Succinct summation of week’s events: Positives: 1) Durable goods orders in Nov bounce and Oct revised higher as cap ex stabilizes after previous 4 mo’s of weakness. Still, cap ex basically flat y/o/y. 2) Philly mfr’g in Dec bounces unexpectedly to +8.1 from -10.7 as this region wasn’t hit as hard as NY/NJ during the storm. 3) Initial Jobless Claims normalize at 361k. 4 week avg back to pre storm level. 4) Existing Home Sales total 5.04mm vs 4.76mm in Oct and est of 4.9mm. It’s best since Nov ’09 when home buying tax credit juiced results. Months supply falls to 4.8 from 5.3, lowest since Oct ’05. 5) NAHB home builder ... (full story)