Succinct Summations of Week's Events (April 19, 2013)

Succinct Summations week ending April 19, 2013.

Positives:

1. No inflation visible, as CPI month-over-month drops 0.2%
2. Bloomberg consumer comfort index jumps to five year high.
3. Energy prices fell 2.6% in March, gasoline down 4.4% (cheapest since Feb 2) helping consumers & retailers.
4. Housing starts rose 7% month-over-month. 47% year-over-year is the largest increase since 1992.
4. With 70 S&P 500 firms reporting earnings, 67.3% beating EPS estimates
6. Q1 Earnings are at a y/o/y growth of 1.6% vs .5% entering the season.
7. Weekly mortgage applications increase 4.8%.
8. Gold slide suggests the end of world trade is over
9. Beige book comments point to a moderately expanding economy.
10. Industrial production rises 0.4%, doubles expectations.
11. Germany 10-year bond hits record low of 1.28%.

Negatives:

1. Two idiots launched terrorist attack at Boston marathon, injuring more than 170 with 3 casualties.
2. Stocks had their worst single day in 9 months.
3. Apple breaks under $400 for the first time since 2011.
4. Revenue data for S&P500 companies are on the light side — only 36% beating and 39% missing; Rev growth just 2.1% y/o/y and 3.1% ex financials.
5. Since only the second time since November, there were more 52 week lows than highs.
6. The Vix had a one day surge of 43.2%, 5th largest single day since 1990.
7. IBM reports first EPS miss since 2005
8. U.S. initial jobless claims rose 4,000 last week to 352,000, last 348,000.
9. NAHB home-builder sentiment declines third consecutive month to 42 in April
10. Philly fed index drops to 1.3 in April v expectations of 4.0, last 2.0.
11. China’s economy slows to 7.7% growth in Q1 vs the est of 8%.
12. Fitch strips UK of its AAA rating, downgrading to AA+ (stable outlook)
13. Q2 guidance moving lower.
14. U.S. building permits for March fall 3.9%, missing expectations of a 0.3% rise.
15. IMF slashes growth forecasts all around the world.
16. Empire manufacturing index comes in at 3.05 v expectations of 7.
17. The Dax hit a 4-month low.

 

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