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

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Photo: Wikimedia Commons

Dave Lutz of Stifel, Nicolaus has the latest on what he and his clients are chatting about this morning.We summarize his key points:

  • Risk off in Europe. Spain specifically weak. Everyone’swaiting for bank stress test results.
  • Shanghai rallied 1.5% last night, and is now up 3 out of the last 4 sessions.
  • New French budget coming out that really socks it to high earners.
  • A Moody’s review of Spanish debt could come as soon as the close today.
  • Chinese leadership transition announced for November 8.
  • The Chinese yuan climbs to a 19-year high.
  • The yen is at 7-month high
  • Moody’s cuts South Africa.
  • According to AAII,the number of bearish investors has surpassed bullish investors. This is the first time this has happened since early August.

Also, Michael Block of Phoenix Partners sends over a few more key points:

  • Chicago PMI at 9:45ish.  Focus on New Orders and Backlogs.  Consensus is 52.8, down from 53 last month.  ISM is Monday, Consensus there is 50 and the number has been < 50 for three months in a row.
  • Spain Stress Test at Noon, but I am more interested in a bailout move.  Where is that? 
  • China up again last night, but no stock boosting measures announced.
  • First Obama/Romney debate on Wednesday, Payrolls Friday.  Which is more important?
  • Fed Minutes Thursday.  What were they thinking?


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