Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- Gold hits pre-taper levels [8]
- AAPL beats in Q3 [9], cash grows to record levels
- US has no issues selling $35bn [10] in 2yr paper
- Smooth as silk – US again has no issue selling $35bn 5yr notes [11]
- Durable goods headline number healthy in June (non-defense capital goods however [12]…)
- Weekly initial jobless claims rise only slightly [13], downward trend has leveled out
- Bank lobbying 1 – Common Sense 0 … Regulators no longer to impose “skin-in-the-game” regulations [14]
- Consumer confidence soars in July [15] (as everyone ignores all reality)…
- Inflation is taking hold in Japan… kind of [16]
- Every time Kevin Henry sings, a PM gets his wings: DJIA, ES, RUT defy gravity and ramp higher before close [17]
Negatives
- Richmond Fed posts biggest miss vs expectations in 7 years [18]
- Is the skyscraper index indicating a pending crisis [19]?
- CAT implodes YoY in Q2 [20], guides down
- China PMI hits 11-month low [11]
- Cyprus bank deposits plunge [21] at fastest rate in history
- JP Morgan & Goldman probed over metals warehouse manipulations [22]
- Like clockwork: Amazon misses earnings estimates [23] once again in Q2
- Unintended consequences: Muni liquidity to tighten [24] after Detroit bankruptcy?
- How do you spin a recession? Continuously lowering GDP expectations [25]
- If you #timestamp and click your heels 3x, you can pretend the market levels are due to fundamentals [26]
Additional
- Here are the 217 ‘representatives’ who voted to continue NSA surveillance [27]
- Mooch? -- SAC Capital has been Indicted [28]
- SAC’s true gross exposure [29]
- Klarman clears up the unreality [30]
(h/t @ZH_Crown)