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Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.
View David Fry's Instablogs on:
PENDING HOME SALES TRUMP POOR JOBLESS CLAIMS DATA
Jobless Claims (388K vs 375K expected & prior revised higher 389K) allowed for a beat with (ahem) revisions. Pending Home Sales (4.1% vs 1% expected & prior at -.5%) is what bulls seized on shrugging off poor employment data. Bulls see claims data as just more of the same. But people are also losing their benefits with 700K expected to be out of luck by next month.
Earnings continue to come in beating expectations which is typical frankly. With housing data stronger the charge higher was led by Homebuilders (ITB) and REITs (IYR) was still trending higher with hotels doing better. Tech (XLK) continued to build on Wednesday's gains. Consumer discretionary (XLY), retail (XRT), financials (XLF) and energy (XLE) also trended higher.
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Investors Wait For Big Wednesday
S&P Case-Shiller HPI was as expected which wasn't good and New Home Sales were worse (328K vs 353K previously) and Consumer Confidence fell (69.2 vs 69.5) slightly. All things considered nothing to even write about frankly.
Euro stocks were higher Tuesday because, well, they were. Perhaps there's some hope from some that Sarkozy will pull an alliance together with the right wing and win--just a thought.
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MONDAY MARKET BLUES
Eurozone issues stole the show on Monday… again. An austerity deal in the Netherlands hit a stalemate, meaning the country could lose its AAA rating. In France election results weren't kind to Sarkozy and it's uncertain, especially with the strong right wing showing, how the final vote on May 6th will work out. If Sarkozy loses and the socialist Hollande wins then the financial alliance for the EU between France and Germany could be undone. To make matters worse Monday, the eurozone reported the important PMI (Purchasers Managers Index) at weak 47.4 vs expectations of 49.3 and prior 49.1. China also reported another weak manufacturing survey also at 49.1. Toss-in recent U.S. data and the three important regions in the world are experiencing clear economic contraction.
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