The Market Bull – October 22, 2019
The major averages closed with small losses. The Brexit vote fails partially, leaving the process uncertain once again. The trade war goes quiet.
Existing Home Sales missed expectations in September falling 2.2% to 5.38 million units annualized. Month’s supply increased slightly to 4.1. The median price fell 2.4% for the month to $272,100 a figure 5.9% higher than a year ago. This series has been trending higher since the beginning of the year. All regions saw sales declines, the West held up the best slipping just .9%.
The Richmond Fed regional index jumped 17 points in October to 8 on strength in new orders and employment. That said this series has trended lower since the beginning of the year. With the easy money spigot turned off for the unable to turn a profit and heavily indebted tight energy sector, slowing global growth and the unending trade war. Manufacturing will come under increasing pressure as we move into next year.
Standard and Poors 500 Index closed at: 2,995.99 down 10.73
NASDAQ finished the day: 8,104.30 down 58.69
Gold ended trading at: $1,490.90 up $2.80