Succinct Summations of Week’s Events 6.28.13

Succinct Summations week ending June 28, 2013.

Positives:

1. S&P 500 rallied ~55 handles (3.5%) off Mondays lows and snapped a 2 week losing streak.
2. Case-Shiller 20-city index soared 12.05% y/o/y
3. U.S. new home sales for May came at 476k (+2.1% m/o/m)
4. World fails to end, Q2 will be Gold’s worst quarter in 45 years!
5. U.S. weekly jobless claims came in at 346k
6. Durable Goods for May came in at 3.6%
7. U.S. personal income for May came in at 0.5%; personal spending for May came in at 0.3%
8. UofMi Consumer confidence strong at 84.1
9. Tourism spending shows fastest growth in 2 years, via WSJ
10. Bloomberg confidence gauge hit their highest levels since 2008
11. The Richmond Fed index rose to 8 in June from -2 in May

Negatives:

1. Bond funds saw their largest weekly outflows ever as investors worry about Fed tapering.
2. Q1 GDP growth was revised down to 1.8% annualized from the 2.4% estimate we saw last month.
3. Q1 Consumer spending was cut down to 2.6% from 3.4%.
4. Shanghai Composite tumbled 5.3% Monday — its largest one-day % drop in 3 years.
5. Chicago PMI fell to 51.6 v expectations of 55.
6. Kansas City Fed manufacturing index dropped to -5 v expectations of +3.
7. Volatility continues, with the Dow having 14 consecutive sessions of 100+ point ranges.

Thanks, Batman!

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