Succinct Summations week ending November 8, 2013.
1. BLS said the US economy created 204k net jobs in October, 212k of which came from the private sector
2. Dow Industrials made an all-time closing high.
3. GDP grew at a 2.8% annualized pace in Q3 v expectations of 2%.
4. Twitter successfully became the second largest internet IPO, w/o incidents similar to a company who shall not be named. ( * cough FACEBOOK cough * )
5. The ECB unexpectedly (lol) cut rates, because we haven’t had enough central bank rate cuts yet.
6. October US ISM non-manufacturing PMI comes in at 55.4 v expectations of 54
7. U.S. initial jobless claims fell 9k last week.
8. UK service sector PMI came in at 62.5, the best reading since 1997.
9. The European Commission said the economy is expected to grow by 0.5% in the second half of the year, and will be flat for the whole year (glass half-full, sue me).
10. German September factory orders came in at 3.3%, crushing expectations for a .5% gain.
1. Strong economic numbers this week led to fear of tapering. Thursdays candle on the S&P 500 engulfed the previous 9 days, here we go again.
2. Investors Intelligence sentiment data is hitting extremely low numbers of bears (Contrarian bearish). Spread between Bulls & Bears is highest since April 2011 which was the high tick in the S&P 500, leading to ~20% correction.
4. Thursday’s breadth in the S&P 500 was the worst since the Summer, internals look susceptible to further downside action.
3. Initial Jobless Claims total 336k, in line but last week’s revised up by 5k to 345k. 2 clean reports average most since July.
5. U.S. MBA mortgage application index fell 7% last week.
6. German IP in September falls .9% m/o/m vs the estimate of no change and French IP falls for the 4th month in the past 5.
7. Toronto’s mayor admits to smoking crack.
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.