Succinct summation of the week’s events

Positives

1) While toughness questioned and worst case not incorporated, EU stress test has less banks failing and smaller amount of money needed to be raised, so positive for now in terms of more info
2) German IFO, UK GDP, Euro zone mfr’g and service index, French biz/consumer confidence, Euro zone industrial orders all better than expected
3) Chinese stocks close at 4 1/2 week high, copper at 10 week high, CRB at 2 month high
4) US corporate earnings good so far
5) After falling for 35 straight days, Baltic Dry Index up 6 straight days
6) Brazil and Canada raised interest rates, better economy
7) Housing starts less than expected, we need less homes.

Negatives

1) Housing starts less than expected, impacts construction
2) Housing inventories continue to rise
3) NAHB builder survey falls to lowest since Apr ’09
4) Brazil and Canada raised interest rates, less liquidity
5) Bernanke says outlook uncertain
6) Bank earnings mediocre.

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