There are few financial charts today, so I'll post some of my own. First, the Dow Jones Industrial Average. It is back above its 200-day moving average (the red line). Hulbert at Marketwatch tells us that history shows the 30-stock index usually doesn't perform well after such a crossover. But the Force Index, a momentum indicator made using price and volume, says Hulbert is wrong this time. https://stockcharts.com/c-sc/sc

From GasBuddyGuy on Twitter: gasoline prices are falling fast all around the U.S. To which I would add: funny how that happens now that the election is in the rear view mirror

Breakfast at Howley’s in West Palm Beach this morning: crab cakes Benedict

This seems like a useful chart for investors. Just remember that history is no guarantee of future results. #inflation.

If you're dipping your toe in dividend investing, here's some terminology you should become familiar with: Kings, aristocrats, champions, contenders and challengers.

Good news for used car buyers, from Charlie Bilello on Twitter. Used car prices are now down 14% over the past year, the largest YoY decline on record with data going back to 2009. This was a leading indicator of higher inflation rates in 2020 and the recent downturn is likely a leading indicator of lower inflation rates to come.

Our dog, Luna, meets a neighborhood cat, Shadow. Shadow has a lot of personality. Luna is, of course, a princess.

US Existing Home Sales continued their slide in October, falling to 4.4M. That's 32% below their January peak.

LOL!

Global copper inventories hit the lowest level since 2008. And thanks to the EV revolution and the new electricity grid push, we're going to need a lot more. https://twitter.com/SoberLook/status/1458381501440139265

Global demand for #silver is expected to rise 16% this year to 1.21 billion ounces, creating the biggest deficit in decades, according to the Silver Institute. The Silver Institute predicted a deficit of 194 million ounces this year, up from 48 million ounces in 2021. We hit peak silver production a few years ago, btw. More here: https://www.reuters.com/markets/commodities/silver-heads-biggest-deficit-decades-silver-institute-says-2022-11-18/#:~:text=LONDON%2C%20Nov%2018%20(Reuters),Silver%20Institute%20on%20Thursday%20night.

Get your flu shots! A wave of viral infections (RSV, the flu, COVID, the common cold) among kids, combined with childcare shortages, is keeping parents home from work at record rates.

Per Steve Rattner (again), Between July 2021 and June 2022, only 26% of sales went to first-time homebuyers. That’s the lowest annual share the National Association of Realtors has ever reported.

If Steve Rattner was on Counter Social, he could post this himself. Anyway, he was on Morning Joe today with this chart. Driven by higher prices and mortgage rates, the monthly payment on a median American home has nearly doubled over the last two years, from $1,200 to $2,200 – almost half of the median American household’s monthly after-tax income.

The put-call ratio in the stock market is at the highest level since 1997. This kind of spike is normally associated with a bottom.

The long-term supply-demand gap in copper is being made worse by the rush to EVs and the new electricity-intensive future. Discuss.

Something weird s going on in shipping. The cost to ship 40-foot container from Shanghai to Los Angeles has fallen by 83% from peak, by far largest drop on record (bringing level to lowest since June 2020). This kind of collapse seems unreal. I guess the supply chain squeeze has really unwound.

The mortgage is too damned high! U.S. homebuyer must now earn $107,281 to afford typical $2,682 monthly mortgage payment, up 45.6% from $73,668 a year ago per ⁦Redfin

Foreigners want U.S. Treasuries; U.S. stocks, not so much.

What's been working in the markets in the past month? Industrial Metals is the best-performing commodity sector MTD, +9%, with Precious Metals hot on its heels, +8%; Energy has been at back of pack among commodities sectors, -4% MTD. But don't worry, energy will have a good 2023.