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Share the Wealth – June 8, 2018

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Registered Investment Adviser Caleb Lawrence

Mixed data sent the major averages into the final hour with small gains. Since Monday the Standard and Poors 500 Index is up 34 points or 1.2% while the NASDAQ has advanced 73 points or about 1%.

Consumer credit missed expectations again in April advancing 9.3 billion. A 3rd consecutive decline, revolving or credit card use surged to a 4-month high with a 2.3 billion Dollar gain. Non-revolving debt, essentially student and auto loans advanced just 7 billion, roughly half of its recent monthly gains. On an annualized basis credit growth is slowing rapidly and at +2.9% is less than half the rate seen just 6-months ago.

Wholesale inventories increased .1% in April, led by durable goods. Sales advanced .8% on strength in durable and non-durable goods. The inventory to sales ratio slipped to an unremarkable 1.28.

Crypto currencies remain range bound with Bitcoin bouncing around the $7,500 level. At best it remains an immature technology and at worst it’s an outright fraud, personally I lean towards the fraud category as the history of cryptos is littered with thefts and numerous other forms of fraud. Cybersecurity company Carbon Black recently announced that roughly $1.1 billion Dollars’ worth of digital currencies had been stolen so far this year.


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