Succinct summation of the week’s events:

Positives:

1. Bernanke: Benefits of Fed Asset Purchases are clear and outweigh the potential costs.
2. Dow Jones Industrial Average made new 52 week highs for 6th week in a row.
3. U.S ISM Manufacturing index climbed to 54.2 from 53.1 in January.
4. Initial jobless claims better than expected (344k vs 360k)
5. Ford posts best February sales since 2006
6. Chicago PMI jumps to 56.8 11 month high
7. Orders for durable goods rose 1.9% (Ex-transport), increasing for 5th consecutive month.
8. New Home sales surge 15.6%
9. Home Depot’s profit jumped 32%, proxy for housing recovery.
10. Case Shiller Home Prices climbed 6.8% v one year ago and 0.88% from a month ago. Largest year over year gain since 2006.
11. Pending home sales up 4.5% to the highest levels since April 2010
12. Thomson Reuters/University of Michigan index of consumer sentiment climbed to 77.6 from 73.8 in January. Consumer Confidence jumps to 69.6 from 58.4

Negatives:

1. The VIX spiked 37% on Monday, it’s 11th largest one day spike
2. January personal income decreased 3.6%, the biggest one-month drop in 20 years.
3. AAII Investor bullish sentiment dropped 13.4 points to 28.4%, bears gained 4.1 points to 36.6%, highest readings for the bears since November. (Contrarians note this as a positive)
4. Dr. Copper declined to a 2 month low
5. European markets got hammered Monday with Spain off 5.5% and Italy off 5.7% on election outcomes.
6. China’s manufacturing is growing at the slowest pace in four months according to the HSBC flash PMI
7. The sequestration has arrived, an estimated 750,000 jobs will be lost.
8. Three of the four largest economies in Europe disappoint with weak PMI data. France 43.9, Italy 45.8, Spain 46.8. (below 50 = contraction).
9. US Q4 GDP increased 0.1% missing expectations of 0.5%
10. Kansas city fed manufacturing index whiffs at -10 vs estimates of -1.
11. Intraday spreads are widening. 6 out of the last 8 days have seen triple digit ranges in the Dow.

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.

12 Responses to “Succinct Summation of the Week’s Events (March 1 2013)”

  1. PeterR says:

    VIX spike up is a negative? Could have been a market bottom, and SPX 1550 may be the next stop IMO. Pretty benign start to March today, with 10 minutes of trading left.

    Have a good weekend.

  2. VennData says:

    “…A long-awaited assessment of TransCanada Corp. (TRP)’s Keystone XL pipeline by the U.S. State Department made no specific recommendation on the project, cheering oil companies and outraging environmentalists…”

    http://www.bloomberg.com/news/2013-03-01/keystone-xl-environmental-report-said-to-be-issued-today-by-u-s-.html

    The non-issue, created by Republicans “We MUST APPROVE KEYSTONE NOW!!!” is another nail in the coffin of the manufactured GOP outrage at Obama.

  3. carleric says:

    And if the sequester really costs 750,000 jobs and they all are people living on the public dole is his bad for the economy? Get a real job!

  4. M says:

    Yet another potentially interesting solar technology:
    http://www.sciencedaily.com/releases/2013/02/130227085942.htm

    I’m cheering for solar. Most of my stuff is powered by solar now and I love it. But I don’t think it has reached the disruptive stage for fossil fuel yet.

  5. Rightline says:

    Big Negative, CNBC taking over NBR – Nightly Business Report on public television.

    http://finance.yahoo.com/news/cnbc-produce-nightly-business-report-211500723.html

  6. VennData says:

    “See? This is what you’ll look like if I allow you people to think for yourselves.” Kim Jong Un pointing at Dennis Rodman.

    http://www.bbc.co.uk/news/magazine-21579769

  7. Joe Friday says:

    MONDAY NIGHT: Charlie Rose

    Paul Krugman DEBATES Joe Scarborough

    TOPIC: The Federal Debt

  8. znmeb says:

    “11. Intraday spreads are widening. 6 out of the last 8 days have seen triple digit ranges in the Dow.”

    Interesting – maybe there’s hope for day traders yet. ;-)

  9. kek says:

    Dr Copper at a two month low is a good thing as speculation and the commodities as a permanent non correlated asset class is getting sold hard. About time.

  10. [...] Succinct Summation of Week’s Events (The Big Picture) [...]

  11. “The sequestration has arrived, an estimated 750,000 jobs will be lost.”

    I think I will sit home part of this weekend and take time to ponder the consequences of this statement.

  12. Joe Friday says:

    carleric,

    And if the sequester really costs 750,000 jobs and they all are people living on the public dole is his bad for the economy?

    Interesting that you think policemen, firemen, nurses, teachers, federal marshals, air traffic controllers, border patrol agents, custom agents, and more are all “living on the public dole“.