Succinct Summations week ending July 25th 2014
1. S&P 500 made a new all-time highs.
2. US Initial jobless claims came in at 284k well below the 307k expected and the lowest reading since February ‘06.
3. Existing home sales came in at 5.04M annualized, better than expected. May numbers were also revised higher.
4. European July manufacturing rose to 54, a 3-month high and above expectations.
5. AAII showed the fewest bulls since early May, healthy to shake out the weak hands.
6. June CPI rose .3% core rose .1%, in line with expectations.
7. German consumer confidence rose to the highest levels since ’06; Spain unemployment fell to a 2-year low, still a ridiculously high 24.5%;
8. China HSBC manufacturing came in at 52, an eighteen month high.
1. June New Home Sales came in at 406k, well below the 475k expected. May #s were revised down to just 442k vs the initial read of 504k.
2. Markit ISM manufacturing index fell to 56.3, a three month low.
3. French business confidence came in at the lowest levels since summer ’13.
4. Japan July manufacturing PMI fell to 50.8, from 51.5 previously.
5. Japanese exports fell 2% y/o/y vs an expected 1% gain.
6. Geopolitical tumult continues unabated