Last week more positive economic reports were issued than negative economic reports. Here is a list of the positives:

1. Initial jobless claims plunged to 262k vs the 290k expected, the lowest reading in 15 years.
2. Pending home sales rose 13.4% year over year vs expectations for a 5.1% rise.
3. Consumer spending rose 1.9% in the first quarter, better than expected.
4. The S&P/Case-Shiller index increased 5% year over year, vs the 4.7% expected and the biggest gain since August.
5. Purchasing Managers Institute services index flash came in at 57.8, slightly lower than expected but still strong.
6. Chicago Purchasing Manager Institute came in at 52.3 versus the 50 expected.
7. The employment cost index rose 0.7% in Q1 vs the 0.6% expected rise.

And, the Negatives:

1. Q1 Gross Domestic Product rose 0.2% vs expectations for a 1% rise.
2. US homeownership rate for Q1 fell to 63.7% vs 64% in Q4 and vs 64.8% one year ago. The 50 year average is 65.3%.
3. Ford, Toyota, Fiat/Chrysler and Nissan miss expectations. (GM is only one beat so far)
4. Consumer Confidence came in at 95.2, below the 102.2 expected.
5. Dallas Fed manufacturing survey came in at -16 vs expectations of -12.