Succinct Summations week ending October 18, 2013.
1. Default Avoided: A last minute deal was cut, and after 16-days, the government reopened.
2. Russell 2000 (small cap), S&P400 mid cap and S&P500 large-caps hit all-time highs.
3. 99 S&P500 companies reported Q3 earnings, 60.6% beat guidance (vs 52% last week + 66.5% in Q2).
4. Gasoline prices are down 11% from their YTD highs
5. Google joined Priceline in the $1,000 club.
6. Chinese GDP increased 7.8%, accelerating for the first time in three quarters.
7. MBA refi apps rose 3.3%, up for 5th straight week to 2 month highs
8.Philly Fed came in at 19.8 v expectations of 15.
9. Beige book indicated fed saw modest to moderate growth
10. European stocks rose for a seventh straight day, their longest streak this year.
11. Stoxx Europe 600 is at its highest level since 2008.
12. Sorry Bears: Despite all the political wrangling + can kicking, the world didn’t end, and markets hit new all-time highs.
1. The government was shut down for 16 days; Treasury almost defaulted on its debt.
2. Fitch put U.S. credit rating on negative watch.
3. Government re-opened, but we have a few more months before we are once again listening to yahoos named Yaho and creeps named Cruz.
4. Dollar index breaks below 80; Following the worst week in a month, the US$ gets slammed to the lowest levels since February
5. The NAHB housing index fell to 55, from 58 in September.
6. UK still dealing with sticky inflation as September CPI up 2.7%,
7. MBA refi apps 60% off of the peak in May
8. Of 99 companies in S&P 500 reporting Q3 earnings Only 38% are exceeding revenue estimates vs 45% in Q2.
9. Initial unemployment claims came in at 358k v expectations of 335k.
10. Empire manufacturing index fell to 1.52 in October, down from 6.29 in September.
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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