I used to watch David Letterman a lot. I miss those days. His golden age was during the Bush and Clinton administrations. President Obama just didn’t provide him with enough material and I think that he retired too soon. I have a feeling that President Trump will be single-handedly keep late-night TV living high on the hog for at least four years. And other than that, I have no idea what to say about this huge chicken statue just erected outside a shopping mall in China. I suppose that it should be insulting, but I can’t seem to not find it humorous.
Pending Home Sales fell 2.5% last month, while there was a 0.5% gain expected. The decline is thought to be tied to higher interest rates and lower inventory levels. The DOW has been flirting with 20,000 for over a week now and just can’t seen to hit that historic level.
I generally don’t put a lot of stock into revisions of previously published data. One of the reasons is that there is so much new information being released every day that it’s impossible to keep up while still trying to make this column mildly interesting, and the second is that with a number like GDP, it’s impossible to be absolutely accurate–even after a half dozen updates. Today’s second reading of the second quarter Gross Domestic Product came in at 3.7 though, which is significantly higher than the first reading of 2.3, and is cause for alarm among the Chicken Littles who claim that not only the sky, but the bottom as well is falling. I am not saying that it is or isn’t, just that the surge in growth proclaimed by the above graph is affecting the markets. Today, the jovial atmosphere is pushing the prices of both stocks and bonds upward.