Courtesy of Russ Winter of Winter Watch at Wall Street Examiner
Spain’s bank’s July’s bad loans number was revised even higher to 10.1%. But the worst news is that the August bad loan total just hit a fresh record of €178.6 billion, or 10.5% of the total €1,698.7 billion in bank loans. Spain 3Q house prices fell 9.3% YoY.
Chinese September electricity consumption dropped to a multi-year low of 2.9% Y/Y
Once again markets are failing to look at the critical details in the Philly Fed report: Prices Paid 19.0 from 8.0, Employment -10.7 from -7.3, new orders -0.6, not good.
Market also largely ignored the jobs claims. Yes, yes, yes this might be a reporting quirk (see Lee Adler), but I expect these numbers to head steadily higher going forward. Let’s see what the reaction is if this persists in the next two weeks. The advance figure for seasonally adjusted initial claims was 388,000, an increase of 46,000 from the previous week’s revised figure of 342,000. After hours AMD is planning to cut 15% of its workforce as part of its restructuring, which it says will be “largely completed” in Q4.
Interesting commentary by Citi on the election and fiscal slope scenarios. Actually the Gallup Poll Citi is so high on shows Romney up by 7% today, was 6% yesterday. In fact Romney has led during all of October with Gallup, so not sure what Citi is talking about here.
My gut is that Romney will win the popular vote by as much as two percent and narrowly lose the key battleground states he needs. Obama has literally bought those states with sleazy Chicago machine politics, using government funds, bail out policy and channel stuffing to give those state’s voters the false sense things are getting better. Romney hasn’t shown up with anything to counter this corruption. This will make the period after the election especially divisive.
For additional analysis on this topic and related trades subscribe to Russ Winter's Actionable – risk free for 30 days.The subscription fee is $69 per quarter and helps support Russ.s work on your behalf. Click here for more information.
Copyright © 2012 The Wall Street Examiner. All Rights Reserved. The above may be reposted with attribution and a prominent link to The Wall Street Examiner.
