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Market Commentary

Investors Come Back to Earth

By Charles Payne, CEO & Principal Analyst
11/29/2017 12:56 PM
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Donald J. Trump‏ @realDonaldTrump

Economy growing! Excluding hurricane effects, CEA estimates that real GDP growth would have been 3.9% in Q3.

Stock market at a new high, unemployment at a low. We are winning and TAX CUTS will shift our economy into high gear!

That revised 3Q 2017 GDP number really was amazing and the great news is this may be just the beginning.   Businesses investment soared 7.3% as corporate profits (without inventory valuations) climbed 4.9% sequentially and 10.0% from a year ago.  The Atlanta Fed is modeling for 3.3% for the current quarter.

Celestial vs. Terrestrial

I’ve been writing about signs of rotation with money trickling out of high flyer names into oversold stocks.  Today, the dam burst and it’s an avalanche of rotation with folks dumping Amazon and buying names many assumed were retail carrion: Target and Macy’s.

The story is there will be more than one winner in retail.  But, this really goes further.  It’s all about those companies that operate in the ether, as celestial bodies are losing big to those on terra firma, and there is something refreshing about that.


 

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