Tuesday, November 27, 2018

Markets meandered today. Not much excitment

There are all sorts of headlines out there as to why the markets didn't do much. The Fed didn't spook anyone. The trade "war" isn't resolved and so not much news there. 

It's really quit simple. Buyers and sellers were pretty much in equilibrium, without much pressure on either side. I'm waiting for oil and/or gold to make a strong move, but not much there either. Unless you count the bear market in oil over the last six weeks, but it will turn at some point. And gold did drop about $10 per ounce today. That's less than 1 percent.

The consumer confidence index, at 135.7 in November, continues to hold in the mid-130s area and not far from the all-time high of 144.7 reached in 2000. November's strength is in the present situation which is a favorable indication for holiday spending, at 172.7 for an 8 tenths gain from October. Expectations, however, eased by 4.1 points to 111.0 as optimism over future job and income prospects is easing slightly. Yawn. 

Housing prices where flat at .2% year over year. Another yawn. 

In the meantime, I'll enjoy the pleasant weather here in Austin, TX. Forecast is for mostly sunny and mid-70s for the next five days. 

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