On Friday I was invited by an Ann Arbor financial services firm to apply for an open internship position. The last time I applied for a job the routine was to send in a resume and then wait for a call. In this brave new world, one now submits an application via the company's web site and this particular company only needs my name, address, and college I graduated from. They require all other information to be placed on my LinkedIn account. So I have spent the weekend opening a LinkedIn account and building a profile, which I completed just a few hours ago. Tomorrow morning I will submit the application and then wait and see. I am sure I am one of many applicants. Last week, I was also given the green light to to enroll in the official 14 month academic CFP cohort program that begins in February. I will continue using this blog to document my journey as it progresses.
I am sincerely hoping that this is my last posting from this old laptop and that I can resume the daily posts after the holiday weekend. Hope you all had a great weekend.
Succinct Summation of Week’s Events 11.18.16
Succinct Summation of the Week’s Events:
Positives:
1. Jobless claims totaled 235k, lowest level since 1973, well below the estimate of 257k.2. Retail sales in October jumped 0.8% month over month, double expectations. September and August were each revised up by 0.2. Online sales rose 1.5% m/o/m and are up 10% y/o/y.3. Housing Starts for October totaled 1.32mm, well over 1.156mm estimates, and the best level since August ’07.4. NAHB November builder survey index was unchanged at 63 as expected, remaining well above 50. This number though came before the jump in interest rates and the same can be said for housing starts.5. Producer prices were benign in October, flat m/o/m and up just 0.8% year over year.
Negatives:
1. 10 yr yield spiked by about 50 bps and the 10 yr inflation breakeven is higher by 20 bps to the most in 18 months.2. Headline CPI in October jumped 0.4% m/o/m; Energy price gains drove y/o/y CPI gain up 1.6%, Food prices were flat m/o/m but down 0.4% y/o/y.3. Input prices rose 0.5% m/o/m in September, the most since June as petro prices jumped by 7.5%, now up 4.5% y/o/y.4. No change in US industrial production in October, and September was revised down by 3 tenths.5. September saw the largest month of net foreign selling on record of US notes and bonds, totaling $76.6B, dating back to when record keeping began in 1977. Total selling past year was $310B.6. Mortgage rates, mortgage applications to buy a home fell 6.2% w/o/w as of November 11th. Refi’s fell by 11% w/o/w but remain up by almost 19% vs last year because one year ago the average 30 yr mortgage rate was around 4.15%. The average 30 yr mortgage rate this past week jumped 18 bps on the week to 3.95%, a level last seen in January.
Wall Street ends flat as financials' rise offsets tech drop
DJ: 18,868.69 +21.03 NAS: 5,218.40
-18.72 S&P: 2,164.20
-0.25 11/14
The market continues to hold steady after
last week’s enormous post-election with Wall Street apparently getting
increasingly more comfortable with the Trump, especially when viewed from the
point of view of big gains in financials, industrials and energy, all
industries seen benefiting from potential Trump policies. Trading remains way above average in its
rigor at 10 billion shares.
Wall Street rises, lifted by technology and energy stocks
Dow record close as
technology and energy power market
DJ: 18,923.06 +54.37 NAS: 5,275.62
+57.22 S&P: 2,180.39
+16.19 11/15
One week after the election the market
continues to hold steady after the post-Trump euphoria with the Dow continuing
into a 7th day of rallies.
Oil got a big boost from, once again, hopes that OPEC will finally cut
production. Overall, investors have
pushed the index to a fourth consecutive record high on bets that Trump will
keep good on his promises regarding taxes and spending. Retail sales also were better than
expected. Volume continues to be brisk
at 8.4 billion.
Dow, S&P 500 drop as U.S. bank rally wanes, tech boosts
Nasdaq
DJ: 18,868.14 -54.92 NAS: 5,294.58
+18.96 S&P: 2,176.94
-3.45 11/16
After a huge 7-day rally, the market has
stopped to take a breath and do a modest retreat bringing the Dow down 54
points. The banking surge is seen as
having topped out and investors are now looking for clarity on whether Trump’s
promises will translate into reality.
There is the added complication of a now 81 percent likelihood that the
Fed will raise rates next month. Volume
is still brisk at 7.3 billion but given the extraordinary activity of the past
week is actually below the recent average of 7.9 billion.
Wall street stocks lifted by data, earnings Yellen remarks
DJ: 18,903.82 +35.68 NAS: 5,333.97
+39.39 S&P: 2,187.12
+10.18 11/17
The market continues to settle in after the
huge post-election rallies, today with a modest gain of 35 points, mostly
triggered by Yellen’s encouraging comments regarding continued economic
strength. Consumer prices also hit their
highest in six months along with a 9 year high on housing starts, all endorsing
the encouragement. The Dow is now at a
record level for four consecutive sessions.
A healthy 7.4 billion shares changed hands though, due to the recent
extraordinary activity, it is still below the recent average of 7.9
billion.
Wall Street slips, led by
healthcare decline
DJ: 18,867.93 -35.89 NAS: 5,321.51
-12.46 S&P: 2,181.90
-5.22 11/18
The market
continues to hold steady after an extraordinary 10 days. The mild decline of 35 points is attributed
to uncertainty over Trump’s plans for healthcare and reflect the market taking
a breather until more information is in hand.
6.7 billion shares confirms the day’s “wait and see” attitude, which is
considerably below the 4 week average of 8 billion.
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