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Trade War Rhetoric

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Trade war rhetoric gets taken up a notch with complaints filed at the World Trade Organization against Canada, China, the European Union, Mexico and Turkey because they levied tariffs on American goods in response to tariffs we levied on their goods. That said the major averages continue to shrug off the trade war beginning the week about even on generally positive economic data.

The New York Fed regional index slipped 2.4 points to a still high 22.6 in July. Inventories went negative for the first-time since late last year, but the report details were unremarkable. Price data fell again but remains very high.

Retail sales advanced strongly for a 4th consecutive month gaining .5% in June spurred on by tax cuts and prodigious credit card use. Still a number of categories declined with Clothing and Accessories falling notably along with Sporting Goods and Hobbies. General Merchandise store sales also fell.

This is Caleb Lawrence Registered Investment Adviser Scotts Valley Drive and Willis Road in the Scotts Valley Plaza, Suite 202 or call me toll free at 888-RICH PIG / 888-742-4744.

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