Succinct Summation of Week’s Events 11.25.16

Succinct Summations for the week ending November 25th, 2016

Positives:

1. Dow, S&P 500, NASDAQ and Russell 2000 hit all-time highs together for the first time since 1999.
2. Durable goods rose 4.8% month over month and 2.1% year over year. Transportation orders rose 12%.
3. PMI manufacturing index flash rose to 53.9 from 53.4 previously.
4. Existing home sales came in at 5.6M (SAAR), up from 5.47M previously and above the 5.420M expected. They rose 2% m/o/m and 5.9% y/o/y; FHFA house price index rose 0.6% m/o/m and 6.1% y/o/y.
5. Consumer sentiment rose to 93.8, up from 91.1 previously.
6. MBA mortgage applications index rose 5.5% w/o/w, the purchase index increased 19%.
7. Newt Gingrich is no longer in contention for a major cabinet position.

Negatives:

1. New home sales fell to 563k (SAAR) from 593k previously. October single-family house sales declined 1.9%.
2. Jobless claims rose from 235k previously to 251k.
3. The average interest rate on a 30-year fixed-rate mortgage rose 21 basis points to 4.16%.
4.¬†Investors Intelligence said Bulls rose to 55.9%, a 3 month high and up from 51% last week. II refers to this level above 55% as entering “the danger zone.”
5. Rudy Giuliani is still in contention for a major cabinet position.

Thanks, Mike!

Print Friendly, PDF & Email

What's been said:

Discussions found on the web:

Posted Under