Succinct Summations for the week ending December 20th, 2019
Positives:
1. As we learned in 1998, Markets don’t care about Impeachment.
2. All time highs are now, and always, bullish for markets.
3. Consumer spending increased 0.4% m/o/m.
4. Personal income rose 0.5% m/o/m, above prior increases.
5. Housing starts came in better than expected at 1.365M.
6. Industrial production rose 1.1% m/o/m, above expectations.
7. Consumer sentiment hits 99.3 for December, above expectations.
Negatives:
1. Only the 3rd U.S. President to ever be Impeached — No other way to say this: disgraceful behavior has led to a national embarrassment;
2. Corporate profits fell 1.1% y/o/y, below prior decrease of 0.4%.
3. Same store sales rose 4.6% w/o/w, below last month.
4. Existing home sales fell from 5.440M to 5.350M.
5. PMI Composite came in at 52.2 for December, below expectations.
6. Jobless claims fell 18k w/o/w from 252k to 234k.
7. Home mortgage apps fell 2.0% w/o/w, below prior decrease of 0.4%.
Thanks, Matt.
