Succinct Summations week ending May 17, 2013.

Positives:

1. The S&P 500 and Dow continue to hit new all-time highs.
2. Nikkei rises above 15,000 for the first time since Jan 2009.
3. U.S. retail sales grow 0.1% v expectations of -0.4%; Excluding autos and gas climbs by 0.6% v expectations of +0.3%.
4. Japan Q1 GDP increases by 3.5% v expectations of 2.7% (Abenomics is working)
5. The Dow has been up for 18 consecutive Tuesdays, something that has never happened before.
6. NFIB small business optimism rises to 92.1 (expectations of 90.5).
7. U.S Import price index for April fell by 0.5%, in line with expectations.
8. PPI M/M -0.7%, EXP -0.6%, PREV -0.6%, ex food and energy +0.1% in line
9. April CPI comes in at -0.4% v expectations of -0.3%. Ex-food and energy 0.1%

Negatives:

1. U.S. jobless claims increased by 32k to 360k v expectations of 330k.
2. Housing starts fall to 853k v expectations of 970k. This 16.5% drop is the largest one month decline since 2011 (1994 before that).
3. Multi-family housing starts fell 39%.
4. Empire Fed Manufacturing survey slides to -1.43 v expectations of +4, 3.05 in April
5. Empire manufacturing new orders -12 vs 2.2 and em ployment 5.7 v 6.8
6. April Industrial Production fell by 0.5% v expectations of -0.2%.
7. Philly Fed Manufacturing tumbles to -5.2 v expectations of -2.

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.

13 Responses to “Succinct Summation of Week’s Event (May 17, 2013)”

  1. VennData says:

    Illinois Senate approves medical marijuana bill

    “…Sen. Kyle McCarter, R-Lebanon, raised concerns about lawmakers endorsing a product that classified as a controlled substance by the federal government, arguing marijuana is a gateway drug that could lead users to harder substances…”

    http://www.chicagotribune.com/news/politics/clout/chi-illinois-senate-votes-medical-marijuana-20130517,0,5344892.story

    I wonder how much money this guy gets from liquor distributors?

    http://votesmart.org/candidate/campaign-finance/84157/kyle-mccarter#.UZanDEBDskc

    Oh, only $4,000,000.

    ​http://ballotpedia.org/wiki/index.php/Kyle_McCarter​

    Oh he graduated from Oral Roberts. Fine institution. No party school, that.

    The GOP clown car keeps driving…

  2. chartist says:

    To paraphrase Bill Paxton, in case you (bears) haven’t been keeping up with current events, we just got our ass kicked.

  3. VennData says:

    Europe Car Sales Post First Gain in 19 Months on Germany

    http://www.bloomberg.com/news/2013-05-17/europe-car-sales-post-first-gain-in-19-months-on-germany.html

    With Japan QE working and Europe turning while cutting rates and moving away from austerity, it gives the Fed an excuse to pull back from our QE.

  4. Joe Friday says:

    Gas prices in Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, Ohio, Oklahoma and Wisconsin have spiked up to 40 cents a gallon over the past week alone, and these price spikes are predicted to spread nationally.

    GEE, gas prices spiking just as we’re approaching Memorial Day holiday driving. WHAT A KAWINKYDINK !

    Maintenance at gasoline refineries MY ASS.

  5. MayorQuimby says:

    I wouldn’t characterize high prices of anything (stocks, bonds, houses, Hershey’s bars – especially with almonds) as a positive. But this was a good week for most market participants, that is for sure. I don’t know anyone short or shorting and that is scary. Anyways, my indicators say we STILL have a bit more room to run so enjoy the breakout.

  6. old trader says:

    @VennData,

    Via tax increases, primarily.

  7. call me sally says:

    “Jon Stewart, who noticed that the president routinely claims ignorance about embarrassing events by saying that he learned of them while watching the news said: “I wouldn’t be surprised if President Obama learned Osama bin Laden had been killed when he saw himself announcing it on television.”

    LTFOL

  8. call me sally says:

    FWIW-

    driving home from work- I hear on the radio: “call the Online Trading Academy today- only a few seats left” presumably for some kind of seminar as I didn’t catch all of it

    the more of that kind of chatter you hear- the more fearful you should be

    and if you hear any news anchor say “how high can it go” (a la Tom Brokaw NASDAQ dot com mania) sell immediately

  9. Iamthe50percent says:

    @old_trade & VennData

    And Social Security/Medicare cuts.

    P.S.
    Venn, loved your post about our noble Illinois pol so much, I copied it to everyone in my family.

  10. Joe Friday says:

    old trader,

    Via tax increases, primarily.

    Quite apropos, given that the federal deficits and debt are overwhelmingly as a result of a massive decline in revenue because of numerous rounds of previous tax cuts.

  11. nj-professor says:

    Barry….really liking change in your website. I think a further upgrade would be a simple icon that represents your personal thinking if net-net of week’s events was positive or negative using a simple icon representation like:

    http://4.bp.blogspot.com/_GOUAO0qWKsk/TUcy6448WWI/AAAAAAAAA9Y/C3SErZdm0n0/s1600/Good-O-Meter.jpg

    http://thecareerblog.files.wordpress.com/2011/09/glass1.jpg

    Your consideration appreciated.

  12. Willy2 says:

    Does one Barry R. look at all at developments in the credit markets ???