The Week That Was: May 6th- May 10th 2013

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

Positives

1. Moar revenue! Senate passes online tax bill
2. GDP? We've got that. BEA changes calculation to include 'promises' to fund pensions
3. No time for macro tourists: S&P ignores plunge in Macro data, soars to new highs
4. Twitteresque: BofA & JPM have zero (as in none) trading losses in Q1
5. Paging Hans Mikkelsen: High Yield debt yields below 5%, or where the US 10yr was in 2007!
6. Weekly initial claims drop to 324k, lowest since 2008
7. Central Planning 1, South Korea 0 … South Korea cuts rates to stop hot money flows, despite inflation headwinds
8. USDJPY breaches 100 -- yay!
9. US 30yr Demand stronger than expected, pricing at a 2.98% yield

Negatives

1. Nope, no rotation: Hans Mikkelsen's credit short gets "Crushed"
2. Buying SPY instead? Home renovation spending plummets
3. March consumer credit misses, as revolving loans actually decline for the first time in 2013
4. Trickle-Down, down, down… Q1 Annual wage growth declines .1% YoY
5. Wednesday's 10yr US auction was rather weak
6. And for our next bucket of cold water, the dow in Gold terms…
7. Don't look now, but there may be a run on physical gold taking place
8. Wholesale sales drop most since 2009
9. JGB Volatility gets out of control again

Additional

• As a reminder, here is the S&P with and without QE
• How about the S&P with and without Tuesdays?
• Icahn re-up's HLF stake
• We found a fan of Austrian Economics, and you won't believe where

(h/t @ZH_Crown)

Comments

[Element]

Has anyone tipped-off DHS to JPM/Goluman conversion to radical terriss Austrianism yet?

If you see something, say something!

[Cdad]

I think today's revelation regarding the IRS targeting select groups of people it does not like...should have made the list.  That story is not a small one.  

[Yen Cross]

 Agree Cdad. +1