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Commentary for 1/23/2019

Altavest Commentary for 01/23/2019

Japan December exports fell by the most in 2 year and saw its first overall trade deficit since 2015. Asian markets were mixed. The Nikkei 225 slipped -0.14% while the Shanghai Composite eked out a +0.05% gain.
Depending on who’s speaking, either a hard Brexit, a soft Brexit, or no Brexit is the “most likely” path forward. European equities were narrowly lower. The Dax lost -0.17%. Yields on 10-yr. Bunds eased to 0.225%.
The November FHFA House Price Index was slightly above expectations at +0.4% and came on top of an upward revision to October.
Yields on 10-Year Notes edged higher to 2.752%. The US$ Index was modestly lower. February gold added +$0.60 to $1,284.00. March crude finished well off early lows, down -0.7% at $52.62.
On strong earnings, markets opened solidly higher and extended their gains in early trading. The enthusiasm waned and all the averages eventually gave up those gains and moved lower. Another reversal in sentiment, and markets recovered, led by industrials. Except for the strength in the DJIA, most averages finished the day modestly higher.

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