Monday – December 16, 2019

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Market opens higher, reaching fresh record highs, as investors continue to digest the phase 1 trade deal, which really is more of a trade truce than anything else. Stacking that with the new NAFTA deal and the British election result and the Market is liking the removal of uncertainties as the year comes to an end. But just like anything else, uncertainty remains, but these are all going to be 2020 issues now. Stocks around the globe are in rally mode. With the decisive election behind him, British PM Boris Johnson now plans to put the Brexit bill before MPs on Friday and added that the government was confident of going on to secure a long-term free trade agreement with the EU. It seems a January Brexit is still the plan. It’s a broad based rally to start the week, with all 11 S&P sectors higher, and a 5 to 1 advancers to decliners. The dash to 2020 is on. Stocks are higher. Bonds are lower, with yields rising. Oil is higher. Gold is flat. The Dollar is lower. The VIX has collapsed, down below 12 again. Fear is now gone. It’s risk on.

Have a great morning,

Mike Frazier

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