Succinct Summations week ending August 8th
1. AAII bearish sentiment rose to its highest levels since August 2013, people still are so quick to call a top for this bull market.
2. Chinese exports increased by 14.5% in July, the biggest increase since April 2013
3. Initial jobless claims came in at 289k vs 304k expected, the 4-week moving average fell to the lowest levels since ’06.
4. ISM service index came in at 58.7, up from 56 in July and better than the 56.5 estimated.
5. Factory orders came in better than expected, grown 1.1% m/o/m vs 0.6% expected
6. The petroleum deficit fell in June to its lowest level since 2009.
7.MBA refinancing applications rose 3.8% w/o/w.
1. After having its worst week since ’12, U.S. stock funds suffered their largest weekly outflow in six months.
2. U.S. 10-year yields fell to their lowest level in 14-months as investors flocked to safety.
3. Italy reported a 0.2% q/o/q drop in GDP, their stocks are off 10% in just the last week and a half.
4. The Nikkei closed down 3% on Friday, its worst session since February.
5. The Dax is in correction territory; down 10% from its July highs.
6. MBA mortgage applications fell to their lowest level since February.