Succinct summation of week’s events:


1) Greek officials reiterate commitment to deficit targets, Norway buying more Greek debt, 2 yr yields fall below 10% for 1st time in a month, hoped for sale of 6 mo paper next week
2) Portugal successfully sells debt but at higher yields
3) ABC confidence rises to two month high
4) MBA says purchases rise for 3rd month to highest since May
5) Initial Claims fall more than expected (with Labor Day holiday caveat)
6) Trade Deficit lower than expected
7) July Wholesale Inventories rise strongly
8) Australia and Canada Aug jobs data beat forecasts.


1) Greek yields past the 3 yr EU backup still remain very high
2) WSJ questions European bank stress tests and DB wants to raise more capital
3) German July IP and exports below expectations
4) From contrarian standpoint, individual investor Bulls are back to highest since April according to AAII
5) Build in wholesale inventories unwanted?

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