Registered Investment Adviser Caleb Lawrence
Another unsteady day for the major averages as early gains give way to small losses into the final hour. The latest Silicon Valley flame out goes to Elizabeth Holmes and her startup Theranos as she and her technology were shown to be frauds. Following charges by the SEC or Securities and Exchange Commission. Once again despite 7+ figure losses, and blatant fraud, the technology never worked as advertised, nobody goes to jail, as the SEC doesn’t pursue criminal charges, but does refer them to the DOJ or Department of Justice, at times.
Import price growth moderated somewhat in February with a .4% gain, the year ago rate climbed to 3.5% driven by energy prices and a declining currency. Export prices advanced .2% and 3.3% on a year ago basis.
The Philadelphia Fed regional manufacturing survey slipped 3.5 points to 22.3 in March, the details were unremarkable. The New York or Empire State manufacturing survey jumped 9.4 points to 22.5 in March, the details of this report were also unremarkable.
Bitcoin and the other crypto currencies continue to struggle with Bitcoin looking to test $8,000 again. Once again when the fundamentals don’t support the thesis, and the history of the item is one of fraud, theft, and other shenanigans its good to keep your guard up.