Succinct Summations week ending May 31, 2013.

Positives:

1. 10-Year treasuries saw the 4th largest % increase in 50 years, signaling healing in the economy and a demand for capital.
2. 20-city S&P Case-Shiller house price index for March rose 10.87% v expectations of a 10.2% rise. This is the fastest increase since April 2006.
3. Consumer confidence in May rose to 76.2 v expectations of 71, the highest level in over 5 years.
4. Chicago PMI increased to 58.7 in May, surging ~20% m/o/m, the highest reading in over a year and the biggest increase in 30 years.
5. Utilities gave up 8% in May while Financials gained 7.5% and Tech and Energy each added ~4%, as .
6. The Dow Jones gained 3.2% for the month of May, a year ago it lose 6.2% in the same month.

Negatives:

1. 10-Year treasuries saw the 4th largest % increase in 50 years, a sign that major bond holders are sellers and that the Fed may be tapering
2. The S&P 500 had consecutive lower weeks for the first time since November.
3. Japan’s Nikkei snaps 9 month winning streak in May.
4. Pending home sales increased 0.3% m/o/m in April v expectations of +1.5%.
5. U.S. consumer spending fell 0.2% in April v expectations of a -0.1% decline.
6. Personal income comes in flat m/o/m v expectations of a 0.1% increase.
7. Initial jobless claims rise to 354k v expectations of 340k
8. U.S. Q1 GDP rose at an annualized rate of 2.4% v expectations of 2.5%.
9. May Richmond Fed manufacturing comes in at -2 v -4 expected, better than awful.

Thanks, Bat!

Category: Markets

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6 Responses to “Succinct Summation of Week’s Events (May 31, 2013)”

  1. Eric Original says:

    Interesting last half hour. Makes me wonder what Monday will bring.

  2. Eric Original says:

    I sold June calls a few weeks ago, and been suffering ever since. Today is the first time I’m thinking maybe it will be OK after all.

  3. RW says:

    Asteroid 1998 QE2 to Sail Past Earth Nine Times Larger Than Cruise Ship

    Perigee is a few million miles away …this time: These Armageddon-class babes are such teases.

  4. VennData says:

    The morons who keep talking about how Tim Cook “Schooled” Congress is ridiculous.

    These are the same right wing ideologues that would have been proud of AIG’s offshore CDS trades for all the same reasons. Go to the place where there is no regulation! Congress allows this! They’re being smart.

    When they build the counterfactual app, the GOP nuttiness will be no more.

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

  6. Willy2 says:

    When I look at the 10 year & 30 year T-bond yield then I see – more or less – a reflection of what happened in the stockmarkets.

    Economic recovery ? If the 3 month T-bill rate would start rising and the spread with the 10 year would narrow then I would believe that. But the 3 month T-bill rate has actually fallen since March of this year indicating growing concern.