Succinct Summation of Week’s Events (7.12.13)

July 12, 2013 3:30pm by

Succinct Summations week ending July 12, 2013.

 

Positives:

1. Bernanke stressed rates to stay low for extended period of time, market rallies to all-time highs.
2. S&P 500, Dow Jones Industrial average and Russell 2000 all made new all-time closing highs.
3. Nasdaq is at 13 year highs — best close this week since 2000!
4. The Vix closed at its lowest levels since May 30, no fear in this market.
5. Regulators are pushing for big banks to have stricter capital rules.
6. AAII bears down to its lowest levels since Jan 2012 (but see below)
7. Hedge funds can now advertise, should make for some good fun.
8. Gold is on track for its largest weekly gain since October 2011, a reprieve for the beaten down gold bugs.

Negatives:

1. Economic bellwether UPS lowered its full-year guidance.
2. June PPI saw its biggest increase since September (0.8% v 0.5% expected)
3. Initial jobless claims jump to 360k v expectations of 340k
4. IMF growth forecast down for all 4 BRIC countries.
5. Global PC shipments fell 10.9% in Q2
6. China June exports fell 3.1% y/o/y, imports dropped 0.7%.
7. AAII bears down to its lowest levels since Jan 2012 (contrarian sell signal)

Special thanks, @michaelbatnick

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