GDP. Next Surprise. Asset Allocation. G6 Earnings

(1) Finding some good news in mostly disappointing GDP report. (2) Demand is strong, but output is not. (3) Consumers are still consuming, though at a slower pace on implied rent. (4) Exports are boosting durable goods orders. (5) Policy surprises that could boost stocks. (6) A gift from Fannie & Freddie? (7) Bullard’s twist. (8) What about China and Europe? (9) Individuals like bonds, wary of stocks. (10) Taking some risk during the risky season for stocks. (11) G6 stocks are cheap, especially in Germany. (12) “The Girl with the Dragon Tattoo” (+ +) and “The Girl Who Played with Fire” (+). NOTICE: Our Morning Briefings are now available on FactSet.