*** The Street: Kass: The Risk Remains ***
*** Wall Street Cheat Sheet: Ten Themes to Watch in 2011 ***
*** The Big Picture: Was 2010 Commodity a Rally in a Bear Market ? ***
*** FT Energy Source Blog: Barclays: Oil will hit $100 per barrel this year ***
*** FT Alphaville: Forget non-performing loans, how ’bout performing ones? ***
*** FT Alphaville: Casualties of the currency war ***
*** FT Alphaville: Presenting the Irish bailout bond… ***
*** Paper Economy: Reading Rates: MBA Application Survey – January 05 2010 ***
*** Distressed Volatility: SP Future Large Specs Vs. ES Future Large Specs (COT Charts 12/28/2010) ***

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ISM Non- Manufacturing Index was reported at 57.1 vs. 56.0 consensus; November reading was at 55.0.

Improvements here also.

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ADP Employment rose 297.000 in November vs. revised (down 1,000) gain of 92,000 in November. This reading is off the charts, highest since at least 2001 (I don’t have older data).

Nonfarm payrolls on Friday (rule of thumb) could be better than 140.000 consensus.

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Challenger’s count of layoff announcements was reported at 32,004 in December vs. 48,711 in November.

Lowest reading since June 2000. That says it all.

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U.S. total motor vehicle sales for December rose 2.2% to 12.53 million SAAR. On year level motor vehicle sales are up 12.7%.

Like with other consumer related parts of the economy auto purchases are steadily gaining ground.

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*** The Economist: Grounded PIIGS ***
*** The Big Picture: Long Term Stock Market Growth (1871-2010) ***
*** The Big Picture: According to the Fed, it’s everything but inflation ***
*** Economix: Fearing (Another) U.S. Debt Default ***
*** FT Alphaville: SNB collateral, an Irish and BP non-love story ***
*** The Slope of Hope: Weak Precious Metals ***

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Nothing exciting and new upon first (skim)reading.

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No secret I’m a big fan of Niall Ferguson. This is a great lecture on empire declines.

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Baltic exchange released it’s first pricing after Christmas. Baltic Dry Index was reported down 4.5% at 1,693. Lowest reading since April 2009.

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U.S. factory orders rose 0.7% in November. The consensus was at 0.0%, prior reading was at -0.9%.

Factory shipments rose 0.8% vs. prior reading of 0.4%.

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*** The Telegraph: Overheating East to falter before the bankrupt West recovers ***
*** Council on Foreign Relations: When Irish IOUs are Smouldering ***
*** Project-Syndicate: Armageddon Can Wait ***
*** Caixin Online: Good Tidings in 2011 ***
*** The Big Picture: AAII Asset Allocation Survey: Bond Holdings at a 10-Month Low ***
*** The Big Picture: BofA Freddie Mac Putbacks Resolved for 1¢ on $ ***
*** Calculated Risk: House Prices: More Pessimistic Views ***

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*** Guardian.co.uk: Albert Edwards, SocGen bear, takes a bite out of China ***
*** The Big Picture: What to Expect in 2011 ***
*** The Big Picture: FDIC Bank Closings for 2010 ***
*** Calculated Risk: WSJ: Key to Real-Estate Rebound ***
*** Calculated Risk: Krugman: Deep Hole Economics ***

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U.S. construction spending rose 0.4% November vs. 0.1% consensus and 0.7% rise in October. On year level we are at -6.0%.

Improvement, but construction spending overall stil quite weak.

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ISM Manufacturing Index was reported at 57.0 vs. prior reading of 56.6 and consensus of 57.0.

Unchanged level of the ISM Manufacturing Index suggest industrial production in the U.S. will grow at current level of 5.5% y-o-y.

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China Federation of Logistics & Purchasing and National Bureau of Statistics PMI (“official PMI”) fell from 55.2 to 53.9.

PMI’s for December suggest industrial production growth in December will remain stable.

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