Of Disingenuous US Corporate Earnings annd Euro Bank Tests

Tim Mulholland, Managing Partner of China-America Capital Company, Chicago, discusses the European Central Bank's review and stress testing of 130 banks' balance sheets, market indifference to this development, German and French manufacturing data, Caterpillar's share buyback flattering its Q3 numbers, the health of US corporate earnings in general, bumpy initial jobless claims data, the Fed's focus on inflation in the context of its need for 'fixed employment', the prospects for QE4 and finally his view of the market for the rest of the year.