MBA Mortgage Applications Up 4.0%
MBA mortgage applications rose 4.0% for week ending 30 April, the week before reading was at -2.9%. The first home-buyer tax credit program is approaching its end… Chart 1. MBA Mortgage Applications
Monthly Strategy – May 2010
Equities With my 1,200 S&P 500 target reached I’ve moved to a kind of a ambiguous stance to the markets. Now I believe the equity markets are bound for a 10%+ down move at least. My mid-term view remains unchanged – this is just a bear market rally; U.S. and E.U. economies will experience same […]
Pending Home Sales Index Rose 5.3% In March
Pending home sales index rose 5.3% in March. Again first home-buyer tax credit effect… Chart 1. Pending Home Sales Index
U.S. Motor Vehicle Sales At 11.2 Million SAAR
U.S. total motor vehicle sales fell 0.56 million vehicles in April. Chart 1. U.S. Motor Vehicle Sales
U.S. Construction Spending Rose 0.2% In March
Construction spending is a contrast to the ISM Manufacturing. Needless to say that we cannot talk about economic recovery without construction spending. In March, U.S. construction spending rose 0.2% MoM. On a year level we are at -12.3%. Chart 1. U.S. Construction Spending
ISM Manufacturing Index For April At 60.4
ISM Manufacturing Index was reported at 60.4 vs. 61 consensus and 59.6. Highest reading since May 2004; seems a tad overdone; there has more prosperous manufacturing periods since then. Chart 1. ISM Manufacturing Index Source: Blytic.com
March Personal Income & Consumer Spending Tick Up
Personal income rose 0.3% MoM vs. 0.4% consensus and 0% prior reading. On YoY level the personal income is up 3%, but most of the increase comes due the low base effects. Consumer spending rose 0.6% MoM vs. 0.6% consensus and 0.3% prior reading. On YoY level the consumer spending is up 2.9%. The data […]
HSBC/Markit China PMI For April At 55.4
From the press release. April’s PMI points to a moderate slowdown in the expansion of manufacturing activity. We see this as good news because it means that Beijing’s policy tightening is starting to cool the overheated economy, which will help to contain inflationary risk in the coming quarters. Chart 1. China Federation of Logistics & […]
Rig Count Weekly May 03, 2010
The total number of drilling rigs operating in North America rose for 1 rig. Number of natural gas drilling rigs rose for 2 rigs; number of crude oil rigs fell for 1 rig. Chart 1. Baker Hughes U.S. Rig Count Change Chart 2. Baker Hughes Weekly U.S. Rig Count Chart 3. Baker Hughes Monthly World […]
Big China Call By Marc Faber
Words from the man himself: China’s economy will slow and possibly “crash” within a year as declines in stock and commodity prices signal the nation’s property bubble is set to burst. Bloomberg story: China May ‘Crash’ in Next 9 to 12 Months, Faber Says. Well, like most of his calls, this could also be on […]
New Week Intro May 3, 2010
Important U.S. earnings this week: Monday: Sysco (SYY), McKesson (MCK), Loews (L), Anadarko Petroleum (APC) Tuesday: Emerson Electric (EMR), Marathon Oil (MRO) Wednesday: Merck & Co. (MRK), Baker Hughes (BHI), Vornado Realty Trust (VNO), Archer Daniels Midland (ADM), Pfizer(PFE), Chesapeake Energy (CHK), Cognizant (CTSH), EOG Resources (EOG), CVS Caremark (CVS), News Corp. (NWSA), Duke Energy […]
Dry Bulk Weekly – May 3, 2010
Baltic dry index rose 11.3% last week on the back of 21.6% Capesize Index gain. Panamax, Supramax and Handysize Index recorded minor gains. Capsize rate rose 20% in a single day. Two things could have played a role here: securing a contract ahead of Labor day holidays in China and/or limited capesize vessel availability due […]
Tanker Weekly – May 3, 2010
Baltic Dirty Tanker Index rose 2.1%; Baltic Clean Tanker Index increased 2.5%. The oversupply of shipping capacity is evident (especially in the product segment), despite increased crude oil volume transported. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
U.S. GDP Rose 3.2% in Q1 2010
U.S. GDP Rose 3.2% in Q1 2010. The consensus was at 3.4%, Q4 reading was at 5.6%. Chart 1. U.S. Real GDP & Percent Change Source: Blytic.com
U.S. Natural Gas Weekly – 29 April 2010
Working gas in storage rose 83 Bcf from previous week. The pain is not coming to its end. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average Chart 3. Natural Gas Futures Curve