Succinct Summations week ending January 24, 2014


1. Average gas price in 2013 was a 3-year low.
2. Initial jobless claims come in 4k  lower than expected.
3. Existing home sales (December) rose for the first time in 3 months, making 2013’s total the highest in 7 years.
4. IMF boosts global growth forecasts, showing how shallow positive news was this week.
5. Bad news seems to be bad news again, and good news is good news.  Surely this is positive news.
6. AAII Bulls down to a 2-month low (excessive bullishness is not healthy).
7. MBA said refi’s jumped 9.9%
8. China’s economy grows 7.7% in Q4


1. For the first time in 3 months the S&P 500 and Dow both close below their 50-day moving averages.
2. HSBC’s China Manufacturing PMI came in at 49.6 (contraction) which is its lowest reading since July, this sent S&P futures deep into the red and triggered the 2 day sell-off.
3. US Existing Home Sales in December totaled 4.87mm annualized, 60k less than expected.
4. It looks like January will be the first red month since August.
5. Argentina’s peso suffered its worst day in 12 years, emerging markets got smacked.
6. 1st time home buyers total just 27% of purchases, the lowest on the record books of the NAR.

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.

7 Responses to “Succinct Summation of Weeks Events (1.24.13)”

  1. constantnormal says:

    … looks like it is running-in-circles-with-hair-on-fire time for EM investors … is it time to buy, or should I wait until they start using hammers to stamp out the flames? Perhaps the levels of fear are not yet deep enough …

  2. willid3 says:

    part of the reason for high cost of health care?

    hospitals admitting those that dont need to be

  3. mpappa says:

    One week the fed is a dove now its a hawk? Noisy market with everything fighting for press. Some concerns worthy of monitoring but this to shall pass. Like Argentina never defaulted before or debased their currency? China needs to get a handle on inflation and build a domestic consumption and brands. Its a major shift. Too much out here to discuss in comments but a slowing China is better than one that blows up. Its their version of taper since they don’t have a floating currency regime. My take.

  4. [...] A look back at the economic week that was.  (Bonaddad Blog, Big Picture) [...]