Succinct summation of week’s events

Positives

1) Sept Retail Sales follow good Aug

2) CPI report benign

3) Corporate earnings off to good start, GOOG rocks

4) Oct NY Fed survey much better than expected

5) Refi’s jump 21% in response to new low in mortgage rates

6) Greek debt continues to rally

7) China bank loans rise more than expected and Shanghai index rallies to near 6 mo high

Negatives

1) Treasury auctions mediocre, market sloppy all week, QE2 priced in

2) CRB closes up for 8th straight week and makes CPI report backward looking

3) Inflation expectations in 10 yr TIPS rise to highest since May

4) Mortgage put back concerns shake banks, BoA CDS higher by 50 bps on week to most since July ’09, foreclosure delays create mess

5) Trade Deficit worse than expected, 2nd highest since late ’08

6) $ index down for 7 out of 8 weeks

7) NFIB small biz optimism index lackluster

8) UoM confidence falls to 3 mo low

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