The Market Bull – June 13, 2019
The major averages struggled into the final hour about even on little economic news of significance. 2 tankers got attacked in the Strait of Hormuz.
CoreLogic reports that more than 10-years after the Great Financial Crisis some 2.2 million homes remained underwater in the first quarter of 2019. A slight decrease from the previous quarter, representing 4.1% of homes with a mortgage. Total negative equity increased a little less than 1% to 304.4 billion. At the state level California came in at number 9.
Import and Export Prices snapped a string of gains in May falling .3 and .2 percent respectively. As is usually the case energy prices drove the declines. Trade data from southern California ports suggest that the tariffs pulled demand forward substantially. With now full warehouses container shipments are falling dramatically. I suspect that Trump will get a harsh lesson on trade wars being not so easy to win and that there is also considerable collateral damage involved.
Standard and Poors 500 Index closed at: 2,891.65 up 11.81
NASDAQ finished the day: 7,837.13 up 44.41
Gold ended trading at: $1,344.80 up $8.00
The major averages closed with small gains on mixed data that shows the beginnings of the trade war’s impact as exports and imports both fell notably.read more
The major averages closed off their lows for the day, but still finished with large losses. Spooked by China’s threat to cut rare earth exports.read more
The major averages couldn’t hold their early gains, closing with large losses despite generally positive data. Indirect fallout from the trade war accumulates.read more
The major averages closed the week with small gains despite disappointing economic data and an unstable geopolitical backdrop.read more
Disappointing data and the realization that the trade war will hit the economy hard sent the major averages into the close with large losses.read more
The major averages closed with small losses on little real news though the Federal Open Market Committee minutes were subject to their usual dissection.read more
Despite some fairly significant and disappointing economic data along with a dramatic escalation of the trade war after China threatened to cut off rare earth exportsread more
The major averages stumbled to begin the week on disappointing data. Rumors of a trade war settlement evaporated once again.read more
Rumors of a trade war settlement helped the major averages to large gains early in the week, only to see hope dashed in the final hour. As the major averages closed with modest losses for the day.read more
Despite considerable geo-political uncertainty, mixed economic data and still no resolution to the trade war in sight, the major averages closed with large gains.read more