Lock Watch for the Week of 1/14/2019
A good mix of important reports throughout the week and though it does not seem promising at the moment, a resolution to the shutdown brings the potential for the stock market to rally and bonds to sell off. Be careful.
Economicalendar (all times are Pacific):
Mon, 1/14: Quiet.
Tues, 1/15: PPI and Empire State Mfg Survey (5:30am).
Weds, 1/16: Retail Sales and Import/Export Prices (5:30am), Business Inventories and Housing Market Index (7am), Beige Book (11am).
Thurs, 1/17: Housing Starts, Jobless Claims, Phila Fed Business Outlook Survey (5:30am).
Fri, 1/18: Industrial Production (6:15am) and Consumer Sentiment (7am).
10-Year Treasury History
2.69% Market Open
2.66% One Week Ago
2.91% One Month Ago
2.54% One Year Ago
The Vasa Ship
If you're ever in Stockholm, Sweden, I highly recommend a visit to the Vasa ship museum. You won't be disappointed, but you will gain a much deeper appreciation of disappointment itself --- like the kind that King Gustavus Adolphus must have felt when this majestic masterpiece of a warship, constructed at his direction, set sail on its maiden voyage in 1628 and then unceremoniously foundered and sunk in 100 feet of water just under a mile from where she was launched. At least all of Stockholm, as well as invited foreign dignitaries, etc., were not there to see it....oh wait...
The Vasa was constructed with a fatal flaw. It housed an unprecedented two decks of firepower, in the form of hefty bronze cannons. Because the ship was so darn top-heavy and all gun ports were open on the day of its coming out party --- to further impress those on shore --- the benign gust that filled the ships sails was enough to tilt the lower decks under the waterline and that was enough to send her to Davy Jones's locker. The ship lay in the mud at the bottom of the harbor until 1961, when efforts that had been underway for some years, returned the ship to the surface. From there, extensive restoration efforts, complete with housing in a museum built specifically for the ship rounded out the magnificent tourist destination one can experience today. Basically, you can walk around the entire ship and view it almost as it existed in the 17th century. You can take a guided tour and view artifacts retrieved from the ship and sea floor, including the skeletal remains of some of the 30 sailors that went down with the ship. Read up on it and if your travels take to you the land of the Vikings, do make a stop.
Robert J. Spinosa
Vice President of Mortgage Lending
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