Succinct Summations week ending July 11th
1. Despite a nasty opening on Wednesday, the S&P 500 is less than 1% away from its all-time high.
2. Japanese consumer confidence rose to 41.1 from 39.3, the highest of the year.
3. Average gas price is down to $3.64, the lowest levels since April
4. The Fed announced they will end their taper in October with a $15B reduction in stimulus.
5. Initial jobless claims fell to 304k, down from 315k last week and below expectations.
6. AAII bearish sentiment had the biggest one week increase since April, working off some froth is healthy.
7. Job openings in May increased to 4.63M from 4.46, the most since June ’07.
8. MBA home applications rose 3.7% w/o/w
1. Troubles with Banco Espirito Santo (Portgual) spooked the market on Wednesday, the S&P had its largest gap down since early March, the Russell 2000 had the largest gap down since ’12.
2. German exports drop 1.1% in May m/o/m, more than the estimate of down .4% and April is revised lower
3. Baltic Dry Index
4. Japanese machinery orders cratered 19.5% m/o/m
5. NFIB small business optimism index fell to 95 from 96.6
6. Student loan debt outstanding in rose to yet another record high in May.
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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