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Commentary for 1/22/2019

Altavest Commentary for 01/22/2019

Despite slowing growth in China, Asian markets were mostly higher on Monday, but they reversed today on rising global growth fears. The Nikkei 225 rose +0.26% on Monday and gave back -0.47% today. The Shanghai Composite added +0.56% on Monday but gave back -1.18% today.
European equities were lower on Monday and fell again today. The Dax lost -0.62% yesterday and another -0.41% today. Yields on 10-yr. Bunds have eased to 0.241%.
December Existing Home Sales disappointed, coming in at 4.99M. That was the lowest rate since November 2015.
Yields on 10-Year Notes fell back to 2.746%. The US$ Index was flat. February gold edged up $0.80 to $1,283.40. February crude expired today, closing down -2.3% to $52.57. March crude (which we’ll be following now) settled at $53.01.
Markets got off to a weak start and selling pressures intensified. Volume was only moderate as averages tested support after last week’s impressive rally. A denial of an earlier report on China trade negotiations lifted markets off the lows. Even after a late rally in the final minutes on a possible breakthrough on the government shutdown, markets still closed broadly lower.

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