Afternoon Note
Another day and another major economic data release missing Wall Street consensus. The NAHB housing market index in the US extended losses for a seventh month running to hit 55 in July against consensus of 65. This is the lowest reading since May of 2020.
That news stopped an early rally attempt in its tracks. Remember the Fed has to dramatically slow the housing boom, because that's the largest part of the so-called wealth effect.
The stalled rally has taken all the air out of investors who have become shellshocked. It feels like any rally is a suckers rally. But fundamentals are adjusting, and I think earnings and guidance will be better than anticipated. More smoke has to be cleared.
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3/22/2024 12:56 PM | Toll on Americans |
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3/21/2024 9:30 AM | A COMFORTING FED |
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3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
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3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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