Registered Investment Adviser Caleb Lawrence
Despite generally positive economic data and another bubbelicious Bitcoin surge nearing $10,000, I’m sure it’s perfectly normal. The major averages enter the final hour about even to begin the week.
New home sales beat expectations in October with a 6.2% gain to 685,000 units annualized. Months’ supply slipped to 4.9, the median price fell 1.8% to $315,300, on a year ago basis prices gained 3.3%. Sales were particularly strong in the Northeast and the Midwest, the latter shaking off a string of weak numbers with a 17.9% gain. The South seems to have lost its hurricane bounce advancing just 1.3%.
The Texas manufacturing survey slipped 8.2 points to 19.4 in November as the hurricane bounce faded. Declines were broad based and notable with respect to employment, and production.