Succinct Summations week ending April 12, 2013.
Positives:
1. S&P 500 makes new record all-time highs.
2. Gold falls under 1500 for the first time since July 2011.
3. US PPI benign in March at -0.6% v expectations of -0.2%. Ex-food & energy in line at 0.2%.
4. Gasoline prices are down 6% in 6 weeks.
5. AAII bears highest since July 2010 (contrarian buy indicator)
6. 31.6% of S&P 500 stocks hit new 52-week highs Thursday
7. Weekly jobless claims fall to lowest level in 3 weeks, 346k v expectations of 360k.
8. Japan’s Nikkei is at its highest level since July 2008.
9. Bellwether Alcoa beats, EPS up 10% from the same quarter last year.
10. Avg 30 yr mortgage rate falls to 3.68% from 3.76%, refi’s rise 6.3% after last week’s 5.6% drop
11. Japan’s February current account surplus 637.4B Yen
12. The “anti____ trade” appears to have run its course.
13. EU CPI is back to the ECB’S target rate of 2% for the first time since November 2010.
14. Gold bullion holdings of the GLD ETF falls to lowest level since May 2010
Negatives:
1. Retail sales -0.4% v flat exp (previously 1.1%).
2. Wholesales inventories -0.3% v exp 0.5% (previously 1.2%).
3. PC shipments collapse in Q1, worst quarterly decline ever, down 14%.
4. 80% of S&P 500 companies that have issued guidance thus far for Q1 have issued negative guidance.
5. Goldman cuts Q1 GDP forecast from 3.4% to 3.2% based on weaker wholesales inventory report.
6. Preliminary UoM confidence in April falls to 72.3 from 78.6 — well below est of 78.6
7. NFIB small business optimism 89.5 v expectations of 90.3
8. Japanese February machine orders declined 11.3% year-over-year v expectations of -7.6%.
9. Greek January unemployment climbs to 27.2% with youth unemployment up to 59.3%.
10. Healthcare giant Eli Lilly announces it will lay off 30% of United States sales force.
11. IMF cuts US GDP growth forecasts for 2013 to 1.7% v consensus of 2%.
Special thanks to Batman
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