December 17, 2017

Japanese Yen Hits 15 Year High

Stock MarketEconomic slowdown fears continue to disappoint the U.S. stock market. Japan's Nikkei average touched a 14 month closing low of 8995 having fallen more than 20 percent from its high point in April technically qualifying as a bear market. the Japanese Yen hits its highest level against the U.S. dollar in 15 years.

The Dow Jones Industrial Average was down 39 while NASDAQ dropped .9 percent and the S&P 500 was off 0.4 percent making a five-week low.

Before making firm comments this week investors are waiting for new data. Existing home sales  are due at 10 a.m. ET. and if consensus estimates are right it would be the weakest reading since March 2009 when 4.61 million existing homes were sold. the housing market will essentially be at the same level seen at crisis low.

Simply put, the government's home buyer tax credit is delaying the process of clearing out excess inventory that occurs after every boom and bust.