Succinct summation of week’s events:

Positives:

1) Gasoline prices continue to fall, down .07 on the week and UoM confidence climbs 4.5 pts from April in response
2) Apr New Home Sales bounce (off a very low bottom)
3) German IFO business confidence unch but better than estimated
4) Great 5 and 7 yr note auctions reflects lack of any concern with debt ceiling issue

Negatives:

1) Pending home sales even more awful than thought
2) Inflation eating into both spending and income
3) Initial Claims disappoint again, above 400k for 7th straight week
4) Durable goods soft (but March revised up)
5) Richmond mfr’g contracts, follows weak NY and Philly #’s
6) Q1 GDP weaker than expected
7) Great 5 and 7 yr note auctions but what does that say about the growth outlook?
8) Shanghai index now down 7 straight days to 4 month low
9) WTH (heck) with Greece at this point? Hopefully we’ll know next week, Irish yields rise to new high
10) Euro zone economic confidence # and mfr’g and services composite index both fall to 7 month lows.

Category: Current Affairs, Markets

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5 Responses to “Succinct Summation of Week’s Events (5.27.11)”

  1. b_thunder says:

    2) Apr New Home Sales bounce (off a very low bottom) – I learned from this very blog (Big Thank You, BR!) to look at Y/Y rather than sequential month-to-month comparisons.
    April Y/Y home sales were down 23%, how is that positive? Or am i missing something?

  2. Boock,

    re: 9) WTH (heck) with Greece at this point? Hopefully we’ll know next week,…

    you’re, still, asking? I thought “We” ‘covered’ this last Year (?)

    paraphrasing the Point, then: “Fade those Things, they’re heading to 2x-Digitville, in a Hurry..”
    ~~

    Now, Jump to the Head of the Line (if you’re allowed to do so, in ‘Print’)..Fade the S (pain), and the I (taly) in PIIGS…

    Not for Nothing, but You’re Welcome~!

  3. also, not to belabor a Point, re:

    “2) Inflation eating into both spending and income”

    could you take that up with Kotok?

    w/this: “…Central-bank independence helps maintain consistent economic growth. It also restrains inflation …”

    Unless, He, Professionally, ‘Talks ____ out of his ___’, you may care to exercise an Intervention, and set him Straight…(?) (just sayin’) ..

    Ref .. http://www.ritholtz.com/blog/2011/05/attacking-central-bank-independence/

  4. As negatives I would say:

    Stephen Jen and Howard Marks coming in a bit more cautious about risk-reward in the current scenario and those indicators from Citi (Economic Surprises Index)

  5. J Kraus says:

    Alright; everyone sing along:

    When Irish Yields Are Rising, sure ’tis like a cold night in winter.
    In the lilt of Irish crying you can hear the devils cackle,
    When Irish hearts are sad all the world seems dark and gray,
    And When Irish Yields Are Rising, sure, they steal risk trades away.