On Wall Street Trading Desks, This Is What They're Talking About Right Now

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Dave Lutz of Stifel, Nicolaus emails with the topics that he is talking with his clients about this morning.Here we summarize in bullets:

  • The day started with risk off, but have come back in part due to the surprise Aussie rate cut and more hopes for Spain aid.
  • Commodities are higher. Lumber is surging.
  • Spain maybe going to request a bailout soon.
  • Der Spiegel article on how the ECB’s new bond buying program may be illegal.
  • Aussie rate cut.
  • Senate leaders talking fiscal cliff deal.
  • Moody’s thinks the report on the health of Spanish banks.
  • Big time court decision coming up on whether Pennsylvania’s severe voter ID laws will be in place on election day.
  • BofA report on how hedge funds are massively lagging the broader market.

And from Michael Block at Phoenix Partners, a few more observations:

  • Yesterday Germany was going to delay the bailout.  Today they are not and we are back higher. 
  • Allegedly Rajoy will ask for the bailout over the weekend.  Why wouldn’t he wait until after October 21 at this point?
  • NYT – Senate working on a deal to eliminate the cliff and sequester issue.  $4 trillion deficit reduction over 10 years.
  • ISM was much better and that mattered for a few hours.
  • Central banking now all about not taking the punchbowl away.

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