The Market Bull – December 19, 2019
The House voted to impeach Trump as expected, setting up a Senate trial all but certain to fail on party lines. Stocks shrugged off the news closing higher.
For the first time since the Fed’s Repo market operations took off in mid-September the latest turn repo tranche was undersubscribed with just 26.25 billion taken of the 35 billion allotted. The pause that refreshes, or has the latest demand for emergency liquidity been met? Time will tell, it always does, a good sign, nonetheless.
Existing home sales missed expectations in November slipping 1.7% to 5.35 million units annualized on weakness in the south and western regions. Month’s supply slipped to 3.7 while the median price advanced fractionally to $271,300 a figure 5.4% higher than a year ago.
The Philadelphia Fed regional manufacturing index plunged 10.1 points in December to a barely positive .3, missing expectations substantially and posting the worst figure in 6-months. Price data increased but remains low. Despite some fairly solid internal details, go figure. This series has really struggled this year and remains on a downward trajectory as the trade war continues to weigh on manufacturing.
Standard and Poors 500 Index closed at: 3,205.37 up 14.23
NASDAQ finished the day: 8,887.22 up 59.48
Gold ended trading at: $1,482.70 up $4.00