Key data releases this week include: S&P home price index (Tue), 2Q GDP revision (Wed), personal income and spending (Thu), pending home sales (Thu), ISM manufacturing index (Fri), and nonfarm payrolls (Fri).
Haver
August 22, 2017
Home prices recently have begun to outrun affordability as affordability dropped by 7.3% y/y in June. FHFA house prices are up by 6.5% over 12 months with median existing home prices up by 6.6% and inflation up by only 1.6%. House prices are moving up faster than inflation, and faster than income growth, and that is causing the tension on affordability.
Haver
August 23, 2017
Sales of new single-family homes in July fell 9.4% to 571,000 following an upwardly revised June gain of 1.9% to 630,000. The latter was revised from 610,000. The July volume was the lowest since December's 548,000.
Reuters
August 28, 2017
Sales of new single-family homes in July fell 9.4% to 571,000 following an upwardly revised June gain of 1.9% to 630,000. The latter was revised from 610,000. The July volume was the lowest since December's 548,000.
Barron’s
August 28, 2017
There have been 18 government shutdowns since 1976 with the S&P 500 dropping 0.6%, on average, when the government is closed. “Political showdowns tend to be short-lived and generate little permanent effect on the stock market.”
Barron’s
August 28, 2017
The percentage of stocks trading below their 200-day moving average dipped below 50% last week. That has happened 24 times since 1996, and in 23 of those cases the S&P 500 fell to just below its own 200-day moving average. That suggests the S&P 500 could drop to 2300, according to FundStrat.
Barron’s
August 28, 2017
U.S. stocks will be dead money over the next 10 years, according to Rob Arnott of Research Affiliates. Investors with courage should load up on emerging markets stocks and sell of U.S. stocks.
Barron’s
August 28, 2017
Doug Ramsey of Leuthold Group believes that a short-term downturn is in the cards for the markets, followed by an up leg that “could be the bull market’s last.” He also thinks that a standard balanced portfolio with 60% stocks and 40% bonds will struggle to generate even 3% to 4% returns over the next 10 years.”
Barron’s
August 28, 2017
Jason Trennert of Strategas Research believes that a 5% to 10% correction in stock prices may be may be needed to get Congress and the administration to cooperate on a continuing resolution and debt ceiling raise.
The Inquisitr
August 27, 2017
Bloomberg
Sunday, August 27, 2017
Federal Reserve chief Janet Yellen and European Central Bank President Mario Draghi voiced strong opposition to a weakening of financial regulations put in place after the 2008 financial crisis. "We have only recently witnessed the dangers of financial openness combined with insufficient regulation," Draghi said at the Fed's annual retreat in Jackson Hole, Wyo.

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