Succinct Summations for the week ending March 20th:
1. The S&P 500 had its first positive week since mid-February
2. The UK FTSE crossed 7,000 for the first time ever
3. Building permits rose 3% vs an expected rise of 0.5%.
4. The Fed removed “patient” and US stocks rose 1.2%
5. The S&P 500 closed up 0.98%, its strongest Friday since January 16th.
6. NASDAQ had its first weekly close above 5000 since 2000.
1. Housing starts fell 17% to an annualized pace of 987k vs expectations for a 2.4% fall and 1.04mm homes.
2. Empire State factory index came in at 6.9, vs expectations of 8 and down from 7.8 previously.
3. The Philly Fed index came in at 5.0 vs expectations of 7.
4. The ten-year yield is back below 2%
5. Mortgage applications fell 2% w/o/w. Refi applications fell 5%.
6. Industrial production rose 0.1% m/o/m vs expectations of a 0.3% rise.
When discussing bull and bear markets, it sometimes helps to think of them as coming in two distinct flavors: Short-term cyclical markets and long-term secular ones. Knowing one from the other isn’t always easy. A number of veteran market observers such as Raymond James’s Jeffrey Saut, technician Ralph Acampora, strategist Laszlo Birinyi and market historians…Read More
Good Friday morning. That week went by quickly. Finish it up with our hand curated morning train reads: • The Hierarchy of Alpha (CIO) • Housel: What’s Wrong With Finance (Fool) • American companies are running out of places to stash their insane pile of cash (Quartz) • Letter From Berlin: Why Are the Germans So Hellbent on Austerity? (The Nation) see also How likely…Read More
Category: Financial Press
Every once in a while, there is a way to resolve a host of problems that is so obvious it gets overlooked. With that in mind, and in light of yesterday’s Federal Open Market Committee meeting and the reaction that followed, let’s have a look at four big problems: crumbling U.S. infrastructure; federal budget deficits; normalizing…Read More