Tuesday – February 19, 2019

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Market opens lower to begin the shortened week. Trade continues to be a primary issue and the US Stock Market appears to have gone a long way to price in a positive outcome as talks continue in Washington this week. Brexit continues to be a drag with time running out. Europe is preparing for a firm retaliation if the US slaps new tariffs on cars. Q4 Earnings Season is wrapping up. Walmart reported a very solid Qtr, suggesting the Consumer is in better shape than the December Retail Sales report suggested. Interest rates continue to slide, with the 10-Year Treasury yield at 2.64%. Oil is mixed but remains near its YTD highs, with the focus remaining on US/China trade-talk optimism and OPEC’s stated commitment to production cuts. However, there is also some focus on demand concerns, with Platts reporting China’s demand growth may continue to decelerate in 2019 amid a weaker global economy and trade uncertainties.

Have a great morning,

Mike Frazier

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