The Market Bull – November 8, 2018
The major averages finished the day mixed. The political soap opera in Washington continues with the firing of Attorney General Jeff Sessions, many think special council Robert Mueller is next. I would imagine that a good way to derail an undesirable investigation is to fire the AG and special council doing the investigating, the privileges on presidential office.
As expected, the Fed left rates unchanged at the conclusion of the latest FOMC or Federal Open Market Committee meeting. The accompanying statement was of course subject to its usual media dissection, but it really didn’t say anything new, the Fed noted that economic activity continues to be supported by consumer spending and that business investment moderated slightly. The Fed expects one more increase this year following the December meeting. It’s also worth noting that higher interest rates are starting to put the breaks on real estate.
The Mortgage Bankers Association reports that mortgage delinquencies increased slightly in the 3rd quarter to a still very low 4.47%. Foreclosure starts slipped to a nearly 33-year low of just .23%.
The banksters never saw a market that wouldn’t like to manipulate for fun and profit, usually at our expense. Their latest adventure involves getting sued by a number of institutional investors such as Blackrock, Allianz, Norway’s central bank Norges Bank, the California State Teachers’ Retirement System (CalSTRS) and others who filled suit against 16 banks including Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Japan’s MUFG Bank, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered and UBS, essentially all of the usual suspects. After they opted out of a similar nationwide case involving manipulation of currency markets or Forex Trading over the 10-year period 2003-2013. The bankster sleaze parade never ends.
Standard and Poors 500 Index closed at: 2,806.83 down 7.06
NASDAQ finished the day: 7,530.88 down 39.87
Gold ended trading at: $1,222.40 down $2.80
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