Afternoon Note
The markets are mixed at midday, with the DOW down and the S&P500 and Nasdaq in the green as investors continue to mull over if we have come too far too fast. Heck, to continue the discussion from this morning, the dry bulk shipper DRYS is up another 100% today. Some rotation out of financials into the beaten down tech names is taking place, but even that is waning. Advancers lead decliners on the NYSE 1890/1081 and on the Nasdaq it is close to even with advancers at 1395 and decliner at 1410.
Energy is on the move with the sector up 2.3%. There is talks yet again that a cap deal may actually happen. Been here before. After the bell, we will get the weekly inventory report from the American Petroleum Institute and then tomorrow we get the EIA report. WTI is up 4.6% to $45.32.
On the economic front, the Empire Manufacturing Survey for November of 1.5 beat the estimate of -2.5, compared to -6.8 in October. While the expansion in New York was modest, it was the first positive read in 4 months.
We also got the latest import/export prices for October. Import prices were up 0.5% due to an increase in fuel. Excluding fuel, prices declined 0.1% due to falling prices in nonfuel industrial supplies and materials, capital goods, foods, feeds and beverages. The price index for import fuel increased 7.2% in October, adding on the 1.5% rise in September as both petroleum and natural gas added to the increase. Export prices also increased in October by 0.2% with and without agriculture, however, year over year, prices decline 1.1%.
Comments |
Will someone at Fox News (Fox Business included) please point out to the ‘Sour Grapes’ Democrats like Elizabeth Warren and Barbara Boxer that if you take out the mainly Democratic States of California and New York that Trump won the ‘Popular Vote’ by over 3.4 million votes! And, that basically what they are espousing is that two states – CA and NY – rule the entire country. This is why the ‘Founding Fathers’ wisely instituted an ‘Electoral College’. Source of overall national popular vote and CA and NY popular vote: https://docs.google.com/spreadsheets/u/1/d/133Eb4qQmOxNvtesw2hdVns073R68EZx4SfCnP4IGQf8/htmlview?sle=true#gid=19 TOM HOLCOMB on 11/15/2016 3:12:53 PM |
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