Yesterday’s Rally

I wanted to add a few words about yesterday’s market. I was busy getting ready for Bloomberg so I didn’t have an opportunity to discuss the market.

Wall Street seemed pleased that there’s an apparent thawing in the Trade War. I’m still not sure how concrete the plans are but at least the rhetoric has changed.

Yesterday’s ISM Manufacturing Index was 59.3 which is quite good. That report before that was a bit weak so I’m glad to see there doesn’t seem to be a weakening trend.

Yesterday’s rally was very unbalanced. I estimated that Amazon’s gain made up about 30% of the S&P 500’s gain. It looks like we’re walking back some of those gains today.

The market will be closed tomorrow in honor of George HW Bush. We’ll get the AD report tomorrow. Thursday is jobless claims and then Friday is the November jobs report.

Posted by on December 4th, 2018 at 9:59 am


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