Succinct Summations of Week’s Events 6.10.16

Succinct Summations for the week ending June 10th 2016

Positives:

1. Jobless claims fell to 264k, the 4-week moving average is down to 269.5k.
2. Mortgage applications to buy a home jumped 11.7% w/o/w to put it at the highest level since October 
3. Job openings rose to 5.788M.
4. MBA mortgage composite index rose 9.3% w/o/w.
5. Construction spending was revised up 1.5% from the previous reading of 0.3%.
6. Consumer sentiment remains strong, coming in at 94.3
7. Both the Reserve Bank of Australia and the Reserve Bank of India left rates unchanged

Negatives:

1. ECB started buying corporate bonds, pushing some yields into record negative territory
2. S&P 500 had its first 1% down day in 45 sessions.
3. VIX pops 17% today, Highest daily gain since January 7 — 107 trading days ago!
4. Federal Reserve’s labor market conditions index fell to -4.8 from -3.4 in April. It’s now at lowest level since May 2009. This index has also fallen for 7 straight months.
5. Nonfarm productivity fell 0.6% q/o/q.
6. Labor market conditions index fell to -4.8, its fifth straight negative reading.
7. Wholesale inventories rose 0.6% m/o/m (potentially as positive foe Q2 GDP)
8. Chinese exports in May fell 4.1% y/o/y in dollar terms

Muhammad Ali RIP:

“If you ever dream of beating me, you’d better wake up and apologize.” Also, “Impossible is just a big word thrown around by small men who find it easier to live in the world they’ve been given than to explore the power they have to change it. Impossible is not a fact. It’s an opinion. Impossible is not a declaration. It’s a dare. Impossible is potential. Impossible is temporary. Impossible is nothing.”

 

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