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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