Succinct Summations week ending April 11th
Positives:
1. AAII bulls dropped to 28.5%.
2. UMich April consumer confidence came in at 82.6, up from 80 and better than the 81 expected.
3. PPI came in at 0.5% in March, much higher than the 0.1% expected and up 1.4% y/o/y. A little bit of inflation is much more desirable than deflation.
4. Publicly traded companies issued a record number of dividend increases in Q1
5. People still quick to call tops can be bullish.
6. Initial jobless claims dropped to 300,000, the lowest level since May 2007.
7. Greek 10-year dropped below 6% for the first time since 2010.
Negatives:
1. Violent action in momentum names continue, stoking fears of spread to broader indices
2. Nasdaq composite lost 4.6% over the past 3 days, the worst 3-day loss since 2011.
3. The QQQs had it’s single worst day in nearly 3 years.
4. Chinese exports dropped 6.6% m/o/m v expectations of a 4% growth.
5. Japan core machinery orders for February fell 8.8% m/o/m v -2.6% expected, ouch.
5. IMF trims 2014 global growth forecast to 3.6% from 3.7%
6. The Dow Jones, the index that retail investors see finished down 2.3% for the week
Thanks, Batman
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