Recap 9-26-12

Commentary:

The S&P broke below pre-FOMC levels today. If the 1430 area fails, the 1415 range marks the April high and is the next level of support.

Notable:

  • Andalucía is likely to seek EUR 4.9 Bn bailout from the central Spanish government
  • Chinese stocks hit the lowest level since March 2009.
  • Gallup: US Distrust in Media Hits New High
  • Daily US Oil production hit the highest level since January 1997 last week.

Upcoming Data:

  • Thu: EU Money Supply, Industrial Confidence, US DGO, Jobless Claims, Japan PMI
  • Fri: US Personal Income, Spending, PCE Deflator, Chicago PMI, China HSBC Mfg PMI
  • Mon: China Mfg PMI, Italy Mfg PMI, UK Mfg PMI, US ISM, Australia Mfg PMI
  • Tues: RBA, China Non-Mfg PMI
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