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The Week That Was: June 24th - 28th 2013

Tyler Durden's picture





 

Succinctly summarizing the positive and negative news, data, and market events of the week...

Positives

  1. May durable goods orders beat expectations
  2. Fed’s Open Mouth Operation helps lift equities
  3. Jon Corzine sued, however somehow only civil suit
  4. Gold dips below 1,200… good for stocks right?
  5. U.S. 7yr auction smoother than the 5yr
  6. Record bond fund redemptions mean the ‘Great Rotation’ has started right? Not so fast

 

Negatives

  1. European stocks hit seven month lows, and their banks enter a bear market
  2. Shanghai Composite struggles as credit crunch continues to threaten
  3. 30yr Mortgage rate jumps, should help (un)affordability
  4. AAPL stocks, and bonds, struggle
  5. Japanese equities & gold get crushed
  6. U.S. 5yr auction prices at 1.484%, BTC dips to 2.45, below TTM
  7. Mortgage applications collapse
  8. U.S. Q1 GDP revised higher lower
  9. European household lending is flat out ugly
  10. U.K. disposable income drops in Q1

 

Additional

 

(h/t @ZH_Crown)

 


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Fri, 06/28/2013 - 16:47 | Link to Comment Cdad
Cdad's picture

This week, Cdad's Proprietary BlowHorn [CNBC] Unwatchable Indicator hit a historic high reading.  CAUTION: watching BlowHorn programing can cause severe brain damage at this time.

Recommend limiting your BlowHorn consumption to reading ZH commentary on BlowHorn programing.  

Fri, 06/28/2013 - 16:52 | Link to Comment DowTheorist
DowTheorist's picture

Two negatives:

1. The primary trend of the stock market turned bearish on June 21, as explained here:

http://www.dowtheoryinvestment.com/2013/06/dow-theory-update-for-june-21...

The odds now favor the bears. More exactly: 60% of primary bear market signals proved to be right in the past. So while lower prices are not a certainty, and no-one has a crystal ball, the odds favor lower prices in the days and weeks ahead. Furthermore, all market crashes (1929, 1987, 2000, 2008) were preceded by a primary bear market signal. So it is better not to argue against a primary bear market signal.

2. During this week, volume has been ominously bearish, contracting on rallies and expanding on declines, as shown in the following chart:

 

http://www.dowtheoryinvestment.com/2013/06/dow-theory-update-for-june-28...

Fri, 06/28/2013 - 16:54 | Link to Comment bonderøven-farm ass
bonderøven-farm ass's picture

Market event of the week?  Last night a number of 2013 American Buffalos were removed from the bullion banks and will no longer be available for rehypothecation.  I apologize for any inconvenience this may have caused to TPTB.

Fri, 06/28/2013 - 17:03 | Link to Comment eaglerock
eaglerock's picture

I'm having trouble keeping up with all the news lately.  Kim Kardashian really didn't name her kid North, did she?  Did George Zimmer the Wearhouse for Men guy kill Trayvon Martin?    Bernanke announces that things are going so well that he can ease off on QE and stocks tank? 

Fri, 06/28/2013 - 17:06 | Link to Comment TheEdelman
TheEdelman's picture

Positives

7. (Reuters) S&P 500 ends strongest first half since 1998

 

/me does a little jig

Fri, 06/28/2013 - 17:14 | Link to Comment disabledvet
disabledvet's picture

massive protests in Egypt this weekend? http://www.huffingtonpost.com/2013/06/28/egypt-protests-us-citizen-dead_...
http://worldnews.nbcnews.com/_news/2013/06/28/19169157-egyptian-clerics-...
15 million ready to take to the streets? i'd be a buyer of gold and silver here but i would not be long the market. these are "statistically significant" geopolitical events (no longer mere risks now. these things have been going on for four years now.) we'll see but i think DC is ready to step into the limelight here. Corzine has been charged, Stevie Cohen is in deep doo-doo, the wilding days of the 2000's are LONG in the mirror now and "peace ain't breaking out all over."

Fri, 06/28/2013 - 17:17 | Link to Comment eaglerock
eaglerock's picture

Stick a fork in Egypt.  Done.

Fri, 06/28/2013 - 17:14 | Link to Comment Nobody For President
Nobody For President's picture

Greek retail sales decline 14% yoy.

Bailins ahead!

 

Fri, 06/28/2013 - 19:10 | Link to Comment thismarketisrigged
thismarketisrigged's picture

for negatives, it says japan equities get crushed.

 

although japan is screwed beyond imagination, this week they were up 3 percent so that would be false for negatives at least this week.

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