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Sniper

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Sniper last won the day on July 22

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About Sniper

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    Just a Little Bit Closer....

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  1. And just like that, a new DOW record... along with the S&P 500 and Nasdaq... The Dow Jones Industrial Average gained 82.76 points, or 0.2%, to an all-time high of 35,144.31, also rising for a fifth straight day. The S&P 500 reached another record high on Monday ahead of a busy week of earnings reports from technology’s heaviest hitters. The tech-heavy Nasdaq Composite closed slightly higher at 14,840.71, hitting a new high. https://www.cnbc.com/2021/07/25/stock-market-futures-open-to-close-news.html
  2. I think low inventory will continue to keep the prices up for a while. When the buying season slows down in the Fall and the foreclosure and eviction moratoriums end, it will be interesting what happens to inventory and prices.
  3. Some additional data points. For those selling, it looks like we could be at the top. For those buying, prices should start coming back down. Housing boom is over as new home sales fall to pandemic low Sales of new single family homes fell to an annualized rate of 676,000, 6.6% below May’s rate of 724,000 and 19.4% below the June 2020 level of 839,000. The median price of a newly built home in June rose just 6% from June 2020 The inventory of new homes for sale jumped from a 5.5-month supply in May to a 6.3-month supply in June. Last fall, it sat at a low of just 3.5 months. https://www.cnbc.com/2021/07/26/housing-boom-is-over-as-new-home-sales-fall-to-pandemic-low.html
  4. And now there's the report of Biden extending the foreclosure moratorium. How can he legally do that, when it's shown the the CDC doesn't have the authority? ......"Though the Biden administration has not signaled that it plans to extend aid for renters, the White House on Friday announced it will allow homeowners with Fannie Mae and Freddie Mac-backed mortgages to delay their payments until September, a measure that will help 1.8 million people in forebearance.
  5. Hey dudes, how was the rally? I missed it because of dinner.
  6. Here's some direct links to watch it tonight online: Starting now: https://rumble.com/vi1or5-rsbn-live.html
  7. This should be a good battle, who's going to win? Progressive Democrats Blast 'Reckless' Biden Plan To Allow Evictions To Resume Rep. Alexandria Ocasio-Cortez was among several critics on Friday who warned that the Biden administration's plan to allow the Centers for Disease Control and Prevention's eviction moratorium to expire on July 31 would have devastating consequences for millions of renters as well as threatening public health as Covid-19 cases surge. President Joe Biden extended the moratorium by one month in June but has shown no signs that he plans to do the same this month. According to analysis by the Center on Budget and Policy Priorities released this week, 11.4 million renters—or one in seven—are behind on rent payments. Advocates say about six million are at risk of promptly losing their homes if the eviction moratorium is not extended at the end of July. https://www.zerohedge.com/political/progressive-democrats-slam-reckless-biden-plan-allow-evictions-resume
  8. Which is why so many are still sitting on the couch and not working. When you don't pay your rent or mortgage, it leaves a lot of cash available for Door Dash.
  9. Just saw this posted, the CDC also got smacked down on their cruise ship restriction ruling in Florida. A federal court said they didn't have the authority to shut down the cruise industry. With these two rulings, it gives a lot of ammo to go after the administration for damages. https://www.cnbc.com/2021/07/23/florida-asks-supreme-court-to-curb-cdc-restrictions-on-cruises.html
  10. The question is, were those "rules" specified by the CDC actually legal? Where do they have the legal right to get in between a contract between a tenant and landlord? Just because the CDC "said so"?
  11. If I understood it correctly, Congress gave the initial approval and it was set to expire a while ago. Then the CDC stepped in and extended it a few times, which was where the overstepping took place. I don't think they had the OK from congress for the extensions. Actually, I just looked. The original Cares Act moratorium was for 120 days, starting March 27, 2020. Ahh, just found this: The CARES Act eviction moratorium began on March 27, 2020,and ended on July 24, 2020. Covered tenants could not be forced to vacate, and landlords could not file notices to vacate,until 30 days after the expiration of the moratorium(August 23, 2020). The CDC eviction moratorium took effect September 4, 2020,and was initially slated to extend through December 31, 2020. However, it was extended legislatively through January 31, 2021, and extended again by CDC through March 31, 2021. On March 29, 2021, CDC further extended the moratorium until June 30, 2021. The CDC moratorium does not address notices to vacate https://crsreports.congress.gov/product/pdf/IN/IN11516
  12. Wonder where this goes? Are all bets off, and landlords go full throttle with evictions. Also wonder what happens with Murphy, he extended it to January, not sure where he gets the authority to do so. I half expected for Biden/CDC to extend it at the end of the month, when looking at current unemployment numbers. Will this decision also apply to mortgages? ......"A federal court on Friday ruled that the U.S. Centers for Disease Control and Prevention (CDC) overstepped its authority by halting evictions during the COVID-19 pandemic. The Cincinnati-based U.S. Sixth Circuit Court of Appeals unanimously agreed (pdf) with a lower court ruling that said the CDC engaged in federal overreach with the eviction moratorium, which the agency has consistently extended for months. Several weeks ago, the CDC announced it would allow the policy, which was passed into law by Congress, to expire at the end of July. “It is not our job as judges to make legislative rules that favor one side or another,” the judges wrote. “But nor should it be the job of bureaucrats embedded in the executive branch. While landlords and tenants likely disagree on much, there is one thing both deserve: for their problems to be resolved by their elected representatives.” “Landlords have been losing over $13 billion every month under the moratorium, and the total effect of the CDC’s overreach may reach up to $200 billion if it remains in effect for a year,” said the organization in an emergency petition to the Supreme Court. https://www.theepochtimes.com/mkt_breakingnews/federal-court-rules-cdcs-covid-19-eviction-moratorium-is-unlawful_3915614.html?utm_source=newsnoe&utm_medium=email2&utm_campaign=breaking-2021-07-23-2&mktids=3491ef1f85d8d671fc1255444d21c3b3&est=YrucM9AbEfJ5o0S%2Feq4tcJSWy1t%2BFeHvWESrKCurm0fsVQV%2FMRonmnwDzH7aMdk%3D
  13. On the CNN town hall, Biden is trying again: During a CNN town hall on Wednesday night, President Biden said that he is pushing to end the sale of pistols and rifles that have the ability to fire multiple rounds. “I’m the only guy that ever got — passed legislation when I was a senator to make sure we eliminated assault weapons,” Biden said, referencing the 1994 Federal Assault Weapons ban. “The idea you need a weapon that can have the ability to fire 20, 30, 40, 50, 120 shots from that weapon, whether it’s a, whether it’s a 9mm pistol or whether it’s a rifle, is ridiculous,” Biden said. “I’m continuing to push to eliminate the sale of those things, but I’m not likely to get that done in the near term.” https://timcast.com/news/biden-im-pushing-to-end-sale-of-multiple-round-rifles-and-pistols/
  14. Another interesting data point: "Weakest We've Ever Witnessed": Morgan Stanley Warns Crashing Breadth Will Result In "Material Correction" Wilson points out that during the mid-cycle transition, forward P/Es typically fall by 20% while so far, P/Es have only fallen by 5% while forward earnings are up close to 20%,hence an S&P 500 that is currently up approximately 15%. As he warns, "if our narrative and framework are correct, P/Es should start to fall sharply over the next few months, bringing the index closer to our year-end target of 3900." Well, as Wilson adds, in addition to all of the other market signals that support his midcycle transition narrative, "the overall market breadth has deteriorated significantly." He notes that this is also consistent with a mid-cycle transition "and usually precedes a material index level correction that marks the end of it." How bad is the breadth? According to the Morgan Stanley strategist, over the last month, "it's the weakest we have ever witnessed, with the S&P 500 making new all-time highs." More specifically, there are more stocks making new 52-week lows than highs when looking at the broad universe of stocks in the US market. https://www.zerohedge.com/markets/weakest-weve-ever-witnessed-morgan-stanley-warns-crashing-breadth-will-result-material
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