Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- June’s Industrial Production in line [6] with expectations
- The NAHB is hopeful [7] for future sales
- If you strip out the inflation, CPI comes in line with June’s expectations [8]
- BofA beats revenue and EPS, with a little help [9]…
- Weekly initial jobless claims drop [10]
- ECB eases collateral rules [11], so banks can have even more cash to not lend
- Philly fed mfg survey goes batshit crazy in June [12], rises to 19.8
- Speaking of batshit crazy, the Dow and S&P are now at all time highs [13]
Negatives
- European car sales down 6.3% [14] YoY in June
- Coke misses top line expectations [15], says weather to blame
- Fitch downgrades the EFSF [16]
- Goldman unplugs Tesla, sends stock plummeting with $84 / share PT [17]
- Yahoo misses top line, guides lower [18]
- Mortgage applications fall [19] for 9th week out of 10, back to 2011 levels
- Housing starts miss big in June [20]
- IBM, Intel, eBay all miss revenue expectations [21]
- Detroit’s bankruptcy may mean a 90% loss to muni retirees [22]
- China’s housing bubble re-inflates [23], which doesn’t line up well for new growth stimulus
- Google & Microsoft both miss top & bottom line [24] – buy stawks
Additional
- This is your economy on QE [25]
- As a reminder, the ‘market’ is quite disconnected from reality [26]
- Like the financial crisis, the Fed promises student loan debt is contained [27]
- Detroit files bankruptcy [28]
- And summing it all up “The Fed Is The Problem, Not The Solution” [29]
(h/t @ZH_Crown)
