Succinct Summation of Week’s Events for week ending 11.24.17

Succinct Summations for the week ending November 24th, 2017


1. Dow, S&P500, NASDAQ100 & Russell 2000 each hit new all-time highs.
2. Existing home sales rose 2% to a 5.48 million annualized rate, above the 5.37 million expected; prices rose 5.5% y/o/y to $247,000
3. MBA purchase applications rose a seasonally adjusted 5.3% w/o/w but y/o/y gain slowed to 4.1%
4. Initial jobless claims fell from 252k to 239k.
5. November Consumer Confidence Index from UoM was 98.5, up from initial print of 97.8.


1. Contrarian corner: Gallup notes “Americans’ concerns about the US economy are the lowest in 18 years
2. Durable good orders fell 1.2% m/o/m, below the 0.4% expected increase.
3. FOMC minutes show concern about whether inflation is 1.5% or 2% as the CRB index is at a 9 month high; oil hits a 2 ½ year high.
4. Core capital goods fell 0.5%, below the 0.5% expected increase.
5. PMI composite fell from 55.7 to 54.6, below the 55.4 expected.
6. Continuing jobless claims, delayed by a week, rose by 36k after falling by 36k in the week prior.

Thanks, Mike!

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