Market Commentary
The market is meandering, but it’s within striking distance of another late charge. We are seeing profit-taking in many Trump Economy sectors from materials to industrials, while oversold Big Tech continues to search for stabilization.
There is compelling action in crude oil after the EIA inventory read was larger than expected along with comments from a Russian energy official, which has put new life in the notion of a production deal. It’s been an on-again and off-again situation that has left very few believing a deal with such disparate parties is possible.
The street is also waking up to the strength in the dollar and surging yield, as the bond rotation is a year overdue, and a boon for stocks, but there are problems including surging mortgage rates. I’ll have more detail tomorrow morning. Meanwhile, the S&P is vulnerable to 2,155 and breaks out through 2,180.
S&P 500
We want to see profit-taking and the overall market tested to get a better assessment on the underlying strength of the Trump Rally, which includes lot of former fence-sitters that may blink at the first sign of adversity.
I hope they don’t.
Comments |
I'm hoping for a big gain in January after Trumps inauguration so I can take profits in 2017 to save on taxes in 2016. Ronald Bolvin on 11/16/2016 1:04:13 PM |
Charles, could you please comment on the Wolfcamp discovery? Chris Schey on 11/16/2016 3:54:32 PM |
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