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Registered Investment Adviser Caleb Lawrence 

The major averages opened higher on generally positive data, slipped late entering the final hour mixed. With Consumer Confidence surging as Bitcoin blows through $10,000 I’m reminded of the giddy, sky’s the limit it’s different this time period in early 2000 right before the wheels came off.

The Case/Schiller National Home Price Index gained .4% in September pushing the year ago rate to 6.2%. San Francisco, Las Vegas, and New York led the advance for the month.

Wholesale inventories fell .4% in October, snapping a string of gains on a large decline in non-durable goods. Retail inventories fell for a second month, down .1%.

The trade deficit increased 6.5% in October to 68.3 billion. Exports fell 1% while imports advanced 1.5%, this report will subtract from 4th quarter GDP or Gross Domestic Product as will the inventory data.

Rounding out the data releases, the Richmond Fed Manufacturing Index jumped 18 points in November to 30 on strength in new orders and employment related data.


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