Succinct Summations week ending September 27, 2013.
1. The Russell 2000 had its highest closing price ever this week.
2. August new home sales rose 421k, in line with expectations.Up 7.9% m/o/m v 6.6% expected.
3. U.S. Household net worth rose $1.34T in the second quarter thanks to Tesla and Facebook.
4. U.S. durable goods rose 0.1% last month v expectations of a 0.2% decline.
5. U.S. consumer spending rose 0.3% in August, incomes grew 0.4%.
6. AAA said gasoline prices fell another .06 on the week to $3.42, the cheapest since January and down 10% y/o/y. (so much for inflation)
7. Chinese Flash PMI rose to 51.2, a 6-month high.
8. 30 year mortgage rate falls 14 bps to 4.28% (Bankrate.com). MBA said refi applications rose 4.9% and purchases were up by 6.6%, both higher for a 2nd week.
9. Senate approves bill to avoid government shutdown, get in line Congress.
10. Initial claims fell 5k to 305k.
11. Eurozone flash PMI rose to 51.1, its highest level in more than 2 years.
12. Despite all the noise, we are whole 3% off all time highs.
1. Dow Jones and S&P 500 have been down 6 out of the last 7 sessions thanks to political ineptitude.
2. Partisan squabbling threatens shutdown and raises huge fiscal questions as the Potomac Paralysis raises risks for the entire economy.
3. August pending home sales come in at -1.6% v expectations of a 1% fall, a 3rd consecutive monthly decline.
4. Core CapEx orders rose 1.5% in August v expectations of +2%.
5. August Durable Goods orders missed expectations as orders ex transports fell .1% m/o/m
6. Consumer confidence fell to 79.9 from 81.8 in August
7. Case-Shiller’s 20-city index came in at 0.62% m/o/m v expectations of a 0.88% gain. y/o/y printed a 12.39% gain, in line with expectations.
8. Richmond Fed manufacturing data collapsed to 0 versus 14 previously.
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.
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