logo
  Join        Login             Stock Quote

Economic Reports Continue To Impress!

 January 15, 2013 10:40 AM


There was widespread concern that the holiday shopping season was a disappointment, that consumers had pulled back on worries about the economy going over the fiscal cliff.

But it was reported this morning that U.S. retail sales were up 0.5% in December, more than double the consensus forecast of economists (which was for a gain of only 0.2%). It was the biggest monthly rise in retail sales since September.

The housing recovery continues. U.S. home prices were up 0.3% in November, according to a report this morning from CoreLogic. Excluding distressed sales, home prices were up 7.4% year-on year, the biggest yearly gain since 2006.

And inflation remains tame. It was reported this morning that the Producer Price Index declined 0.2% in December, led by a big drop in food prices. And the core rate, which excludes food and energy costs, rose only 0.1%. Food prices at the wholesale level fell 0.9% in December, the biggest monthly decline since May, 2011.

[Related -Initial Jobless Claims Rose Unexpectedly]

But:

Global Stock Markets Are Short-Term Overbought..

We have our subscribers invested not only in selected U.S. market sectors on our latest buy signal, but in selected global markets.

But as we've been cautioning subscribers, not just the U.S. market, but global markets in general are at least short-term overbought above short-term moving averages, and probably due for at least a short-term pullback to alleviate those overbought conditions.

[Related -All Quiet on the Record High Front]

In the U.S., if a pullback takes place, the media will be blaming the squabble heating up over raising the debt ceiling. But that is only the catalyst (or excuse). The short-term overbought condition, and temptation it creates for short-term traders to take profits, is the reason.

Yesterday in the U.S. Market.

A mixed, flat day on light volume of 0.6 billion shares traded on the NYSE.

The Dow closed up 18 points, or 0.1%. The S&P 500 closed down 0.1%. The NYSE Composite closed up 0.1%. The Nasdaq closed down 0.3%. The Nasdaq 100 closed down 0.5%. The Russell 2000 closed down 0.1%. The DJ Transportation Avg. closed up 0.5%. The DJ Utilities Avg closed down 0.2%.

Gold closed up $5 an ounce at $1,667.

Oil closed up $.59 a barrel at $94.15.

The U.S. dollar etf UUP closed down 0.1%.

The U.S. Treasury bond etf TLT closed down 0.3%.

Yesterday in European Markets.

European markets were also mixed yesterday. The Europe Dow closed down 0.2%. Among individual countries, the London FTSE closed down 0.2%. The German DAX closed up 0.2%. France's CAC closed up 0.1%. Greece closed down 1.2%. Ireland closed down 0.5%. Italy closed down 0.6%. Spain closed down 0.4%. Russia closed up 0.7%.

Asian Markets closed up Sunday night and some again last night.

The Asia Dow closed up 0.6% Sunday night, and up 0.04% last night.

Among individual markets last night:

Australia closed down 0.1%. China closed up 0.9%. Hong Kong closed down 0.1%. India closed up 0.4%. Indonesia closed up 0.4%. Japan closed up 0.7%. Malaysia closed up 0.1%. New Zealand closed up 0.4%. South Korea closed down 1.2%. Singapore closed down 0.3%. Taiwan closed down 0.7%. Thailand closed down 0.2%.

Markets This Morning:

European markets are down this morning. The Europe Dow is down 0.7%. The London FTSE is down 0.1%. The German DAX is down 0.9%. France's CAC is down 0.3%. Spain is down 1.1%. Greece is down 1.5%. Italy is down 0.2%. Russia down 0.7%.

Oil is down $.40 a barrel at $93.74.

Gold is up $13 an ounce at $1,682.

This Morning in the U.S. Market:

This week is a quite heavy week for potential market-moving economic reports, including New Housing Starts, Retail Sales, Consumer Price Index, Fed's Beige Book, etc. To see the full list click here, and look at the left side of the page it takes you to. And the 4th quarter earnings reporting season moves into high gear.

There were no reports yesterday.

This morning's reports are that the Producer Price Index declined again in December, down 0.2%. The core rate, which excludes food and energy was up 0.1%. And Retail Sales were up 0.5% in December, more than double the consensus estimate for an increase of 0.2%. And U.S. Home Prices were up 0.3% in November, for a year-on-year gain of 7.4%, according to a report from CoreLogic. But the Empire State (NY) Fed's Mfg Index fell for the 6th straight month, declining to minus 7.8 in January from minus 7.3 in December.

The economic reports have had no effect on the pre-open indicators, which have been negative all morning, and remain so.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageInitial Jobless Claims Rose Unexpectedly

Claims unexpectedly rose in the latest report through last weekend to breach 300,000 for the first time read on...

article imageAll Quiet on the Record High Front

What can we glean from the media’s lack of attention to the market’s recent record read on...

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.