Our last “Succinct Summations” of the year, week ending December 27th, 2019.
1. New market highs are always bullish for future gains.
2. Same store sales rose 6.2% w/o/w, above the previous increase of 4.6%.
3. Jobless claims fell 13k w/o/w, from 235k to 222k.
4. Home refinance apps fell 5.0% w/o/w, above the previous decrease of 7.0%.
5. Chicago Fed National Activity Index came in at 0.56 for Nov., above the previous -0.76.
1. There still is not China deal, just a promise to do a phase one deal next year.
2. More froth entering market as valuations become increasingly stretched.
3. Durable goods orders fell 2.0% m/o/m, below the expected increase of 1.5%.
4. New home sales came in at 719k for November, below the expected 735k.
5. Home mortgage apps fell 5.0% w/o/w, below the previous decrease of 2.0%.