On Wall Street Trading Desks, Here's What They're Talking About Right Now

trading desk

Michael Block of Phoenix Partners passes along today’s top trader bullets:

  • No way in hell Spain makes its deficit target this year.  They are off by at least 100 bps.  And yet no bailout request until after November 25.
  • Obama won despite his usual smarm, and his aside that the sequester isn’t going to happen could mean that markets win.
  • TXN last night terrible but not surprising.  AAPL has mini iPads today, hopefully not mini numbers on Thursday.
  • Fed tomorrow – consensus is for more asset purchases next month not tomorrow, but never count out how closely Ben watches SPUs.  A sub 1400 tape could push him.
  • BOJ chatter meaningless.   Taiwan data stinks and is bad sign for global growth yet again.

Meanwhile, Richard Gilhooly of TD Securities has a good overview of what’s going on.

We summarize in bullets:

  • Risk sharply lower.
  • Corporate earnings generally squisshy.
  • Crude oil breaking below September lows.
  • Spanish deficit woes creeping bak into the picture.
  • Spreads in Europe a tad wider.

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