Analysts expected a small rebound in preliminary October Durable Goods Orders after September's disappointing decline in core orders and CapEx. They were right... The headline orders print soared 1.0% MoM, smashing expectations of a 0.4% MoM rise. That is the 3rd straight month of rising orders and leaves the YoY gain at 10.7%. Core (ex-transportation) orders shot up 0.5% MoM (even after seeing September's print revised lower to -0.9% MoM). The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, rose 0.7% last month after a downwardly revised 0.8% ... (full story)