Succinct summation of week’s events:
Positives:
1) July NAHB home builder index rises 5 pts to 35, the best since May ’07.
2) June Housing Starts rises to most since Oct ’08 with gains seen in both single and multi family.
3) In response to another record low in mortgage rates, refi apps rise 21.6% on the week.
4) NY mfr’g, likely helped by tech influence, rises to 7.4 from 2.3 and better than estimates. Components though mixed.
5) June CPI in line, up 1.7% y/o/y, matching the lowest since Jan ’11. Only negative read thru IMO is Fed thinks they have license to do more. 6) June IP about in line with capacity utilization matching best level since June ’08 helped by auto’s/parts production.
7) Flation part of India’s stagflation eases somewhat as CPI falls to 5 month low at 7.25% y/o/y.
Negatives:
1) Spanish bond yields spike to euro record high, Budget Minister says they’re out of money, Valencia asks for help, Sovereign likely guaranteeing bank bailout funds.
2) Netherlands, France, Belgium, Germany, Switzerland and the EFSF get paid to borrow money, good for them but sign of blatant fear.
3) June US Retail Sales down across the board for 3rd straight month.
4) Philly mfr’g in July negative for 3rd month.
5) Existing home sales fall to lowest since Oct ’11, some weather give back, less homes for sale, uneven demand.
6) Initial jobless claims total 386k from 352k last week but seasonal adjustments with auto plant shutdowns cloud data. 4 week avg 376k vs 377k.
7) Notwithstanding record low mortgage rates, purchase apps little changed.
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.
we see what weekend brings for europe
im short puts in ewp and BBVA
and in about tem mins
i will be exercised into an outright short BBVA position over the weekend
breaking at least three countries rules–temporarily
thats short with puts, meaning i ownem
re yur quote today
id sell on the beginning of the cannons
and buy nearer the end of the cannons
you might get vaporized standing in front of that
TRI’s rapid GDP downgrades which started in late May continued this week. Next Friday BEA will announce Q2 and its annual revision of the past 12 quarters. TRI gauges Q2 slipped to a 0.9% pace and Q3 is on a trajectory which will manifest in August and September contractions.
Eleven days before the Election, BEA should be announcing Q3 GDP of -0.4%. Four days prior, BLS is likely to announce an 8.4% Unemployment Rate and dwindling job creation. Unless in the next few weeks Congress deals with the source of the uncertainty causing this pause (Sequester, Debt Ceiling & Bush-era tax cuts), we are watching in real-time the collapse of the celebrity President’s campaign. This is truly a GOP wet dream coming to fruition…
charts: http://trendlines.ca/free/economics
http://www.rollingstone.com/politics/news/global-warmings-terrifying-new-math-20120719?print=true
This is the scariest story I’ve ever read.
We are now on target for an 11 Degree Temperature increase, 40 climate models agree.
This is Science Fiction Numbers.
We’re seeing massive drought at 1 degree, at 11 degrees WE ARE EXTINCT.
Does Tillerson look like a Fool in a Suit now?
here’s one for the moderators
ah, youth:
http://www.youtube.com/watch?feature=player_embedded&v=tMgmYutL9W0
The major item I took away from this week is the egregious misbehaviour of the bankers.
How can we ever expect to have a functioning financial system when Wall Street and the Bankers are determined to undermine all that is right for their own personal profit.
I am not a proponent of regulation, but I have to ask — who is charged with keeping the bankers and wall street people in line? and do those people have the independence and integrity to properly and authoritatively regulate the financial industry that has become the core of our civilization?
(please don’t point to the SEC and FINRA, they are toothless tigers, apparently going after the little criminals, and cowering in the presence of the real people they need to put behind bars.)
“…celebrity President’s campaign”
Try dealing with facts instead of talking points.
Rich, in Canada we are very pleased to see his apparent demise as he has always been viewed as the paris hilton of politics. He has certainly lived up expectations (none) and is clearly your worst executive of the past hundred years.