Succinct Summation of events for the week ending March 22:

Positives:

1) FOMC statement indicates fed continues its $85B pace of bond purchases
2) Single family housing starts were the highest since July 2008; median home price rose 11.6% year over year to $173,600.
3) Existing home sales grew to 4.98 million (annualized) last month, highest level in 3 years
4) Jobless claims come in at 336k, post-recession low in the 4 week moving average (339.8k).
5) March China HSBC flash manufacturing PMI 51.7 v 50.8 expected (readings over 50 indicate expansion).
6) Markit’s March flash PMI, the index of nationwide manufacturing rose to 54.9 from 54.3 in
7) February UK jobless claims change for February come in at -1.5k, prior -12.5k.
8) Nike makes new all-time highs.

Negatives:

1) S&P 500 is down for the week — first time in 4 weeks
2) Cyprus plans to confiscate up to 9.9% of bank deposits in an effort to stay solvent.
3) AAII bullish sentiment fell from 45.42% down to 38.9%.
4) Fedex dropping as much as 10.5% of its market cap since reporting a big miss on Wednesday.
5) UK GDP forecasts lowered to +1.8% in 2014 vs previous estimate of 2%
6) Avg 30 yr mortgage rate rose to 3.82% — highest since Aug;  Refi apps fell 8%
7) NAHB homebuilder confidence fell to 44 v expectations of 47.
8) Database giant Oracle loses 9.7% ugly after earnings report — biggest drop since December 2011
9) German PMI manufacturing declined to 48.9 in March, from a 50.3 reading in February; Euro-area services and manufacturing output also fell to 46.5 from 47.9 in February.
10) FHFA house price index for January came in at 0.6%, below expectations of 0.7%; Existing home sales grew 0.8% rise vs expectations of 1.6%.
11) 57% of U.S. workers surveyed reported less than $25k in total household savings and investments.

Category: Markets

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3 Responses to “Succinct Summation Of Week’s Events (March 22)”

  1. PeterR says:

    VIX continues to be benign, and could quietly stay low similar to the mid-1990′s and mid-2000′s IMO.

    $NYAD and $NYUD continue strong.

    End-of-month/quarter window dressing next week, then the new month opens on April Fools’ Day.

    SPX 1700 TBD.

    Don’t fight the Fed!

  2. Larry says:

    Let;s all put in our guesses for a pool on how many trading days it will take for the SPX to take out the all-time high of 1565. If it doesn’t happen next week, IMO, then it could take another 4 to 6 weeks. Market may be overdue for a breather here. It has gone too far too fast. The proof of the pudding for the housing market is the months of April and May. Surprising to see the fall in homebuilder confidence.

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