Succinct Summations week ending September 26th
Positives:
1. New home sales came in at 504k vs expectations of 430k which was the biggest beat relative to expectations since May 2010.
2. Core durable goods rose by 0.7%, the plunge in headline orders was not unexpected.
3. China’s Shanghai Composite had a new one-year closing high
4. U of Mich consumer sentiment came in at 84.6, in line with expectations.
5. Markit September Flash PMI came in at 57.9, in line with expectations and solidly above the neutral 50 level.
6. Richmond Fed Manufacturing Index came in at 14, above the 12 expected and up from 12 prior.
Negatives:
1. The market had a rough day on Thursday, with the Dow falling 265 points,
2. Existing home sales fell 1/8% m/o/m and came in at 5.05M SAAR, vs the 5.18M expected.
3. Durable goods plunged 18.2% m/o/m, but see core durable goods in positives.
4. Initial jobless claims rose to 293k, up from 280k last week.
5. Damage continues in small-cap land, with just 34% of the Russell 2000 above their 200-day moving average, the lowest % since 2011.
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