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Stocks closed mixed but remain within striking distance of their all-time highs.
Traders continue to take the tariff issues with China in stride. And this is largely because analysts are not expecting the tariffs to have much of an impact on earnings or our GDP. And also because the back and forth with tariffs isn't the end game -- it's a tool each party is using as leverage to advance trade talks that will ultimately result in a fairer deal for all. That's the end game and it's full of positives.
Regarding our friends to the north, I can't believe it's been two weeks after the self-imposed deadline with Canada to reach a trade agreement has come and gone. This was supposed to piggyback onto the agreement we made with Mexico to forge a new NAFTA. Reps from both sides keep expressing their optimism that progress is being made. Hopefully we'll get an actual announcement that a deal has finally been agreed to soon. Until then, the market is hopeful, but waiting nonetheless.
In other news, MBA Mortgage Applications were up 1.6%, with the Purchase Index up 0.3%, and Refi's up 4.0%.
And Housing Starts rose to 1.282 million units (annualized) from last month's 1.168 mil. and views for 1.240 mil.
Another day, another set of reports underscoring the strength of the economy.
In fact, the economy looks fantastic and so does the market. And I'm expecting stock gains to accelerate in Q4 for a strong end-of-year finish.
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