in at +213k, vs +174k consensus estimate, while pending home sales came in at
-2.2%, vs +0.3% estimate. Mortgage purchase apps fell 2.0%, however the reading
(along with the previous two) remains above the post-crisis low in 2010.
were mixed with a slightly positive skew, Europe data were mixed. Global growth
is clearly slowing, however the internals simply do not scream recession looming.
huge earnings and revenue beat this morning and a bullish 2019 outlook. Apple
came in just above lowered expectations last night. The market is rewarding
both handsomely this morning.
Facebook, Microsoft and Amazon, the Fed announcement this morning and trade talks
in Washington today and tomorrow.
going to be for Chair J. Powell to simply state that the balance sheet is in
play; I’m assuming the obvious with regard to the fed
funds rate – no move this meeting and guidance that they’ll remain patient and
huge! Lighthizer is itching to play hardball and would love nothing more than
to leave the meetings with nothing but cautionary/negative commentary. That would
virtually guarantee a selloff in stocks. Unfortunately Navarro gets to attend,
although I suspect he’s been effectively muted, as I haven’t heard a peep since
his last market rattling comments. Mnuchin and Kudlow, and I strongly suspect
Trump, and I absolutely know the stock market, are itching for a deal as soon
report Friday is likely to come in strong, which is fine as long as the Fed
issues a dovish statement this morning.