Dr. Doom Bullish, Geithner Positive, Stocks Surge

  • July 16, 2009
  • David Goodboy

Noted permabear economist Nouriel Roubini aka Dr. Doom made surprisingly positive comments that the worst is behind the U.S. economy. Combined with Treasury Secretary Geithner’s positive words and strong earnings resulted in stocks continuing their bullish upward surge. Interestingly, stocks are surging on good news but not selling off on negative news; an extremely bullish signal for the future. The DJIA advanced +95.62 to 8711.82, the Nasdaq climbed +22.13 to 1885.03 and the broad based S&P 500 jumped +8.06 to 940.74.

Cit Group
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Electrolux
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Harley Davidson
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Mosaic
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Oil advanced 48 cents to $61.98, Gold fell $4.00 to $935.40 and the VIX fear index slipped just 1.82% to 25.42.

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Market Snapshot

Dow

 +95.62 8711.82

NASDAQ

 +22.13 1885.03

S&P 500

 +8.06 940.74

Economic
News

Treasury Budget (Jun): Consensus: -$77.5B, Prior: $33.5B

Core PPI (Jun): Consensus: 0.1%, Prior: -0.1%

PPI (Jun): Consensus: 0.8%, Prior: 0.2%

Retail Sales (Jun): Consensus: 0.5%, Prior: 0.5%

Retail Sales ex-auto (Jun): Consensus: 0.5%, Prior: 0.5%

Business Inventories (May): Consensus: -1.0%, Prior: -1.1%

Core CPI (Jun): Consensus: 0.1%, Prior: 0.1%

CPI (Jun): Consensus: 0.6%, Prior: 0.1%

Empire Manufacturing (Jul): Consensus: -5.00, Prior: -9.41

Capacity Utilization (Jun): Consensus: 67.9%, Prior: 68.3%

Industrial Production (Jun): Consensus: -0.6%, Prior: -1.1%

Crude Inventories (07/10): Consensus: NA, Prior: -2.90M

Minutes of FOMC Meeting (06/24): Consensus: NA, Prior: NA

Initial Claims (07/11): Consensus: NA, Prior: 565K

Net Long-Term TIC Flows (May): Consensus: NA, Prior: $11.2B

Philadelphia Fed (Jul): Consensus: -5.0, Prior: -2.2

Building Permits (Jun): Consensus: 523K, Prior: 518K

Housing Starts (Jun): Consensus: 530K, Prior: 532K