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Morning Notes For July 30th 2010 at Trader’s Narrative

Morning Notes For July 30th 2010

The following is a guest post by a buy-side analyst working in a US asset management firm. The author’s comments are in italics. Please note that there will be no Morning Notes next week. I welcome your feedback in the comments:

GDP Q over Q (Annualized) Survey 2.6% Actual 2.4 Prior 2.7 Revised 3.7
US GDP growth quarterly Jul 2010

  • Americans are most likely to endorse proposals targeting the wealthy as ways of addressing concerns with the Social Security system, including requiring higher-income Americans to pay Social Security taxes on all of their earnings (67%) and limiting the benefits wealthy retirees receive (63%). – Gallup
  • Americans’ economic optimism remains down in late July after tanking early in the month, continuing a trend that started in late May. However, optimism has improved slightly over the past two weeks as the stock market has surged.

US consumer economic expectations Gallup Jul 2010

  • The SEC has charged Samuel Wyly and Charles Wyly — billionaire brothers in Texas — with reaping more than $550 million through fraudulent practices. The Wylys violated federal securities laws by using offshore accounts to secretly trade the shares of public companies whose boards they sat on, the SEC alleged. – WP
  • The WSJ says the drop in bond yields worldwide made July 2010 the biggest July ever for junk issuance. The paper says most are replacing old debt with new, extending the term and reducing the cost. They are also hoarding the cash rather than investing it.
  • “2011 starts on Monday” says Cramer – “money managers will stop thinking about 2010 and focus largely on next year. And that should be good news for stocks” – CNBC
  • NY Fed’s Maiden Lane vehicles (I, II, and III) are all showing paper profits for the first time (about $10.8B in aggregate). FT
  • “Top Hedge Funds That Dodged Crash, Rode Market Back Turn Gloomy” - In interviews and investor letters, managers who dodged the financial crisis said they expect the U.S. and European economies to slow. Bloomberg
  • Rodriguez has the most at bats at 599 Home Runs

number of at bats alex rodriguez

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