Succinct Summation of Week’s Events

Positives

1) Private sector job gains about line with expectations
2) Initial Claims fall below 450k
3) Aug Pending Home Sales better than expected
4) ISM services rise more than estimated but components mixed
5) Purchase apps at 5 mo high
6) For asset prices at least, BoJ will buy anything, Bernanke hints at more QE
7) For sound money, BoE and ECB stay put
8) Strong Australia jobs #
9) Shanghai index at 5 mo high
10) China likes Greek debt, Greek 10 yr below 10% for 1st time since June

Negatives

1) QE consequence, CRB index at 2 yr high, message to Fed: Be Very Careful What You Wish For
2) $ index lowest since Jan, Brazil/South Korea take step toward capital controls
3) Fitch downgrades Ireland credit rating
4) Sept private Payroll gain modest, U6 at 17.1%, matches 9 mo high
5) Refi’s fall to 8 week low
6) ABC confidence at 8 week low
7) Sept Canada jobs # falls

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