Recap 11-1-12

~ globalmacrotrading

Commentary:

The S&P is sitting at resistance that was previously support:

Separately, an interesting chart from Pimco: the “pent up housing demand” does not seem so pent up, especially relative to the overbuilding from 1995-2008.

Notable:

  • ISM was stable at 51.7 vs 51.1 exp and 51.5 prev
  • US Consumer Confidence improved to 72.2 in Oct vs 73 exp and 70.3 prev. This is the highest print since February 2008.
  • ADP reported an increase in payrolls by 158k last month. However, they changed their methodology, so no one knows how this number compares.
  • UK Mfg PMI declined to 47.5 vs 48 exp and 48.4 prev
  • Swiss Mfg PMI improved to 46.1 vs 44.7 exp and 43.6 prev
  • China Mfg PMI improved to 50.2 as exp vs 49.8 prev

Upcoming Data:

  • Fri: ItalyMfg PMI, UK Construction PMI, US Employment, Canada Employment
  • Mon: China HSBC Services PMI, UK Services PMI, ISM Non-Mfg PMI, RBA
  • Tues: Italy Services PMI

Published by globalmacrotrading

I am a G20 Global Macro Portfolio Manager in NYC. My background includes stints at a major investment bank, a commodities market maker, and one of the world's largest global macro hedge funds.