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 [9]
- Wealth creation! Consumer credit [10] highest in two years
- Goldman’s David Kostin says the S&P will never decline again [11]
- If you played the Stolper fade [12], you were not disappointed
- Jobs are recovering… temp jobs that is [13]
- Japan wants to know core-core inflation [14], changes the measurement again – moar NKY gains needed
- Crude soars [15], which in the new normal, is clearly good for equities
- US has successful 3yr auction [16], securing more collateral for banks
- US 10yr auction sells $21 billion [17], yield tracks to when issued 2.7%
- The Fed is confused [18], 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 [19] for first time since Lehman failure - lenders of bullion now want to be paid for lending
- S&P downgrades Italy [20] to BBB from BBB+
- Barclays cuts Q2 GDP tracker [21] to .6%
- Mortgage applications continue to drop – worst YoY change in 3yrs [22]
- As Crude continues to climb [23], expect higher gas prices soon
- US 30yr auction has lowest bid-to-cover [24] in nearly two years
- Initial jobless claims spike to 360k [25]
- Those not trading ‘risk ranges’ may want to look at S&P500 EBITDA [26]
- Consumer Confidence misses expectations for first time this year [27]
Additional
- CNBC viewership is not off the lows [28]
- Bye Larry [29]
- A 21st Century Glass-Steagall act is in the works [30]
- YTD Hedge Fund performance [31]
- … About those Hedge Funds [32]
(H/t @ZH_Crown)