The Market Bull – December 12, 2018
The major averages closed with modest gains unable to hold their early advances on little real news.
Former fed chairwoman Janet Yellen foolishly quipped as her tenure came to a close that there wouldn’t be another financial crisis in our lifetime. Aside from never saying never as it invariably comes back to bite the individual on the rear end. Mrs. Yellen has recently made the rounds warning of gigantic holes and a lack of tools, as she is clearly worried that a potential crisis is brewing. She went on to warn about leveraged loans and a push back on overzealous post crisis regulations. If anything they are under zealous if you ask me and given the banksters continued lawless behavior regulations need to be strengthened, or more accurately, enforced with vigor.
The Mortgage Bankers Association reports that mortgage activity advanced 1.6% last week as purchase apps gained 2.5% and refi’s increased 1.8%.
The 30-year contract rate for a jumbo loan fell to 4.8%, a 12-week low.
The Consumer Price Index or CPI was unchanged in November despite a dramatic fall in energy prices.
On a year ago basis the CPI fell to just 2.2% a 10-month low.
Standard and Poors 500 Index closed at: 2,651.07 up 14.29
NASDAQ finished at: 7,098.31 up 66.48
Gold ended trading at: $1,245 up 3.10
This is Caleb Lawrence Registered Investment Adviser I can be reached directly 831-334-5318 or stop by my office 5321 Scotts Valley Drive in the Scotts Valley Plaza, Suite 202, Scotts Valley, Ca, 95066.
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