Existing Home Sales Slump To 1-Year Lows, NAR Says "There's Simply Not Enough Homes For Sale"

After July's housing sales data horrors, yesterday's permits rebound prompted some hope (despite last week's 9.7% collapse in mortgage applications) but August's existing home sales just crushed that dream, dropping to one-year lows. Following a 1.3% MoM decline in July, August saw existing home sales tumble 1.7% MoM (against expectations of a 0.2% rebound) and up just 0.2% YoY.

Dennis Gartman: "This We Find Anomalous"

"As prices have risen to new highs the volume has waned and waned and waned again. This we find anomalous, for volume should always follow the trend and in this instance the trend is up while the volume is most assuredly down."

Frontrunning: September 20

  • Fed Poised to Set Portfolio Reduction Plan in Motion (WSJ)
  • Dollar close to 2015 lows as conflicted Fed prepares policy update (WSJ)
  • The Risk of a New Economic Non-Order (El-Erian)
  • A last, last chance: Republicans strain for Obamacare repeal (AP)
  • McConnell Won’t Promise Obamacare Repeal Vote as Foes Mobilize (BBG)

Putin Orders End To US Dollar Trade At Russian Seaports

Whether in response to rising scorching tensions with the US, or simply to provide support for the ruble, on Tuesday Russian President Vladimir Putin instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, the Kremlin website reported.

How The Military Defeated Trump's Insurgency

"Trump was seen as a presidential candidate who would possibly move towards a less interventionist foreign policy. That hope is gone. The insurgency that brought Trump to the top was defeated by a counter-insurgency campaign waged by the U.S. military."