In the past I'd have agreed with Fireman, we should have a Merry Christmas and Happy Hannukah and I still believe it's very possible, however at this point I can't say I'm certain of it. I do believe that with our Annual Meeting on December 30th we'll all be having a Happy New Year's, and that's what really matters.
Currently when I look at the YTD data we're up 31.43%, I don't know about everyone else, but most of my friends are down significantly on the year, they'd be thrilled to have the sort of gains that we have. Don't get me wrong, I believe we still could end the year much higher than we are today, but if I'm wrong, this really hasn't been a bad year.
If the FED keeps moving interest rates up, when I believe they should be coasting, or even reducing the rates, we could see a recession that's very avoidable, but the FED almost always goes too far one way, then the other. Stomp on the accelerator or slam on the brakes, rather than coasting. Gas prices are coming down nicely, other prices will be that aren't already will be, but they're impatient, so raise those interest rates in spite of numbers coming down, it's what they do. I've heard that even Tesla is cutting their prices, others are as well, home prices are coming down, but new buyers must pay more monthly because interest rates are up. I don't know that we'll see mortgage rates under 3% again for a very long time, but the 4 to 5% range would keep construction growing, and stabilize prices with slow growth over time, but the FED doesn't see it that way. I've seen them do this before, they're doing it again.
Gary
Bullish
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