The Market Bull – June 13, 2019
The major averages struggled into the final hour about even on little economic news of significance. 2 tankers got attacked in the Strait of Hormuz.
CoreLogic reports that more than 10-years after the Great Financial Crisis some 2.2 million homes remained underwater in the first quarter of 2019. A slight decrease from the previous quarter, representing 4.1% of homes with a mortgage. Total negative equity increased a little less than 1% to 304.4 billion. At the state level California came in at number 9.
Import and Export Prices snapped a string of gains in May falling .3 and .2 percent respectively. As is usually the case energy prices drove the declines. Trade data from southern California ports suggest that the tariffs pulled demand forward substantially. With now full warehouses container shipments are falling dramatically. I suspect that Trump will get a harsh lesson on trade wars being not so easy to win and that there is also considerable collateral damage involved.
Standard and Poors 500 Index closed at: 2,891.65 up 11.81
NASDAQ finished the day: 7,837.13 up 44.41
Gold ended trading at: $1,344.80 up $8.00