Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- US 7yr yield jumps [4], must be moar rebalancing into equity
- Post FOMC results [5] – confusion, but it doesn’t matter, algos run S&P futs up
- China PMI has miraculous expansion [6]
- Nasdaq breaks, market soars [7], all is well
- Gold breaks above $1,400 [8]
Negatives
- Obamacare is working (and you’re working less) – Forever 21 cuts employee’s to part-time status to avoid the mandate [9]
- As the Fed’s
monetizing of debt,funding for market investment, credit creation looks to end, banks are not picking up the slack [10] - JCP is burning through cash at a ridiculous pace [11]
- WTI plunges [12], Brent spread widens
- Oops: Goldman sends erroneous options trades [13], will they all get DK’ed?
- Bad loans [14] still haunt Spain
- DOW hits 7 week low [15]
- Emerging Market fx bloodbath, and stocks got hammered [16]
- Initial claims rise back to 330k [17]
- New home sales dry up [18], median price falls, and alas, the NAHB still quite confident!
Additional
- How the NSA scours 75% of the nation’s internet traffic [19]
- Goldman FOMC post-mortem: Taper likely in September [20]
- NANEX confirms [21] the nasdaq outage can be traced to AAPL, as discussed first here [22]
(h/t @ZH_Crown)