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Stock Market Outlook for August 24, 2018

Another concerning report on the housing market in the US.

 

Real Time Economic Calendar provided by Investing.com.

 

*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.   As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.

Stocks Entering Period of Seasonal Strength Today:

Corelogic Inc. (NYSE:CLGX) Seasonal Chart

Corelogic Inc. (NYSE:CLGX) Seasonal Chart

Hollysys Automation Technologies (NASD:HOLI) Seasonal Chart

Hollysys Automation Technologies (NASD:HOLI) Seasonal Chart

Transportadora De Gas Sur (NYSE:TGS) Seasonal Chart

Transportadora De Gas Sur (NYSE:TGS) Seasonal Chart

Wipro Ltd. (NYSE:WIT) Seasonal Chart

Wipro Ltd. (NYSE:WIT) Seasonal Chart

Raymond James Financial Inc. (NYSE:RJF) Seasonal Chart

Raymond James Financial Inc. (NYSE:RJF) Seasonal Chart

Meredith Corporation  (NYSE:MDP) Seasonal Chart

Meredith Corporation (NYSE:MDP) Seasonal Chart

International Game Technology  (NYSE:IGT) Seasonal Chart

International Game Technology (NYSE:IGT) Seasonal Chart

Exponent, Inc. (NASD:EXPO) Seasonal Chart

Exponent, Inc. (NASD:EXPO) Seasonal Chart

The Dun & Bradstreet Corporation  (NYSE:DNB) Seasonal Chart

The Dun & Bradstreet Corporation (NYSE:DNB) Seasonal Chart

Thor Industries, Inc. (NYSE:THO) Seasonal Chart

Thor Industries, Inc. (NYSE:THO) Seasonal Chart

 

 

The Markets

Stocks ended slightly lower on Thursday as investors held the tape steady ahead of Jerome Powell’s speech at Jackson Hole on Friday.  The S&P 500 Index ended lower by just less than two tenths of one percent, remaining within striking distance of the all-time high.

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On the economic front, another disappointing report pertaining to housing in the US.  New Home Sales fell 1.7% in July to a seasonally adjusted annual rate of 627,000.  Analysts were expecting a rate of 649,000.  Stripping out the seasonal adjustments, sales of new homes actually fell by 8.6% last month, which is double the average decline for this summer month of 4.3%.  The year-to-date change now sits at +17.8%, which is 6.7% below the average change through the month of July.  This is the weakest pace since 2014.  Weakness in the month was dominated by sales of homes under construction and completed homes; sales of homes not started actually increased in the month.  The median price of new homes sold was up by 6.0%, which may have taken a toll on activity in the month, however, the year-to-date change remains lower by 4.3%.  The average change through this point in the year is +0.9%.  Whether it is a supply problem or demand, the waning activity in the housing market posses a threat to the broader economic momentum, perhaps setting the stage for the next economic downturn.  Seasonally, new home sales continue to fall through the remainder of the year.

New Home Sales Seasonal Chart

Monthly New Home Sales Data

New Home Sales Seasonal Chart

New Home Sales - Not Started Seasonal Chart New Home Sales - Under Construction  Seasonal Chart New Home Sales - Completed Seasonal Chart Median Sales Price for New Houses Sold Seasonal Chart

Sentiment on Thursday, as gauged by the put-call ratio, ended bearish at 1.03.

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Seasonal charts of companies reporting earnings today:

Buckle, Inc. (The) (BKE) Seasonal Chart Foot Locker, Inc. (FL) Seasonal Chart Hibbett Sports, Inc. (HIBB) Seasonal Chart   Ubiquiti Networks, Inc. (UBNT) Seasonal Chart 

 

 

S&P 500 Index

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TSE Composite

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