Succinct Summations week ending April 12, 2013.

Positives:

1. S&P 500 makes new record all-time highs.
2. Gold falls under 1500 for the first time since July 2011.
3. US PPI benign in March at -0.6% v expectations of -0.2%. Ex-food & energy in line at 0.2%.
4. Gasoline prices are down 6% in 6 weeks.
5. AAII bears highest since July 2010 (contrarian buy indicator)
6. 31.6% of S&P 500 stocks hit new 52-week highs Thursday
7. Weekly jobless claims fall to lowest level in 3 weeks, 346k v expectations of 360k.
8. Japan’s Nikkei is at its highest level since July 2008.
9. Bellwether Alcoa beats, EPS up 10% from the same quarter last year.
10.  Avg 30 yr mortgage rate falls to 3.68% from 3.76%, refi’s rise 6.3% after last week’s 5.6% drop
11. Japan’s February current account surplus 637.4B Yen
12. The “anti____ trade” appears to have run its course.
13. EU CPI is back to the ECB’S target rate of 2% for the first time since November 2010.
14. Gold bullion holdings of the GLD ETF falls to lowest level since May 2010

Negatives:

1. Retail sales -0.4% v flat exp (previously 1.1%).
2. Wholesales inventories -0.3% v exp 0.5% (previously 1.2%).
3. PC shipments collapse in Q1, worst quarterly decline ever, down 14%.
4. 80% of S&P 500 companies that have issued guidance thus far for Q1 have issued negative guidance.
5. Goldman cuts Q1 GDP forecast from 3.4% to 3.2% based on weaker wholesales inventory report.
6. Preliminary UoM confidence in April falls to 72.3 from 78.6 — well below est of 78.6
7. NFIB small business optimism 89.5 v expectations of 90.3
8. Japanese February machine orders declined 11.3% year-over-year v expectations of -7.6%.
9. Greek January unemployment climbs to 27.2% with youth unemployment up to 59.3%.
10. Healthcare giant Eli Lilly announces it will lay off 30% of United States sales force.
11. IMF cuts US GDP growth forecasts for 2013 to 1.7% v consensus of 2%.

 

Special thanks to Batman

Category: Markets

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10 Responses to “Succinct Summation of Week’s Events (April 12, 2013)”

  1. willid3 says:

    the more i think about it, the more i think the reason PC sales are down, is that most PC buyers from previous years really did need a PC, as they didnt need all it could do. and then there is the price difference, tablets and phones are for the most part cheaper. and then there is the added fact that is not just windows PCs that fell, Apple Mac’s did too.

    • Lyle says:

      I tend to agree unless a pc needs to be replaced, or upgraded its not clear that there is anything compelling one to upgrade. Windows 8 while IMHO not as bad as it is proclaimed (typicall by reviewers spending 30 mins with it), contains nothing revolutionary. (if you go from XP to windows 8 yes there are good new features, but Windows 7 versus 8 not nearly so much). Further today with USB hard drives, if your running out of disk space on a couple of year old PC, just buy a 1-3 tb hard drive and you are fixed for space for a long time. Also Office 2010 versus Office 2007 is if anything a downgrade in functionality.
      So we have reached the point in homes as well as in the commercial space, where the PC market is moving to a replacement and new entrants only market. (It is that way for me buy 1 and recycle 1).

  2. Petey Wheatstraw says:

    “2. Gold falls under 1500 for the first time since July 2011.”

    Why is this a positive? Not that it can’t be, I can’t understand why it would be one way or the other.

  3. RW says:

    GunFAIL XIII

    [This week we find] 18 people who accidentally shot themselves, eight who shared their liberty projectiles with neighbors and/or their neighborhood, four who let arguments or road rage incidents escalate into gunplay, two carriers who shot themselves on the draw, seven who had accidental discharges while cleaning loaded guns, four cops or armed guards involved in accidents, three children who found guns and shot themselves or others, and two people who drew weapons in a fight and quickly found themselves disarmed.

  4. Greg0658 says:

    I don’t buy the gold story .. not at a commonman level .. maybe at nation state level .. but I think it will be a generation before commonfolk believe in nation states again – but it will happen

    the best gold story is the belief in it by shallow IQs and the soldiers hired to guard piles now pulled from the ground (maybe even ceramic bars painted) – who talk their friends into trading corn & chickens for the fine shiney electronic connection

  5. Greg0658 says:

    ps – the whole bitcoin phonebump transfer of seashell points for goods & services .. all this is just sad accounting
    Wimpy The Moocher | Popeye 60′s Series E13S3
    http://www.youtube.com/watch?v=INaXT3s_XC4
    (mooched this for yas – or is it already paid for – what a complex world :-)