Residual Squirreling Instincts in Investors Can Overturn Markets

Housing Sector Has Entered an Intensifying, Renewed Downturn,
Amidst Mounting Stresses on Consumer Liquidity

Weakening July 2018 New- and Existing-Home Sales and Residential Construction
Continued to Disappoint Market Expectations for Activity in All Sectors,
With Deepening, Downtrending Six-Month Moving Averages

Shy of Recovering Pre-Recession Peaks, July Sales Activity Was Down for
Existing Homes by 26.7% (-26.7%) and for New Homes by 54.9% (-54.9%)

On Top of Downside Revisions, Real Growth in July New Orders for Durable Goods
Declined for Total Orders, Slowed for Orders Ex-Commercial Aircraft

Initial Annual Payroll Benchmark Estimate of a 43,000 Upside Revision for 2018
Was Smaller than the 66,000 Regular Monthly Revision Made to June 2018 Payrolls

Continued Fed Tightening, Deteriorating Systemic and Consumer Liquidity,
Unexpected Economic Weakness, Intensifying Political Discord:
Beware the Onset of Squirrelly Season!