Succinct summation of the week’s events: Positives: 1) Off the lowest level since 2009, the January Chicago PMI jumps to 55.6 from 42.9. 2) US Initial jobless claims totaled 278k; 4 week average fell to 283k from 285k. 3) New home sales in December totaled 544k annualized, 44k more than expected, up from 491k in November and the most since February. 4) November S&P/CS 20 city home price index rose 5.8% y/o/y, the most since July 2014. 5) MBA said mortgage applications to buy a home rose 22.5% y/o/y; refi’s were down by 30% y/o/y. Average 30 yr mortgage rate was 4.02% — lowest since late October. 6) ...
