3 Days Worth of Fundamentals.

MBA Purchase Applications (week ended 11/21/2014)

– Purchase Index Week/Week -10.0%. Previous weeks were +12.0%, +1.0%, +3.0%, -5.0%, -5.0%, -1.0%, +2.0%, +0.0%, -0.3%, +5.0%, -3.0%, and -2.0%.

– Refinance Index Week/Week -4.0%. Previous weeks were -6.0%, -11.0% -6.0%, -7.0%, +23.0%, +11.0%, +5.0%, -0.3%, -7.0%, +10.0%, and -11.0%.

– Composite Index Week/Week -4.3%. Previous weeks were +4.9%, -0.9%, -2.6%, -6.6%, +11.6%, -5.6%, +3.8%, -0.2%, -4.1%, +7.9%, and -7.2%.

Year-on-year Purchase Applications are -10.0%.

The previous week’s +12.0% was an anomaly not a trend. The downward year-to-year trend is probably due to a combination of tightened lending standards mandated by CFPB and the fact that prices have gone up making bargains much harder to find.

 
Durable Goods Orders (October 2014)

– New Orders month/month +0.4%. Previous was -1.3%.
– New Orders year/year +5.5%. Previous was +5.5%
– Ex-transportation month/month  -0.9%. Previous was -0.2%
– Ex-transportation year/year  +6.4%. Previous was  +7.8%.

Jobless Claims (week ended 11/22/1014)

– New Claims (Seasonally adjusted)  313,000. Previous was 292,000
– New Claims  unadjusted, totaled 355,887 an increase of 69,772 from the previous week
– 4-week Moving Average (Seasonally adjusted)  294,000.

This is the highest Initial Claims have been since early September.  This is still a low level.

Personal Income and Outlays (October 2014)

– Personal Income month/month +0.2%. Previous was +0.2%.
– Consumer Spending month/month  +0.2%. Previous was +0.0%.
– PCE Price Index month/month 0.1%. Previous was +0.1%.
– Core PCE price index month/month  +0.2%. Previous was +0.1%.
– Personal Income year/year  +4.1%. Previous was +3.7%.
– Consumer Spending year/year +3.6%. Previous was +3.8%.
– PCE Price Index year/year  +1.4%. Previous was +1.4%.
– Core PCE price index year/year +1.6%. Previous was +1.5%.

Looks like a slightly better month for both income and spending.

 
Chicago PMI November 2014)
  

– Business Barometer Index  60.8. Previous was 66.2%.

This is a survey index of manufacturing in the Chicago region.  While the Index fell it should be noted that the previous was the year’s high.

 
University of Michigan Consumer Sentiment (November 2014)

– Sentiment Index  88.8. Previous was 89.4.

Since this is supposed to measure consumer spending in the new future and Christmas shopping season is about to begin this gets a serious look from equity buyers.
 

New Home Sales (October 2014)
New Home Sales (seasonally adjusted, annualized) 458,000. Previous was 455,000.

 

Pending Home Sales Index (October 2014)

Pending Home Sales Index -104.1. Previous was 105.0
Pending Home Sales Index -1.1%. Previous was +0.3%