Morning Journal--a strong dollar and weak global economy is a bad combo for corporate profits

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 0.2% versus the prior week but up 3.6% on a year over year basis; Redbook Research reported month to date retail chain store sales down 0.5% versus the comparable period a month ago but up 4.3% versus the similar timeframe last year.

            The July Case Shiller home price index fell 0.5% versus expectations of +0.1%.

            http://www.calculatedriskblog.com/2014/09/case-shiller-national-house-price-index.html

            The September Chicago PMI came in at 60.5 versus estimates of 62.0.

            The September Conference Board index of consumer sentiment was reported at 86.0 versus forecasts of 92.5.

            http://www.advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

                Weekly mortgage applications fell 0.2% while purchase applications were flat.

            The September ADP private payroll report showed job growth of 213,000 versus expectations of 200,000.

   Other

            Santelli on what the central bankers have wrought (3 minute video):
            http://www.zerohedge.com/news/2014-09-30/rick-santelli-slams-central-bank-intervention-taking-voters-out-game

            Fed providing support to foreign banks (medium):

            http://www.zerohedge.com/news/2014-09-30/another-conspiracy-theory-becomes-fact-feds-stealth-bailout-foreign-banks-goes-mains

            A strong dollar and a weakening global economy is not a good combo for corporate profits (medium):

            http://www.zerohedge.com/news/2014-09-30/stock-market-top

            Stephen Roach on Fed policy (medium):

            http://www.project-syndicate.org/commentary/stephen-s--roach-cautions-that-the-fed-s-market-fixation-is-leading-it-to-exit-from-quantitative-easing-too-slowly#wwqjRmBqTgWEEjtg.99

            Tapering is tightening (short):

            http://www.advisorperspectives.com/commentaries/leuthold_093014.php?utm_source=Research+Perspectives+9%252F30%252F2014&utm_campaign=RP+9%252F23%252F14&utm_medium=email