Morning Brief Friday August 24, 2012

Good Morning. We have one whopping data point today in durable goods. No scheduled Fed speeches, no Treasury auctions, nothing else. So a rather quiet day is possibly on tap. Durable goods though is a rather important economic gauge which may fuel QE hopes if the data is bad. Each time I write something like that I am still amazed at how screwed up the capital markets have become.

Bad is good and really bad is really good. Durable can be a very volatile number so perhaps the normal volatility will look favorable upon the hopeful and the data will be really bad. Just imagine some future point in time when people study the capital markets during this period. They’ll think we were all insane.

As for those capital markets, the Titanic is slowly trying to turn. And it is a Titanic with a lot of momentum, whose course is not easily changed. Though the winds are starting to turn.

The Aussie dollar ended up closing below

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