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A Bruising Week
The Market Bull 2018

 
 
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The Market Bull – November 21, 2018

Generally positive data sent the major averages into the final hour with small gains to finish a bruising holiday shortened week.

The Mortgage Bankers Association reports that mortgage activity fell .1% last week as refi’s dropped 5% and purchase apps increased 3.1%. The 30-year contract rate for a jumbo loan fell ten basis points to 4.88%. One of the better real estate related reports of late, despite its lack of significance.

Durable goods orders fell 4.4% in October on a second large decline in non-defense capital goods. The proxy for business spending non-defense capital goods ex-aircraft was unchanged for the month. A volatile series 1-month means little. That said durable goods orders have been week since April.

Existing home sales beat expectations in October with a 1.4% increase to 5.22 million units annualized, snapping a string of 6 consecutive declines. Sales increased in all regions except the Midwest. Month’s supply slipped to 4.3. The median price fell .6% to $255,400 a 4th consecutive decline.

One of the items that always surprised me about crypto currencies was that they weren’t deemed to be a security originally. While the first regulator to tackle the issue declared them a commodity a while back. It wasn’t until last week that the SEC or Securities and Exchange commission brought charges involving a lack of securities registration to a couple of ICO’s or Initial Coin Offerings. Frankly I’m surprised it’s taken this long as the SEC definition of a “security” is extremely broad and only really makes allowances for currency and postage stamps.

Standard and Poors 500 Index closed at: 2,649.93 up 8.04
NASDAQ finished the day: 6,972.25 up 63.43
Gold ended trading at: $1,226.30 up $5.10

This is Caleb Lawrence Registered Investment Adviser I can be reached directly 831-334-5318 or stop by my office 5321 Scotts Valley Drive and Willis Road in the Scotts Valley Plaza, Suite 202, Scotts Valley, Ca, 95066.

Additional writings, and other entries are also available on my Blog at www.clinvestments.com

Advisory services offered through Caleb Lawrence Registered Investment Adviser Inc.

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