Succinct summation of week’s events:

Positives

1) Durable goods core cap ex better than expected
2) Multi family starts highest since Mar ’09, single family permits drop (we need less new ones right now)
3) German IFO highest since June ’07
4 ) Asset prices love a Fed that only knows cheap money and more of it as path to prosperity
5) Commodity prices continue higher, good global growth?
6) Stocks of South Korea, Thailand, Indonesia, India, Singapore and Philippines rise to multi year, and for Jakarta an all time high.

Negatives

1) B52 Ben cleared for another takeoff, US$ index near 9 month low, commodity prices higher, gold at record high, inflation expectations rise, this can’t end well
2) Jobless Claims stay weak
3) NAHB holds at 18 mo low
4) New Home Sales a hair above 47 yr low and prices near 7 yr low
5) Single family permits drop, more drag for construction
6) Refi’s at 6 week low, purchases at 3 week low.
7) PIG debt concerns continue to grow
8) ABC confidence falls to 6 week low

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

7 Responses to “Succinct summation of week’s events”

  1. TrickStyle says:

    This makes me think of two things: 1) dollar index looks like a buy. (so says prechter). 2) consumers in financial straits (on the verge of default or bankruptcy) could be superficially propping up sales.

  2. TrickStyle says:

    I should have clarified…propping up sales by consuming as much as possible with current and/or available credit lines, before it all gets taken away. After all, they’re upset, and they know that in bankruptcy, they’ll only have to pay a fraction of the retail costs. That’s obviously unsustainable, but I don’t think they care.

  3. cognos says:

    Why is “USD stronger than 1 year ago” listed as a negative?

    In an era of deflation?

  4. Joe Friday says:

    AND ANOTHER GALT BITES THE DUST

    “there is no evidence of a negative correlation between the top tax rate and economic growth”

    http://golem.ph.utexas.edu/~distler/blog/archives/002279.html

  5. NeutralObserver says:

    What about Larry Summers leaving… isn’t that a positive? Seems like this is a big opportunity for the administration to demonstrate a change of direction (“more change, less hope”) in economic policy.

    And last week we had Elizabeth Warren put in charge of the new Consumer Financial Protection Bureau. Wasn’t that a positive?

  6. ToNYC says:

    Another few million Facebook lemmings threw away their privacy rights by jumping into social media space ignoring the TOS language. No FREE lunch; there’s a high price to be(e) in the hive. Enjoy the benes.