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Another win in the bag.But first, the scoreboard:
S&P 500: +6.77
And now, the top stories:
- We’re going to real quickly skip over the international overnight action, because it was fairly quiet and bullish. Nothing to get too excited about anywhere.
- The “day”, however, started yesterday, when Apple reported strong earnings (surprise!) and a slew of other good reports came out as well, sending US futures higher. Naturally, as you’d expect from a risk off day, the dollar got hammered, the euro surged, and the precious metals rallied again. Silver is over $46!
- The morning in the US saw the strong earnings data counteracted by weak econ data. Initial claims remained over 400K. The Philly Fed index saw a huge plunge. After a huge early morning gap, the rally vanished.
- Thus all of the sudden, the US economy is faced with old discussions of decoupling. Can Asia grow while the west slows down? Can corporate profits decouple from the US economy, as multinationals are increasingly less American?
- Again, tons more debt ceiling talk. The general consensus now is that the best the Democrats can hope for is some kind of deal with a spending cap.
- And that’s it! Friday is a holiday.
- For big signs that the economy is slowing again, see here >