Succinct Summations week ending March 28th, 2014
1. Rates continue to fall in this so-called “rising-rate environment”
2. Despite pockets of carnage, the S&P 500 is still less than 2% away from ALL-TIME HIGHS.
3. Personal income and spending both rose 0.3%.
4. New home sales fell 3.3% m/o/m in February — better than the expected 4.9% drop.
5. Of the largest financial institutions, 25 of 30 got the “all clear” from the fed to return cash to shareholders.
6. January home prices rose 13.2%, the 11th straight month of double-digit gains
7. U.S. March consumer confidence rose to 82.3 v expectations of 78.5.
8. U.S. durable goods rose 2.2% in February, better than the 0.8% expected gain.
9. Core PCE came in at 1.1% in January, well below the feds targeted 2%.
10. Euro-zone composite PMI came in at 53.2, the ninth-straight month of economic expansion.
1. February pending home sales fell 0.8% m/o/m vs 0.2% expected. (Down 8th straight month)
2. The Richmond fed fell to -7, dow from -6 in February.
3. HSBC Chinese flash PMI fell to 48.1, an eight-month low.
4. U.S. manufacturing PMI slowed to 55.5 from 57.1 and below expectations of 56.5
5. U.K. inflation fell to its lowest level in over 4 years, disinflation is not healthy.
6. Core capex rose 0.2% in February, below the 0.3% estimated.
7. Momentum names have been crushed the past 2 weeks, Twitter down nearly 40%, FB, AMZN etc following suit. (Note this is a sentiment positive)
8. UMich consumer confidence fell to 80, from 81.6 in February.
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.