Look for Europe drivel to resurge this week as the only real number I see in this US calendar is Initial and Continuing Claims. AA reports Tuesday.
Adele's theme from "Skyfall" on the fiftieth anniversary of James Bond left Itunes shaken, not stirred. This calendar leaves me cold, finger.
Date Time (ET) Statistic For Actual Forecast Market ExpectsPriorRevised From
Oct 10 7:00 AM MBA Mortgage Index 10/06 - NA NA 16.6% -
Oct 10 10:00 AM Wholesale Inventories Aug - NA NA 0.7% -
Oct 10 2:00 PM Treasury Budget Sep - NA NA -$62.8B -
Oct 10 2:00 PM Fed's Beige Book Sep - - - - -
Oct 11 8:30 AM Initial Claims 10/06 - NA NA 367K -
Oct 11 8:30 AM Continuing Claims 09/29 - NA NA 3281K -
Oct 11 8:30 AM Trade Balance Aug - NA NA -$42.0B -
Oct 11 8:30 AM Export Prices ex-ag. Sep - NA NA 0.4% -
Oct 11 8:30 AM Import Prices ex-oil Sep - NA NA -0.2% -
Oct 11 11:00 AM Crude Inventories 10/06 - NA NA -0.482M -
Oct 12 8:30 AM PPI Sep - NA NA 1.7% -
Oct 12 8:30 AM Core PPI Sep - NA NA 0.2% -
Oct 12 9:55 AM Mich Sentiment Oct - NA NA 78.3 -
The big one is continuing claims, and that trend should be down if the numbers are to look consistent. They are of course measuring different weeks, and next week will be better due to Monday past day off. That was Columbus Day where we celebrate the wrong guy for having discovered America first.
That way the wrong numbers they fabricate next week will contain congruent fictions and match the intelligence of the American public.
See how that works? We might not, if idiot Fed Chairpersons get to blather, and IMF complains more about why the US, at 20% their pot, isn't doing "more"?
Would you like to buy some securitized no doc loans, LaGarde? Don't worry, if foreclosed, the underlying holdings will be flipped for more money, because real estate always goes up, it's an asset!!!
We got the right unemployment claims number, but just past noon, an appellate court told AAPL to pound sand on its injunction against SAMSUNG, which quite frankly did not rise to the lofty heights that's required for injunction in their mumbling opinion. APPL is showing brown spots that used to be green, and the markets have backed off their recovery for --a drum roll please, functional reasons that actually have something to do with real bellweathers and real business.
Sometimes when the smoke is blown away, all that is left are broken mirrors, however real.
All indices are holding their gains somewhat, but well off the highs of the day, including hi ho silver, oy vey.
Another downdraft today in the general market, but some of the hardest hit are starting a little bounce. A nice even Thursday would be helpful, because the banks report Friday and the numbers are supposed to be splorific.
Time will tell.
I finally learn to read a calendar, and Wed is the day the Beige book is revealed. Most interesting will be an increase in wholesale inventories that follows the expansion of the previous weeks--that's supposed to be bullish but was taken as bearish the last time.
The IMF has been touting woe is me for the forseeable future yet chiding the US for lagging in its recovery--at the same time those statements are a sharp stick in the eye for European countries and makes the dollar stronger, just the opposite intended. Meantime Friday is the day the banks report, that is supposed to be bullish. Debt has contracted about ten percent, a half trillion or so, so the credit worthiness of the country, our country, has increased. Another reason to be long the dollar--for the few minutes that is worthwhile.
I saw two HFT driven hammers drive the market into the toilet on Tuesday, I am sure there will be more forthcoming.
VP Debates had energy, that much carrying over into the markets today shows a bit more than flatline. Next week? Last Presidential debate. Let's see if Obama takes a note from Biden in terms of energy, and Romney has more "how" to firm up viability of his "what".
Initial claims, it was reported late in the day, may have dropped in appearance because a major state, suspect Cally-phor-nya, didn't get the THEIR count into the final tally!!!!!!!!. That made page one of the "you got to be kidding" PRESS, and no, I don't think it is a conspiracy to make the numbers look good. I never explain stupidity with the "c" word. Conspiracies involve an objective, intelligence, planning and follow through. To quote George Carlin, these people are just phuckin STOOPID.
Add AAPL losing an appellate appeal by SAMSUNG to overturn the injunction for patent infringement, and we're lucky to see any plusses in the market at all atoll--APPL qualifies now as having taken a 10% "correction". I love it when they use "correction". It's like, he took a bullet to the brain, to correct his headache.
That AAPL hit was a FUNCTIONAL gut blow to the lock the lower court gave to AAPL over SAMSUNG that has lasted five critical months, but isn't going to survive the XMAS buying season, so AAPL has got some leveling off to do, probably another ten percent down the road. Talk about a major owee.
Banks report end of week and they should be spectacular. With all that TARP stimulatum excretatum, YA THINK? With all the refi's flying off the shelves, YA THINK? With PPI manipulated to take food clothing and shelter out of the equation (sarcasm) I don't think the price of Crazy Glue or gum wrappers has inflated much, so those core items should lend the mythological boost no PPI pop should to low irates until 2018.
Will the stock market advance on the news? It's up AH a smidge, whether that holds through end of week as we sputter forward, BTSOOM.