Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- March consumer spending rises, but look at what they spent it on [9]
- At least someone has a backlog: Gun manufacturer Sturm, Ruger's backlog jumps [10]
- Home prices rise 9.3% YOY -- how's that non-seasonally adjusted number look [11]?
- Apple has record $17 billion bond offering [12], when's the next one [13]?
- #Timestamp: Equities completely ignore awful macro data [14], continue to set new highs
- US April manufacturing index prints 50.7 [15], and is not yet contracting!
- Fed is prepared to increase or reduce purchases [16] - said another way, they've got your back
- The ECB cut rates [17], which using today's logic, means that demand will pick up any minute now
- Initial jobless claims come in well below expectations [18], & trade deficit narrows in March
- SPX hits all time highs, and oil spikes – here’s a look under the hood [19]
- Non-Farm Payrolls beats majestically – but the hours worked suggests anything but economic improvement [20]
- Dow 15,000 and S&P 500 1,600 – must be good [21]
Negatives
- U.S. & Euro Area savings rates plummet [22]
- A crack in the dam? Sallie Mae cancels $225MM [23] bond offering after investors demand more yield
- Dallas Fed's manufacturing index implodes in April [24], posts worst miss on record
- Symantec Flash-Crash destroys over $1.5 billion in less than a second [25]
- Chicago PMI falls to 49 [26], just your average 3.5 year low
- US home ownership rate drops to 1995 levels [27]
- Treasury issues draft floating rate note term sheet [28] -- those not familiar should catch up here [29]
- April ADP misses [30]
- Crude inventories at record highs, as energy demand falters [31]
- Participation rate still at 1979 levels [32]
- Factory Orders and ISM Service miss large [33]
Additional
- Jim O'Neill's farewell letter [34]
- QBAMCO pens an interesting note [35] on a potential conversion of the global monetary system
- With $72.8 trillion in gross notional, here is the bank with the largest derivative exposure [36] in the world
- Short equities on POMO days [37]? Here's how to not be 'that guy' [38]
- Arizona becomes second state to make gold & silver legal tender [39]
(h/t @ZH_Crown)