The Week That Was: June 3rd - 7th 2013

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

Positives

1. U.S. trade deficit comes in slightly better than expected, still hits $40.3bn
2. May non-mfg ISM comes in at expectations (as orders slow and inventory builds)
3. June’s Beige Book is out, and it didn’t say growth is outright slowing, so that’s good
4. Initial weekly jobless claims 346k, almost exactly in-line with expectations
5. Thursday’s 3:30 ramp was epic, RC LLC has your back – just BTFD
6. Non-Farm Payrolls beat expectations

Negatives

1. The problem with Japan’s “Plan B”
2. IG credit spreads widening
3. Abe’s attempts at defeating the “inflation monster” underwhelm
4. Hindenburg Omen beginning to confirm
5. The Tuesday streak is over
6. Is there a collateral shortage starting? Overnight repo suggests the possibility
7. Gasp! Dow drops below 15,000
8. Big miss in May for ADP, 135k vs 165k consensus
9. As a reminder, equities are completely diverged from credit & macro indicators
10. Nikkei enters bear market, sees 20% correction from its highs
11. The USD/JPY has crashed
12. The Real Unemployment rate is 11.3%

Additional

• Meet PRISM – the Government’s Internet Espionage Operation
• Putting Fed ‘tapering’ into perspective
• The debt of nations: a look at household debt
• Gov’t trying desperately to squeeze the money market

(h/t @ZH_Crown)

Comments

[quintago]

this is great stuff!! 

http://dealbook.nytimes.com/2013/06/07/admiral-mullen-named-to-sprints-board/?smid=tw-dealbook&seid=auto

[Lets Buy The Dip]

intesesting. This market is super strong right now, and I think that rally up into employment numbers is gunna send us up even higher. 

CRUDE chart is looking very very nice and has an inverted head and shoulders setting up - CLICK HERE TO VIEW THE CHART HERE!

[ShortTheUS]

I was shocked - SHOCKED - that ZH didn't post an article yesterday about Greek unemployment hitting another record high. Not even a mention in the 'Fourth World' post.

http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressRelea...

[Darkness]

“Since 1776 it's never paid to bet against America”. I can't wait to see you stopped out of that short. 

[FLUSA.com]

Mortgage applications dropping are kinda a big deal me thinks...

[Umh]

I have been waiting for home prices to drop some more. The prices around here are at 1998 levels. I would like to buy some undeveloped rural property so close to a city that it is valued more as potential homes sites than anything else.

This biflation stuff is confusing.

[StopIt.Now]

Not sure if these are weekly, but please keep providing them week by week.

[Urban Redneck]

And there went the neighborhood (along with the Monroe Doctrine)-

Chinese firm to build Nicaragua's alternative to Panama canal http://www.straitstimes.com/breaking-news/money/story/chinese-firm-build-nicaraguas-alternative-panama-canal-20130606

[Umh]

What happen to going through the Artic to get to the north Atlantic?

[Urban Redneck]

the arctic doesn't involve land since passage is created by melting ice

a 100yr BOOT lease on a competing canal means the only way the US could deny passage to Chinese merchant or military vessels is by act of sabatoge or war

[DowTheorist]

A negative: The secondary trend of the market turned bearish as explained here:

http://www.dowtheoryinvestment.com/2013/06/dow-theory-update-for-june-5-...

Thus, the odds favor declining prices in the days ahead.

A positive: the primary trend remains bullish.

[CalibratedConfidence]

Barry Ritholz is going to be pissed

[RetiredVet]

                                  EarningsInsight_060713.pdf               

[RetiredVet]

the link above is dated 07 June, 2013 and paints the real picture of earings and revenue guidance issued by US companies.....read it and make your own analogy of what the hell is going on in the US equities markets.....

[RetiredVet]

earning, not earings......:)