It feels like a quiet session, but there is a lot going on. Earnings for the most part have been largely positive, and all the major indices have been up as the Dow Jones Industrial Average clawed back into positive territory after tumbling 172 points at the start of trading.
In the meantime, a bright spot in housing, which has been the most fragile and worrisome part of the U.S. economy, is new home sales.
New Home Sales
Annual rate 657,000 +16.9% month to month rallying to an eight-month high.
There were some interesting developments in the report. Months’ supply, which had been climbing, dropped to 6.0 from 7.0 as median home prices have come down dramatically.
As a result, homes priced in $200,000 to $299,999 range were 36% of total. A year earlier, it was just 26% of the total. These are the homes that need to move as younger families begin to buy and older ones can move into more expensive homes.
New Homes Sales
The Bull Gaining Momentum
I continue to look at 52-week milestones as the best tale for the market and its momentum. Right now there are three times more advancers than decliners on NYSE, and 79 new highs versus 5 new lows. That is huge and very encouraging.
Of course, to keep it all going, Amazon will have to deliver (no pun intended) after the close. Right now the NASDAQ is the best performing major index and nearing the last ley hurdle to clear the path back to the all-time high. The magic number is 7,442.
I love the way this market is acting, and we are on the cusp of a move that goes way beyond an oversold bounce or retracement.
|Charles, 301,000 new jobs, 3.2 wages increase in January, THE USA IS KICKING OFF THE DEPRESSION RECESSION THE DEMS KEEP TRYING TO PUSH,& ALL THEIR PROPAGANDA NEWS MEDIA. THANK YOU CHARLES PAYNE & FBN. THANK YOU PRESIDENT TRUMP. it's not B.O &HRC, this is ALL PRESIDENT TRUMP'S ACTIONS AGENDA..|
J on 2/1/2019 8:52:05 AM
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