The Market Bull – August 14, 2019
The major averages tank as the lamestream media tells everyone not to panic. Considering valuation, margin debt, the yield curve savagely reinverting and the 30-year bond hitting a record low, and I could go on and on. Panicking I would think is a fairly normal reaction at this point, especially considering the quality of our leadership.
The Mortgage Bankers Association reports that its Mortgage Activity Index surged 21.7% last week as refis ballooned 36.9% as cash out’s hit levels not seen since 2006. Purchase apps advanced for the first time in 4-weeks gaining 1.9%. The 30-year contract rate for a jumbo loan fell to 3.88%.
Import Prices gained .2% in July but fell 1.8% from a year ago. Export Prices advanced .2% in July but fell .9% from a year ago. For some reason the pundits decided to describe this report as “hot” despite substantial price declines from a year ago. But then when your desperate to push the official narrative, despite the fact that it is crashing around their ears, I suppose it is to be expected.
Standard and Poors 500 Index closed at: 2,840.60 down 85.72
NASDAQ finished the day: 7,773.94 down 242.42
Gold ended trading at: $1,527.00 up $12.90