Afternoon Note
Marking Time
By Charles Payne, CEO & Principal Analyst
11/23/2022 1:39 PM
The market is mostly marking time and acting like a Holiday session.
New Home Sales
Economic data has mostly come in better than expected with new home sales a real headscratcher.
New home sales came in at annualized rate of 632,000 against consensus of 570,000. The trend is lower overall, but these are still signs of life that defy economic trends. Perhaps the pullback in mortgage rates had some folks leaping off the fence.
And median sales prices rocketed to $493,000 – how does this keep happening?
The flash PMI number was a major miss.
Consumer sentiment was also better than expected, but the expected change in unemployment during the next year continues to march higher.
Happy Thanksgiving
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