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Trade Tensions Ease
The Market Bull 2019

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The Market Bull – September 13, 2019

The major averages closed mixed unable to hold their early gains. As trade tensions eased once again, another head fake no doubt. Since Monday the Standard and Poors 500 Index advanced 19 points, or .6%, while the NASDAQ gained 45 points, or .6% as well.

Despite Bank of America reporting a .5% decline in retail sales for August. The official Census Bureau reports a .4% advance for the month, handily beating expectations for no change. Motor Vehicle & Parts, Internet Sales, Building Materials and Sporting Goods all showed strong gains.

Trade Prices continue to slip with Export Prices down .6% in August while Import Prices dropped .5% for the month. On a year ago basis Export Prices are down 1.4% while Import Prices are off 2%. Much of the declines are attributable to energy prices.

Business Inventories increased a slightly above consensus .4% in July on a big jump in Retail Inventories. The Inventory to Sales Ratio was unchanged for a 3rd consecutive month at 1.4% a figure just .09% below its recession high. Domestic demand has not kept pace with current inventory gains. While inventories are up 4.8% on a year-ago basis, sales are up only 1.3%.

Standard and Poors 500 Index closed at: 3,007.38 down 2.19
NASDAQ finished the day: 8,176.71 down 17.75
Gold ended trading at: $1,494.80 down $12.60


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