Succinctly summarizing the positive and negative news, data, and market events of the week...
- US 7yr yield jumps, must be moar rebalancing into equity
- Post FOMC results – confusion, but it doesn’t matter, algos run S&P futs up
- China PMI has miraculous expansion
- Nasdaq breaks, market soars, all is well
- Gold breaks above $1,400
- Obamacare is working (and you’re working less) – Forever 21 cuts employee’s to part-time status to avoid the mandate
- As the Fed’s
monetizing of debt, funding for market investment, credit creation looks to end, banks are not picking up the slack
- JCP is burning through cash at a ridiculous pace
- WTI plunges, Brent spread widens
- Oops: Goldman sends erroneous options trades, will they all get DK’ed?
- Bad loans still haunt Spain
- DOW hits 7 week low
- Emerging Market fx bloodbath, and stocks got hammered
- Initial claims rise back to 330k
- New home sales dry up, median price falls, and alas, the NAHB still quite confident!
- How the NSA scours 75% of the nation’s internet traffic
- Goldman FOMC post-mortem: Taper likely in September
- NANEX confirms the nasdaq outage can be traced to AAPL, as discussed first here