Daily Reading – November 16, 2010
While we wait to see whether Ireland will be bailed out today I’ll post todays interesting reads…
Archive for November, 2010
November NAHB Housing Market Index At 16
Housing Market Index for November was reported at 16 vs. 15 in October (revised from 16). Consensus was at 17. Future component leading the index higher. Negative report; no improvements on the horizon as I believe future expectations components is overstated compared with traffic of perspective buyers component…
U.S. Industrial Production Flat In October
U.S. industrial production remained unchanged in October. The consensus was at 0.3%, September reading at -0.2%. On year level industrial production is up 5.4%…
U.S. Producer Price Index Rose 0.4% In October
U.S. producer price index rose 0.4% in October vs. 0.8% consensus. September reading was also at 0.4%. On year level PPI is up 4.3%…
A Bear In China?
Commodities imports stalling; Baltic Dry Index again collapsing; Equities sharply lower…
PIGS Spreads Update
Spreads tighter…
Daily Reading – November 15, 2010
The Economist: Buttonwood – South Sea QE.
An early attempt to buy government bonds by creating money.
The Wall Street Journal: Open Letter to Ben Bernanke.
We believe the Federal Reserve’s large-scale asset purchase plan (so-called “quantitative easing”) should be reconsidered and discontinued….
November Empire State Manufacturing Survey At -11.14
Empire State Manufacturing Survey for November came out at -11.14 vs. 14.0 consensus and 15.73 prior reading.
Big ugly miss. Downward path resumed…
U.S. Retail Sales Rose 1.2% In October
U.S. retail sales rose 1.2% in October. The consensus was at 0.7%, September reading (revised up 0.1%) was at +0.7%. On year level retail sales are up 7.1%. Gains concentrated in auto sales; not reassuring report…
Dry Bulk Weekly – November 15, 2010
Baltic dry index fell 5.7% last week; Capesize Index was down 7.9%; Panamax Index rose 6.3%; Supramax Index was down 7.4%; Handysize Index was down 3.1%.
Apparently China has slowed down the rate of purchases here also. Despite falling stockpiles Chinese buying is weak which means rates are falling.
Tanker Weekly – November 15, 2010
Baltic Dirty Tanker Index rose 3.5%; Baltic Clean Tanker Index rose 3.2%.
Despite popular belief that China is driving crude oil demand the data for October shows that China imported just 16.4 million tons of crude oil. This is the lowest level since April 2009 and it is 30% bellow September imports. In the U.S., despite the recent draw stockpiles are still high and the demand probably will not change much…
New Week Intro November 15, 2010
U.S economic data & earnings calendar…
Reversal?
I’ll interrupt my blogging silence with a short update on markets. Usual service continues as scheduled on Monday.
Looks we have trading themes reversing course.
Market summary: Shanghai down; U.S. Dollar up; PIGS spreads record wide…
Tainted Alpha Blog Returns On November 15, 2010
I’ll be away from my computer for the next week or so. Have a nice weekend, will be back shortly!
U.S. Freight Carloads Weekly – November 5, 2010
U.S. railroads originated 292,884 carloads, up 6.3% compared with the same week in 2009, but down 7.7% compared with 5-year average. Week over week change was -3.3%…