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Market Commentary

Headwinds Not Yet Tailwinds

By Charles Payne, CEO & Principal Analyst
9/19/2019 12:59 PM

There was more good news on housing, as existing home sales came in better than expected.  As Lawrence Yun, NAR’s chief economist, stated “as expected, buyers are finding it hard to resist the current rates.”

Those rates are now 3.62% for a thirty-year conventional loan, down from 3.77% in July and 4.54% a year ago. 

 

Existing Home Sales

United States Existing Home Sales

Also on the economic front, Wall Street was looking for a -0.2% print on Leading Economic Indicators (LEI), which came in unchanged.  The ten components of The Conference Board Leading Economic Index® for the U.S. include:

I like the action in the market, but its clear investors are looking for a catalyst, even as headwinds, while not yet tailwinds, are a lot less threatening than a month ago.

Let’s keep our powder dry.


 

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