Mike’s Morning Brief: Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened higher, looking like it’s finally going to hit that big round psychological milestone of 20K. It has just 3 days to do so in 2016. The major indices have gone sideways for 3 weeks now at these all-time highs, while individual sectors have rotated fiercely. Yesterday, both Tech and Health Care were strong, a theme largely absent since the election. That’s bullish.
Newsflow has been quiet in the US around the holidays, but there continue to be developments overseas. China has been managing its economy to try to produce sustainable growth. Turkey and Russia have agreed to a ceasefire in Aleppo. President Obama is preparing to launch sanctions against Russia for attempting to influence our Presidential election. There is some movement on Brexit with companies already shifting presence away from London. It is still unclear where things are headed with the UK and the EU, but every indication suggests Article 50 will be invoked in 2017. Uncertainty is never a good thing.
Oil is at the highs of the year, touching $54 this morning. It was $26 in January. The Dollar continues to strengthen, pressing the Euro currency to the lows on the year, and lows not seen in over 10. It’s trading at $1.03 this am.
Have a great day,