The Market Bull – November 19, 2018
Some harsh trade war rhetoric between the US and China to begin the week. Along with reported substantial order reductions for the new I-phone. Combined to spook the markets, as they begin the week with substantial losses. Crypto currencies get hammered again as Bitcoin breaks below $5,000. There’s little economic news today.
E-Commerce or internet sales continue their steady march higher gaining 3.1% in the 3rd quarter to 130.9 billion, a 39th consecutive quarterly advance for the series.
The National Association of Home Builders or NAHB Index plunged 8 points to 60 in November. All regions saw substantial declines, including the west, current and future expectations all fell notably.
Quite a number of formerly red-hot real estate markets have wobbled considerably of late as sales fall and inventory jumps have been seen in Las Vegas, Seattle, and Vancouver British Columbia to name a few. Of late the Bay Area is starting to show some fatigue as well with sales down 8% in October on a year ago basis, inventory for sale is up 21% from a year ago as well. Not too dramatic and it’s worth noting that inventory is still very low by historical standards. That said the trend with real estate, like the stock markets and high tech seem to be changing, and not for the better.
Standard and Poors 500 Index closed at: 2,690.73 down 45.54
NASDAQ finished the day: 7,028.48 down 219.40
Gold ended trading at: $1,224.60 up $1.60
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