about inflation is the meme (What Happened Last Time We Saw This?)
  2. March housing starts surge (But What's Beneath the Headline)
  3. Gas prices & CPI Drop in March
  4. Obama prepares for 'Stability Operations' in Syria -- Uber bullish during recessions
  5. Initial Claims Don't Miss By Much
  6. Beige Book wasn't terrible
  7. Lagarde is "Deliberately, Decisively, Desperately Optimistic", So there's that
  8. First Boston Bomber found and killed – Chechen origin perhaps seen by market as evidence not a systemic terrorist threat
  9. G-20 Communique confirms Japan can continue with its devaluation

Negatives

  1. Philly Fed Mfg Index Misses Big (Predictably, we're told to ignore it)
  2. Alas, Empire Mfg Index Also Disappoints
  3. Homebuilder confidence plunges
  4. Housing Starts plunge
  5. Gold drops most in 30 years
  6. File under: ‘Recovery’-- US households on foodstamps Hit Record High
  7. Hindenburg Omen Reappears
  8. Our 'Recovery' file is getting full: IMF Slashes World Growth Expectations
  9. 10Yr Treasury Yields at 2013 Lows
  10. Apple tests new 'Generational Lows'
  11. US Mint Selling Gold Before it Hits $0
  12. IMF Slashes World Growth forecast
  13. IMF Warns On Spanish Debt Load (Insert Obligatory Reinhart & Rogoff Excel Error Rebuttal)
  14. IBM misses both top & bottom line
  15. Earnings are a total disaster
  16. Fitch downgrades UK to AA+ from AAA
  17. Worst week in macro data for 11 weeks

Additional

 

(h/t @ZH_Crown)

 

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Fri, 04/19/2013 - 16:56 | 3474044 Pairadimes
Pairadimes's picture

Well, on the plus side gun sales in Massachusetts should be brisk next week...

Fri, 04/19/2013 - 16:57 | 3474049 khakuda
khakuda's picture

You can add that many stocks are now accelerating exponentially higher regardless of fundamentals, taking on bond market multiples now that that trade is long in the tooth.  Question is which list to add it to.

Fri, 04/19/2013 - 16:58 | 3474063 Major Major Major
Major Major Major's picture

And the positives have it.  Good job everyone.

Fri, 04/19/2013 - 16:59 | 3474070 Uncle Zuzu
Uncle Zuzu's picture

Good job diverting attention from the Fed's leaked email to its best friends, but it's a bit of overkill no?

1- Threat of nuclear war with North Korea

2- $200 decline in gold

3- Boston

Ok ok forget the email, all is forgiven.

Fri, 04/19/2013 - 17:11 | 3474125 Room 101
Room 101's picture

<---Bullion bank or CRIMEX goes bust

<---TBTF bank fails

News story now that it's after 5:00 ET

Fri, 04/19/2013 - 17:31 | 3474212 krispkritter
krispkritter's picture

Is this the Friday Humor post? Did I miss it??

Fri, 04/19/2013 - 20:39 | 3475051 Lets Buy The Dip
Lets Buy The Dip's picture

Is This Time Different - Is This A Dip Or A Sell Off I think the sentiment right now is this is a DIP and you should buy the HELL out of this little dip I just do not think that is the right way to think and DIP buyers here, are in for a very nasty shock in the coming weeks. Slowly, slowly....catch a monkey! As they say! => http://bit.ly/11NyGVO

Fri, 04/19/2013 - 21:51 | 3475475 polo007
polo007's picture

According to Citi Research:

Summary

We are generally very hesitant to pay much attention to moves in the gold market. However, when large moves in this market are relatively coincident with large moves in TIPS breakeven levels – it bears watching. We think that this may be a symptom of a Fed that is appearing more likely to begin tapering QE earlier into the recovery than was previously expected – even if the initial Fed Funds hike date remains well in the future. We are positioned in Treasury curve steepeners to take advantage of this view.

Sat, 04/20/2013 - 12:28 | 3477167 polo007
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