Succinct Summation of Weeks Events (1.24.13)

Succinct Summations week ending January 24, 2014

Positives:

1. Average gas price in 2013 was a 3-year low.
2. Initial jobless claims come in 4k  lower than expected.
3. Existing home sales (December) rose for the first time in 3 months, making 2013’s total the highest in 7 years.
4. IMF boosts global growth forecasts, showing how shallow positive news was this week.
5. Bad news seems to be bad news again, and good news is good news.  Surely this is positive news.
6. AAII Bulls down to a 2-month low (excessive bullishness is not healthy).
7. MBA said refi’s jumped 9.9%
8. China’s economy grows 7.7% in Q4

Negatives:

1. For the first time in 3 months the S&P 500 and Dow both close below their 50-day moving averages.
2. HSBC’s China Manufacturing PMI came in at 49.6 (contraction) which is its lowest reading since July, this sent S&P futures deep into the red and triggered the 2 day sell-off.
3. US Existing Home Sales in December totaled 4.87mm annualized, 60k less than expected.
4. It looks like January will be the first red month since August.
5. Argentina’s peso suffered its worst day in 12 years, emerging markets got smacked.
6. 1st time home buyers total just 27% of purchases, the lowest on the record books of the NAR.

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