Succinct Summation of Week’s Events 12.27.19 (plus a view of the nation from both right and left)

The year's final weekly summation is below with the positives being the new market highs with no end in sight as all the fundamentals remain very bullish.  The negative once again could just as easily be a positive as it relates to the China deal.  The negative is only that it's not a done deal yet, the positive being that it is very much expected to be next month, at least the Phase One part.  The negative again is that nobody really knows the details of Phase One so any celebration is likely premature. 


The year-end bonus this Sunday are two very good articles about the socio-political state of the country from two of the most respected publications in the U.S.  One is an analysis from what is widely considered the best conservative newspaper in the country -- The Wall Street Journal.  (The only downside to this one is that you must be a subscriber to read it.)  The other is an exploration, courtesy of the very well known journalist Chuck Todd, as to what lies behind the barrage of misinformation we must constantly suffer through.  This one comes from what is widely lauded as the best liberal/leftist/progressive magazine in the country -- Rolling Stone.  Hope you all had a great weekend. I hope everyone's comfortable in their homes right now since the fog out there is thick as pea soup.  No driving tonight!  Tomorrow? 


12-29-19 How the U.S. Became a Nation Divided - WSJ

12-29-19 How Disinformation Spreads, According to Chuck Todd - Rolling Stone

Succinct Summation of Week’s Events 12.27.19

December 27, 2019 4:00pm by Barry Ritholtz

Our last “Succinct Summations” of the year, week ending December 27th, 2019.

Positives:

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.

Negatives:

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%.