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Congress Departs, Housing and Jobs Arrive: AdvisorOne Briefing for the Week of Oct. 4, 2010

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While the week of October 4th sees Congress leaving the Capital to concentrate on the business of getting re-elected—or elected—reports emanating from Washington are still likely to move the markets and affect advisors and their clients as we enter the fourth quarter of 2010. Closer to home for this writer and his colleagues, launches as what we hope will be a destination online site for advisors who have come to rely on the editors of Investment Advisor and Research magazine, of and, to keep them informed and well-armed with the news, analysis and data they need to serve their clients better and run their practices more profitably.

The market-moving news this week begins Monday, Oct. 4, with release of the pending home sales report from the National Association of Realtors. Advisors will be watching the price of gold as well; on Oct. 1, we reported that gold and other precious-metal ETFs hit record highs. Also on Monday, the Census Bureau releases factory orders for September. Ben Warwick of Aspen Partners and Searching for Alpha fame provides a look back at how asset classes performed in the third quarter, and what we might expect in the fourth. Hint: It’s still a good time to buy equities.

Fed Chairman Ben Bernanke continues his fall college concert tour with a speech in Providence, R.I. Also a likely market-mover: the Canadian government receives a report from the Conference Board of Canada on whether the Potash Corp. takeover bid would be beneficial for Saskatchewan. The Bank of Japan will decide whether to further ease monetary policy.

On Tuesday, Oct. 5, comes several assessments of retail sales, including the Redbook and ICSC-Goldman Sachs reports. In Paris, a verdict is likely in the case of Societe Generale rogue trader Jerome Kerviel. Also, the Institute for Supply Management releases its Non-Manufacturing Index

Wednesday, Oct. 6, brings an early-morning preview of the jobs situation with the Challenger, Gray and Christmas job-cut report and the ADP National Employment Report. In Brussels, European Union and Chinese officials hold summit talks.

There is more employment news on Thursday, Oct. 7, with the Monster jobs report and the weekly jobless claims report; the money-supply report is released by the Federal Reserve, which also releases its monthly balance sheet; consumer credit is released the same day, as are same-store retail sales. Overseas, the European Central Bank and the Bank of England are scheduled to make public announcements on interest rates.

Friday’s biggest news for economy-watchers will be the September jobs report from the Bureau of Labor Statistics, the last employment report before the mid-term elections. The early consensus is that the unemployment rate will increase to 9.7% from 9.6% and that few, if any, jobs will have been created during the month.

In Denver, the FPA includes a pro bono day of providing financial planning advice to the masses, while the formal kickoff of FPA 2010 comes on Saturday, Oct. 9, with keynote speaker Dan Ariely of Duke University (see cover story on Ariely from Investment Advisor magazine’s April 2010 issue). The IMF and the World Bank begin their annual three-day meeting in Washington on Friday, and August wholesale trade figures are announced by the Census Bureau.