Although the stock market will pull back at the open today, the intriguing topic of the weekend Peoplenomics report is whether we will hit Price or Time in our apparent Replay of 1929:
There is a black X (if your eyes are good) which is our first crossing of the present trend with the 1929 data. The red X is the second crossing.
The potential upside for the Dow? More on that this weekend for subscribers, but I wanted you to see the chart. One of many we do twice weekly.
While many economists would no doubt disagree, we are nevertheless seeing money come out of the bond market to chase stocks higher.
I like to think of this as Bond Market Disintermediation Due to Rates.
Although it would be very much like that “splotchy noise” just before the shit hits the fan.
Our “press release du jour” is just out:
Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,285,000. This is 4.6 percent (±2.0 percent) above the revised December rate of 1,228,000 and is 8.2 percent (±1.6 percent) above the January 2016 rate of 1,188,000. Single-family authorizations in January were at a rate of 808,000; this is 2.7 percent (±1.9 percent) below the revised December figure of 830,000. Authorizations of units in buildings with five units or more were at a rate of 446,000 in January.
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,246,000. This is 2.6 percent (±11.0 percent)* below the revised December estimate of 1,279,000, but is 10.5 percent (±15.3 percent)* above the January 2016 rate of 1,128,000. Single-family housing starts in January were at a rate of 823,000; this is 1.9 percent (±10.8 percent)* above the revised December figure of 808,000. The January rate for units in buildings with five units or more was 421,000.
Privately-owned housing completions in January were at a seasonally adjusted annual rate of 1,047,000. This is 5.6 percent (±8.0 percent)* below the revised December estimate of 1,109,000 and is 0.9 percent (±15.0 percent)* below the January 2016 rate of 1,056,000. Single-family housing completions in January were at a rate of 800,000; this is 4.3 percent (±7.5 percent)* above the revised December rate of 767,000. The January rate for units in buildings with five units or more was 244,000.
We note, however, that until the Housing market passes the 2006-2007 levels that this is still just an Elliott Wave B or 2 bounce from the 2009 decline lows.
Narrowing My Restaurant Choices
Know what’s going on today? A gander at the USA Today headline warms me to the point: “Businesses across US close for ‘Day Without Immigrants’.”
I have to figure that restaurants and other businesses that close today must not need my money on other days as well.
I hate it when things like food and what-not get politicized.
Along the Same Lines
We also note that the “Southern Poverty Law Center says American hate groups are on the rise.”
I’m not sure whether they have ever published a definition of what a “hate group” is, however.
Someone who disagrees with them, perhaps?
Trump Bashing Award
We have to hand it to Gizmodo for this one:
Meantime, the headline ab out “A professor called Trump’s win ‘an act of terrorism.’ The student who filmed her got suspended.” has us wondering if liberal teachers are going along with the idea of institutionalizing Trump-Bashing.
We sensed signs of that in Berkeley, after all.
Oroville De Dammed
I can’t say for sure, but will any of this disrupt vegetable growing win the valleys six months out? We’ll have to wait and see…