Succinct Summation of Week’s Events 8.21.15

Succinct Summations for the week ending August 21st

Positives:

1. Housing starts came in at 1.21mm, up from 1.2 and better than the 1.185 expected.
2. Philly Fed came in at 8.3, up from 5.7 and better than the 6 expected.
3. Mortgage rates fell to another multi month low at 4.11%,
4. Refinance applications rose 7.2% and are up 21.2% y/o/y.
5. Japanese exports rose 7.6% y/o/y.

 
Negatives:

1. Rough week for stocks, with the S&P 500 posting its largest 5-day decline since November 2011.
2. FOMC minutes from July reflect a divided committee leaning towards an increase this year, in September or December.
3. Not a whiff of inflation, CPI and core CPI rose just 0.1%.
4. Markit US manufacturing fell to 52.9, the lowest reading since October 2013.
5. Empire manufacturing fell to -14.9 vs expectations of +3.9.

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What's been said:

Discussions found on the web:
  1. VennData commented on Aug 21

    Spike in margin clerk hiring.

    Cuts both ways

  2. CD4P commented on Aug 22

    I’m surprised there’s no mention in the negative portion about China’s poor data. I tuned in to Fox Business News and heard a guest theorizing The Fed will soon engage in QE 4.

  3. Herman Frank commented on Aug 22

    I’m very interested to see how your articles on “lessons of -self-” and “the enemy within” are going to pan out! Does a 5 – 10% drop in the market make everyone go for the “Sell! Sell!”-moment? Or will the medium term diversified strategy hold? Time will tell ….

  4. Iamthe50percent commented on Aug 22

    I have to admit that as I prepared my re-balancing orders yesterday, I inadvertently blew all the large cap into the money market. Now I’m afraid that the FED will say something soothing and the market will rally. Well, I have no one to blame but myself. I was all steeled to ride it out. Or was it a subconscious slip? Now I can’t even trust myself!

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