Market Briefing For Monday, Nov. 13
Stock market veterans might feel like they're navigating a minefield, with conflicting influences on the political, economic and especially geopolitical stage at the moment as oil has supported the move higher; but generally because of rising tensions surrounding Saudi Arabia (and Lebanon); not at all a result of production levels or any sort of supply/demand equation.
Meanwhile next week will see the President return; and a market usually on the upswing while 'retail' will be jittery ahead of numbers; but some results are 'not as bad as they could have been'. And we're two weeks from 'Black Friday'. The retail story matters mostly with respect to what victims appear next for Amazon to raid; and that's a bigger issue than Time Warner/AT&T.
The market primarily worries about tax-reform, and we do not accept ideas of the market being able to simply advance dramatically if it passes or hold where it is should it totally fail. A lot of that is inherent on everything Trump campaigned on, and tax reform and capital repatriation is at the heart of it. That's part of why the market shrugged off so much this past year.
The new week will perhaps be relieved if the President is home, and IF we do not have more threats or open hostilities expanding in the Middle East. If that's the case (stability of sorts as persists now) we can envision the S&P trying to challenge the 2600 area (or nearly that) again. Nevertheless it still seems to be limited upside potential with lots of downside risk. |
Weekend (final) MarketCast |
Disclosure: None.