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The Week That Was: July 8th - 12th 2013

Submitted by Tyler Durden on 07/12/2013 16:43 -0400

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

Positives

Alcoa comes out of the gate beating Q2 estimates, here’s how
Wealth creation! Consumer credit highest in two years
Goldman’s David Kostin says the S&P will never decline again
If you played the Stolper fade, you were not disappointed
Jobs are recovering… temp jobs that is
Japan wants to know core-core inflation, changes the measurement again – moar NKY gains needed
Crude soars, which in the new normal, is clearly good for equities
US has successful 3yr auction, securing more collateral for banks
US 10yr auction sells $21 billion, yield tracks to when issued 2.7%
The Fed is confused, so stawks rise to all-time highs
Stocks have second best week of the year (must be good news, right?)

Negatives

Gold forward offered rate inverts for first time since Lehman failure - lenders of bullion now want to be paid for lending
S&P downgrades Italy to BBB from BBB+
Barclays cuts Q2 GDP tracker to .6%
Mortgage applications continue to drop – worst YoY change in 3yrs
As Crude continues to climb, expect higher gas prices soon
US 30yr auction has lowest bid-to-cover in nearly two years
Initial jobless claims spike to 360k
Those not trading ‘risk ranges’ may want to look at S&P500 EBITDA
Consumer Confidence misses expectations for first time this year

Additional

CNBC viewership is not off the lows
Bye Larry
A 21^st Century Glass-Steagall act is in the works
YTD Hedge Fund performance
… About those Hedge Funds

(H/t @ZH_Crown)

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Fri, 07/12/2013 - 16:50 | 3746574 disabledvet

you weren't disappointed if you played the Stolper cover either. how'd that trade work out for ya Tylers Durden? http://www.youtube.com/watch?v=JirEwGIT0ak

Fri, 07/12/2013 - 16:56 | 3746590 Yen Cross

Here's the CFTC currency (long/short) report for anyone interested.

    EUR net short 41k vs short 16k prior
    JPY net short 80K vs short 71K prior
    GBP net short 34K vs short 31K prior
    AUD net short 63K vs short 70K prior
    CAD net short 24K vs short 16K prior
    NZD net short 1K vs short 1K prior
    CHF net short 1k vs flat prior
    Dollar Index net long 29K vs 16K prior
    Gold net long 16K vs 21K prior

Fri, 07/12/2013 - 17:28 | 3746676 Chupacabra-322

Off topic, my appologies for spaming. Lets light these District of Criminals phone lines up and stop contributing to your own debt bondage and enslavement to the Criminal TBTFBanksters. WithDraw you money OUT of them!

Credit unions promote the economic well-being of their members, especially those of modest means, through a system that is member-owned, volunteer-directed and not-for-profit. As a credit union member, I know firsthand that my credit union offers financial products that provide better returns on savings, reduced rates on loans and lower or no fees on services.

Unfortunately, the big banks and some in Congress want to raise taxes and impose new fees on millions of credit union members, who together represent 40% of all Americans. And, they want to do this despite the fact that credit unions are not-for-profit.

Please don’t raise taxes on 96 million credit union members. Don’t tax my credit union!

http://www.donttaxmycreditunion.org/

Fri, 07/12/2013 - 23:54 | 3747525 old naughty

ok. off off-topic (eh, does that made it on topic?). Guess it belongs to the "additional"?

Canadian citizenship oath to Queen will be challenged in court

"having royalty is a bit much" Duh.

Fri, 07/12/2013 - 19:32 | 3746926 SilverIsMoney

Goldbitchez!

Fri, 07/12/2013 - 21:14 | 3747168 Trampy

Free Adam Kokesh (FreeAdam.net) The Official Shield Mutual Action and Information Center for the Campaign to Free Adam Kokesh

Free Adam Kokesh Prison Rally Fairfax, VA Sat 13 Jul 10AM 4 Replies

Adam remains in the Fairfax county adult detention center (prison) in Fairfax, Virginia this morning in solitary confinement, without proper clothing, bedding or medical care and with the lights being kept on constantly.

Adam’s business and public relations defense teams are working overtime to assist Adam. We need your support and attention to do this.
This morning we issued a nationally-distributed press release. Please share it with your media contacts. We need coverage for the brutal treatment being meted out to Adam not just for him but for all the victims of government aggression that doesn’t have as loud of a voice or as much courage as he does.

Supporters Launch Free Adam Kokesh Campaign

Adam’s business and public relations defense teams are holding a rally outside of the cage where he is being held tomorrow, Sat 13 July 2013 at 10AM Eastern in Fairfax, Virginia. Please RSVP if you can attend and share the event whether you can attend or not: Free Adam Kokesh PRISON RALLY!

Free Adam Kokesh PRISON RALLY!

Prosecutors in Fairfax county have yet to actually prepare a criminal complaint against Adam. In fact, due to Virginia being a low discovery state, they may never do that. Here are better copies of the Virginia arrest warrants against Adam:

We are still working on a scan of the federal search warrant for the fishing expedition that prompted all of this.
There has been some confusion about the warrants. On Tue 09 Jul, US Park Police got a search warrant for Adam’s home. They were looking for evidence related to Adam’s July 4th video where he appears to have loaded a shotgun in Washington D.C.’s Freedom Plaza.
While conducting that search, Park Police claim that they also found psychedelic mushrooms. This is where the Virginia arrest warrants come in. These arrest warrants are a formality after the fact in order to document Adam’s arrest.
Adam met with a court-appointed attorney this morning.
Here is an interview from 10 July with two members of Adam’s business team in which they recount the attack.

I will post updates for today here as they come along.

George Donnelly george.donnelly@shieldmutual.com (215) 360-3513

This entry was posted in Action on July 12, 2013 by admin.
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