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Storm Disruptions

October 31, 2012 – 5:00 pm

With the Storm closing the markets Monday and Tuesday there was no trading but earnings reports and some economic statistics were released. The earnings were decidedly weak though almost all the companies that reported did have earnings, just less than last quarter or last year for the same quarter.

Other markets around the world were open and European indices saw gains near 1%. That is somewhat of a surprise as Greece again postpones austerity measures they are supposed to take and after a contentious meeting between the Prime Minister of Greece and the entities that is lending them money.

We will have the October jobs report but there is talk it might be delayed. The consensus is for about 120,000 new jobs, the same as last month but with a slight uptick in unemployment.

The economic numbers are slightly improving and that trend should continue. When the storm on the East Coast is a distant memory our economy will actually get a small boost from the damage it leaves behind. Maybe by year end we will see that reflected in the numbers. However, the boost is going to be slight and maybe so slight we won’t notice it much. I am much more interested in the housing numbers and their positive effect on year end numbers. Case/Shiller reported yesterday that housing prices in the 20 major U.S. cities they track went up .9% for August. Then again that was less than expected. Prices are up 2% year over year.

Good Trading
Steve Peasley

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