Market opens lower to start the new week. It’s Veterans Day. The Bond Market is closed. It’s many of the same pressures that are weighing the Market down. We woke up this morning hearing that the White House is expanding its fight against intellectual property theft. Oil is getting a much needed bounce after freefalling below $60. The Saudi’s agreed to a production cut to stem the tide. The big concern is that demand is cooling with a global slowdown. The US keeps pumping at record rates. President Trump was relentlessly criticized for canceling his appearance at the World War I memorial service on Saturday and for threatening to cut funding and blaming forest management in California while the state was burning. The Sunday talk shows were all about the election and the shift in power on Capitol Hill and what’s next. The Mueller investigation weighs heavy on everyone’s political outlook. It sounds as the investigation is wrapping up and conclusion could come after Thanksgiving. Earnings Season is coming to a close. The retailers are among the last to report Q3 numbers. Walmart and Macy’s headline the week. It will be important to hear what they have to say about the influence of trade tariffs ahead of the holidays. Interest rates are lower and the Dollar is higher. Risk off is the theme as investors back off enthusiasm for stocks after a strong bounce from the October abyss. We shall see where we go from here. A year-end rally is still in the cards in our work, but it ain’t no done deal…
Have a great morning,
Mike Frazier
