Succinct Summations for the week ending November 10th, 2017
Positives:
1. Dow, S&P 500, and NASDAQ 100 each hit new all-time highs;
2. Senate Tax Proposal moves the process forward; we are that much closer to some version of corporate reform;
3. September job openings rose from 6.082M to 6.093M.
4. Core Logic report: “Home prices nationally increased y/o/y by 7% from September 2016 to September 2017.”
5. Europe continues to improve; Retail sales in September for eurozone was better than expected, with a y/o/y gain of 3.7% the best since July 2015.
6. MBA purchase applications rose 1%, the first increase in three weeks.
Negatives:
1. Jobless claims rose from 229k to 239k. The 4-week average fell from 232.5k to 231.25k.
2. Core Logic report: “Nearly half of the nation’s largest 50 markets are overvalued.”
3. Personal savings rate falls to a 10 year low.
4. Consumer sentiment fell from 100.7 to 97.8, below the 100 expected.
5. Revolving credit debt rose 7.7%, to above $1T in September, the highest since January 2009. This is almost 2X the 5 year average.
6. Bloomberg consumer comfort index fell from 51.7 to 51.5.
