Tonight it's going to be short and sweet as I just got back from throwing a small private birthday party for my feisty next door neighbor who has done me a lot of favors (of course, I've done her a lot of courtesies too) and who turned 78 today. So since I haven't had time to do anything I'm keeping this short and sweet tonight with just the usual summation and no bonus, as I've had no time to look for one. The summation is below with the main positive being home sales rising nearly 12 percent, and the main negative being that pesky yield curve inversion. The Mueller report has been listed as both a positive and a negative but until we have many more details, it's still far too early to know with any certainty which side of the ledger it's going to fall on. All we know so far is that the report says something like there's no evidence to support a charge of collusion, but the President is not exonerated -- whatever the hell that means! As I said, too early.
Succinct Summation of Week’s Events 3.22.19
Succinct Summations for the week ending March 22nd, 2019:
Positives:
1. Mueller report drops; perhaps the country can begin to move on?
2. Existing home sales rose 11.8% m/o/m, from 4.930M to 5.510M.
3. Same store sales rose 4.9% w/o/w, up from previous 4.4% rise.
4. Jobless claims fell 9k w/o/w from 230k to 221k.
5. Wholesale inventories rose 1.2% m/o/m, beating the expected 0.1%.
6. Crude oil inventories fell by 9.6M barrels w/o/w to 439.5M.
Negatives:
1. Yield curve inverted, raising odds of a recession over the next 18 months;
2. There will be nowhere to escape speculation about what comes post-Mueller report drops;
3. After a strong start, Markets finish the week down 1%;
4. Factory orders rose 0.1% m/o/m, meeting the low end of expectations.
5. PMI composite came in at 54.3 for March, missing the expected 55.2.
6. MBA mortgage apps rose 0.3% w/o/w, decelerating from previous 4.0% rise.
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