Below is the weekly summation, the main positive being that the markets were actually up again despite horrible COVID-19 news, the main negative being the horrible COVID-19 news. (Except here in Michigan. Despite a mildly higher infection rate, we continue to do very well here, and exceptionally well in the metro area. I'm thankful I live in Michigan.) So while on the topic of the COVID-19 news, the bonus this Sunday night is a graphic posted this weekend on Barry Ritholtz's Big Picture blog showing another interesting scenario for how this whole crisis could ultimately wrap up, a chart estimating how far away we are from herd immunity with New York City in first place versus London, Madrid, Wuhan, Boston, Stockholm, and Barcelona. Of course, this is all assuming that the antibody theory proves correct. The science jury is still out on that one. Hope nobody got sick during this blistering weekend. I for one was doing fine until 3 a.m. Sunday morning when I woke up sick and sweating despite the AC on full blast. I've been struggling ever since. Hopefully the worst of this heat wave ends tonight.
Succinct Summations for week ending 7.17.2020
Succinct Summations for the week ending July 17th, 2020
Positives:
1. Markets were again up on the week despite very negative news flow;
2. CPI rose 0.6% m/o/m, above expectations.
3. Housing market index stands at 72 for July, above the expected 60.
4. Import and export prices both rose 1.4% m/o/m, exceeding expectations.
5. Industrial production rose 5.3% m/o/m, above expectations.
Negatives:
1. Covid Infections, Deaths spike, leading to reversal of several state re-openings;
2. Retail sales rose 7.5% m/o/m, below previous increase.
3. Jobless claims came in at 1.300M for the week, above expectations.for June, below expectations.
4. Housing starts came in at 1.186M; Home mortgage apps fell 6.0% w/o/w, below previous increase.
5. Business inventories fell 2.3% m/o/m, below previous decrease.
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