PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discussed the future of oil prices, the upcoming market numbers, and the future of inflation.
Celia stated, “As we head into a busy week with holiday travel and such, it looks like real prices are coming down. We’re seeing oil at a seven-week low. Of course, Europe is facing a total shutdown once again due to the pandemic, which is obviously going to be good for gasoline and oil prices. If production stays the same as it is right now, which it is likely to do, they’re looking at global demand slowing down, and that could help us at the pump this week, from an economic data perspective.
“We get existing home sales this week, and that’ll be interesting to see. It’s expected to be down to about 6.2 million. We also get manufacturing numbers coming out this week and we’ll watch those very closely. But according to last week, they should be up—we’ll have to wait and see. Maybe there’ll be up or flat at best.”
Celia continued, “Wednesday is a big data day, and the important number is going to be an inflation number-core inflation. I usually don’t care much about core inflation, but I do this week because it’s going to be an interesting number to watch. They’re expecting it to be up year over year to four-point-one percent. Now keep in mind, this is core inflation. It’s not going to take too many more, if any at all, to present a big problem. If we see personal income dropping at the very same time, we could possibly see inflation going up. This is very, very important economic data that our markets and economy are going to hinge upon this week.”