Succinct Summation of (Short) Week’s Events

Succinct summation of short week’s events:


1) Great tech earnings buoy stocks
2) Existing home sales 100k annualized above est
3) Housing starts and permits bounce, good for construction
4) Purchase component in MBA data rises 10% to 19 week high
5) Euro zone mfr’g and services index remain solid
6) Sweden, Thailand and Brazil raise rates and China raises reserve requirements again
7) German PPI rises a robust 6.2% y/o/y but below estimates


1) The balance sheet of the United States of America gets a pop across the head
2) US$ value continues to erode, gold and silver roar higher
3) Philly Fed mfr’g moderates as rising prices create pressure
4) Initial Jobless Claims above 400k for a 2nd straight week
5) NAHB home builder sentiment fall 1 pt to still pathetic 16
6) Housing starts and permits bounce, we don’t need so many new homes
7) Canada CPI up 3.3% y/o/y, well above estimates of 2.8% and compares with a 1% benchmark rate
8) Yields in Greece, Portugal and Ireland go parabolic

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