Economics
This Week’s Data
The International Council of Shopping Centers reported weekly sales of major retailer up 2.0 versus the prior week and up 2.7% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 2.3% on a year over year basis.
The April Case Shiller home price index rose 0.7% versus expectations of +0.4%.
http://scottgrannis.blogspot.com/2012/06/case-shiller-update.html
The June Conference Board index of consumer confidence came in at 62.0 versus estimates of 63.0.
http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php
The June Richmond Fed’s manufacturing index was down 3.0% versus forecasts of an increase of 5.0%
Weekly mortgage applications fell 7.0% while purchase applications were down 1.0%
http://www.calculatedriskblog.com/2012/06/mba-mortgage-applications-decrease-in.html
May durable goods orders rose 1.1% versus expectations of +0.4%; however, April’s number was revised from +0.2% to -0.2%. Ex transportation, orders were up 0.4% versus estimates of up 0.8%.
Other
Comparing the ECRI Weekly Index with the Conference Board’s Leading Economic Index (medium):
http://www.zerohedge.com/news/turkey-mobilizing-media-manipulation-provocation-or-reality
A new look at the federal budget (deficit):
http://www.zerohedge.com/news/momentarily-stepping-back-trees-show-these-two-charts-forest
The chemical activity barometer (short):
http://www.zerohedge.com/news/supply-chain-slowdown-signals-us-economic-slump-ahead
Rick Santelli and John Taylor on Hayek (4 minute video):
http://www.zerohedge.com/news/santelli-and-taylor-hayekian-rules-and-saving-americas-economic-future
Why the economy is growing at a below average secular rate and will continue to do so unless we change our growth model (medium):
http://cafehayek.com/2012/06/two-different-stories.html
Politics
Domestic
The Arizona decision (medium):
http://www.nationalreview.com/articles/303968/arizona-s-victory-rich-lowry
International War Against Radical Islam
Obama’s search for a ‘win, win’ in Egypt (medium):
http://www.powerlineblog.com/archives/2012/06/barack-obamas-quest-for-that-elusive-foreign-policy-win-win.php
The latest from Turkey/Syria (medium):
http://www.zerohedge.com/news/turkey-mobilizing-media-manipulation-provocation-or-reality
News on Stocks in Our Portfolios
General Mills reported its fourth fiscal quarter earnings per share of $.60 versus estimates of $.59.
Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.
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