Weekend Linky Dinks-1040 Held, But Don’t Get Too Cozy

Earl from space
Earl from space

Last week’s flight to safety theme continued to drive markets early in the week, but risk-on trades picked up thanks to a series of constructive US economic data, culminating with the mildly positive August payrolls data on Friday. The improved tone in markets began with Tuesday’s August Consumer Confidence reading, which beat expectations and rose slightly over July’s reading. Then on Wednesday the August ISM Manufacturing numbers came in very strong, including the 9th consecutive month of growth in the manufacturing employment sub index. An ISM official noted that “major restocking” is still underway, raising optimism among manufacturers. On Thursday the July pending home sales numbers were much better than expected, contrasting sharply with the weak July new and existing home sales data out last week. The August payrolls report was much better than expected, and included significant upward revisions to the June and July numbers that made the summer’s employment trends seem a little less dismal.

The Dow was up 2.9% for the week and pushed its way into the black for the year. The S&P held the 1040 level like a champ last week and we now know, that is the new support level to watch.

We had an explosive week on the Premium Site last week and had more fun than Bernanke with a new printing press. If you would like to see last week’s performance returns , please e-mail me.

Enjoy the links and have a safe and fun three day weekend.

Is Joe Sixpack out of the market…forever?

Maybe mutual fund cash tells the story.

Look who’s on top.

The guy who walked away from his house.

Rally winners

Berkowitz and Fairholmes success.

China VS. India

Obama’s new digs

Venture in the Big Easy

Taxes and the 97% fallacy

Under employment at 18.5% for August

Love shack

Hawking and the God debate.

Brad Pitt wants the death penalty for Tony Hayward, now John Cusack wants Satanic” death” for Republicans.

Where the jobs are.

My Thursday Stocktwits.tv gig.

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