Succinct Summation of Week’s Events 10.27.17

Succinct Summations for the week ending October 27th, 2017

Positives:

1. Dow Jones Industrials and S&P 500 each made new all-time highs.
2. Q3 real GDP rose 3%, above the 2.5% expected increase.
3. Durable goods rose 2.2% m/o/m and 8.3% y/o/y, both beating expectations. Core capital goods also beat expectations, with higher revisions to last month’s numbers.
4. New home sales, a volatile series, rose 18.9% to a 667k annualized rate, the largest percentage gain in 28 years.
5. FHFA house price index rose 0.7% m/o/m, above the 0.4% expected increase.

Negatives:

1. Investors Intelligence Bull/Bear ratio is at 47.2, the highest level since early 1987.
2. Pending home sales were unchanged m/o/m in September, below the 0.4% expected; August sales were revised down from -2.6% to -2.8%; sales fell 5.4% y/o/y.
3. Initial jobless claims rose from 222k to a still low 233k.
4. MBA mortgage applications fell 4.6% w/o/w.
5. 30 yr average mortgage rate rose 4 bps to 4.18%, the highest in 3 months. Purchases fell 6.1% but still remain higher by 10% y/o/y.

 

 

Thanks, Mike !

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