Succinct Summation of Week Events (10/11/13)

Succinct Summations week ending October 11, 2013:

Positives:

1. Despite all the chaos, the S&P 500 is green for the month of Octaper.
2. If you like QE, Janet Yellen is your next Chairwoman.
3. Wells Fargo, the nation’s largest home lender reported a 13% jump in EPS
4. The Dow jumped over 300 points on Thursday, the biggest one day increase since January.
5. Average 30 yr mortgage fell to 4.42% from 4.49%, refi apps rise 2.5% to a two month high.
6. Consumer credit increased by $13.6B in August which was better than expected.
7. Nine out of ten S&P sectors are above their 50-day moving average.
8. Rail traffic jumps to a 6-month high.
9. Greece expects to exit 6 years of contraction in 2014 with expected growth of 0.6% and a surplus YTD. Athens market up 4% on week

Negatives:

1. We are now 11 days into the government shutdown.
2. A deal in DC is merely an agreement on negotiation terms over the next 6 weeks. Tbill yields maturing November 21st into yr end spike.
3. Fed minutes shows Fed remains divided as when tapering is appropriate.
4. The four-week moving average of jobless claims rose by the most since 2009. half of which is due to a computer glitch in California, nice job.
5. U.S. consumer sentiment falls to the lowest level in 9 months, shocker
6. J.P Morgan, the nation’s largest bank recorded a third-quarter loss as legal expenses totaled $9.2B
7. Student loan balances outstanding continue to rise, sending non revolving credit to record highs.

Thanks, Batman!

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