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What's New, 2/10/12

The following is updated daily in "Summary" on my LinkedIn profile.

What's new: Jblss 4wk ma 366k dcrs,beat,lwst 4/08. ECB rate no chg. Grc austerty,PSI deals uncertainty,2/15 deadline;unemply 21%. China CPI 4.5% miss. CSCO rev beat. ORCL buys cloud TLEO. Buffett bonds "amng most dngrs assts." Blckrck Fink "100% in equities." Santorm wins 3. Lst wk: 243k new jobs,big beat,unemply 8.3%. Jan lite-vhcl 14.2 m saar big beat. FB filed. Jan glbl PMI 51.2 7-mth high,US ISM 54.1 smll miss,China PMI 50.5 smll beat. Itly debt sale ok;Spn unemploy 23%. Rmny wins FL,NV.

Indexes (2/9): SPX 1352 ytd +7.5%,fncl +13,mtrl 13,IT 13,indu 10,dscr 9,QQQ 13,IWM 12,LQD 2,JNK 4. ACWI 9%,ACWX 10,EEM 16,BKF 19,AAXJ 15,China 7,ILF 15,EFA 10,Eur 9. 10-yr US 2.05,Italy 5.5,euro 1.33,oil 99,gold 1733,GYX 425. Rmny GOP 79%,Obama Pres 61.

Mkts drivers: DIA,QQQ,XLY,JNK,AAPL bull mkt hghs,EEM 16%. Lwr infltn+stblzng grwth+low val=rising mkts. 2012 rotate "risk on" beta cyclcls, ECB Dec LTRO dcrsd bnk delevrging & fundng tail rsks. US 4Q earn only 59% beat reducd est,AAPL large impact SPX profit. Fed 0 rates longr;ECB 2/29 big LTRO;Euro debt sales ok;Itly rates down;China soft land;value. Watch: Grc PSI;Grc/Itly labr refrm;Port;Shngh indx;Isrl-Iran;payroll tax end Feb.

Mkts assmptns: More glbl easing & delever;glbl tbtf intact;ECB LTRO/SMP monetiztn;Eur muddles thru;US mrgns stay high;oil not >> $100. Grc "orderly" dflt,3/20 paymnt;Port risk;ESM-ESF incrs;Srkzy loses Apr;12/9 fscl pact survives;euro drifts lwr. US decple;bnks well cap;corp strong bs;employ imprv;cnsmr rslnt;hsng bottm;QE3 < 50%. China soft lands;prprty prices now -5-15% don't collps;more RRR cuts soon;ldrshp chng smooth. CEE hghst em risk.

Mkts frcsts: SPX at 2012 trgt, strtgsts,ecnmsts revising upwrd. 4Q earn +6%,slowest 9/09,cut 19% last 3 mth. US gdp 1Q 2.2,2Q 2.3. 2012 SPX ~1350,+7% 2011,eps $105,p/e 12.9x. 2012 glbl grwth slow to ~3%,US 2.4%,2013 2.8,Eur -0.5%,weaker euro helps,China 8.5%. US econ srprs indxs peaking.

Misc (new): China 3G capex incrsd; weibo ID rgstr;