Sunday, October 16, 2016

Succinct Summation of Week’s Events 10.14.16

Still using the laptop even though I took delivery of the final missing components of my new supercharged desktop over a week ago.  But alas I leave Friday for a long overdue 2 week vacation to NYC and Philly and, since I'll need the Internet connection from the laptop when I'm on the road, there's no point in transferring my browser and email folders to the new computer for just one week, so I'll continue suffering with this laptop until my return around November 2nd.  It's possible I won't be to do my next post until after the return.


But before I leave, Tuesday and Wednesday I'll be attending an intensive 2-day symposium in Novi for financial planners.  Among other things I'll be in conferences on such topics as investing in a volatile environment, money laundering, gold, and options, all topics I have a fascination with.  I'll try to write about it before I leave but more likely it'll wait until November.

For now, here's the succinct summary that I promise every week, plus my own daily scribbles on market events.  See you all again soon.

Succinct Summation of Week’s Events 10.14.16

Succinct Summation of the Week’s Events:

Positives:
1. Initial jobless claims were 246k, 7k less than expected;  revisions were down 3k to last week’s number. This level of claims was last seen in 1973.
2.Retail sales in auto’s and building materials had sales gains up 1.1% and 1.4% respectively.
3. US import prices were basically unchanged in September m/o/m and were flat ex fuels. On a y/o/y basis, prices ex fuel fell .7%.
4. Business inventories in August rose .2%, one tenth more than the estimate and with a .2% sales increase.
5. Producer prices in China rose .1% y/o/y in September. That was the first positive print since January 2012.
6. This goddamned election only has 24 days to go . . .
Negatives:
1. Core retail sales (ex auto’s, gasoline and building materials) in September saw a gain of just 0.1% month over month, three tenths less than expected.Core sales grew by just 2.5% y/o/y, the slowest pace of gain since November 2015
2. Fed’s September Labor Market Conditions Index fell to -2.2 and is now negative for the 8th month in the past 9.
3. UoM October consumer confidence index fell to 87.9 from 91.2. That was 4 pts below the estimate and the weakest print since September 2015.
4. PPI grew by 0.3% m/o/m in September and .2% ex food and energy. Both were one tenth more than expected. The y/o/y headline gain of .7% is the most since December 2014.
5. Purchase applications fell 2.6% w/o/w. Refi apps fell by 8% as the average 30 yr mortgage rate rose to a 3 week high.
6. This goddamned election still has 24 days to go . . .

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