Succinct Summation of week ending February 14, 2014
1. After a 6% pullback, the S&P 500 has rallied 7 days in a row and is less than 1% away from new all-time highs.
2. QQQ closed at a new 14-year high
3. Euro-zone GDP grew 0.3% in Q4 v 0.2% expected. This is the 3rd consecutive quarter of expansion.
4. Total earnings for the S&P 500 are on track to reach an all-time quarterly record.
5. The Market had its best week of the year
6. NFIB small business hiring plans rose to 12%, highest reading since September 2007.
7. Consumer confidence came in unchanged, but beating expectations.
8. NFIB index of small-business optimism comes in at 94.1, a hair over expectations.
9. Greek 10-year yield at lowest levels since 2010.
10. Italian GDP grew 0.1% in Q4, the first expansion since 2011.
1. U.S. January manufacturing output fell 0.8%, biggest drop since 2009
2. Retail sales fell 0.4%, v flat expectations. December’s #’s revised down to -0.1%, from 0.2%.
3. U.S. industrial production fell 0.3% in January, economists were expecting a 0.3% rise.
4. Initial claims jump to 339k vs 330k expected.
5. Mortgage apps still not responding to rates down from recent highs. Purchase apps fell 5% w/o/w after dropping 3.8% last week — nearing lowest levels since December 2012.
6. December JOLTS data = 3.99mm openings, down from 4.03mm in November.
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.