Weekend January 21, 2018
Stocks are still headed up, Tom McClellan is thinking a March high but I don't know how he arrived at that.
Our friends at Elliott Wave note 94-95% positive investor sentiment, the highest in over a decade.
We see no major divergences in stocks, Transport and Industrials both at new highs, Dow Theory Buy Signal.
Interest rates rising, utilities and REITs falling.
See the previous post on oil, after a big run probably time to consolidate or test the break out at 60+.
The 25th of this month may see a turn to the upside in gold and silver.
The US Dollar has completed five waves down on the daily chart, will it stay down, watch this week.
Social Mood
There is always a mix of mood. But the two extremes of mood seem to be going longer than usual.
We noted the record positive stock market sentiment above. And consumer confidence is at a 17 year high as well.
And that has rocketed stocks to new high levels. The economy here is improving. Black unemployment is the lowest in years.
So much for positive mood.
But negative mood appears on the rise.
Even within the Republican Party Lindsey Graham and Mike Lee apparently wanted shut down.
After calling Republican political arsonists for shutting down the govt in 2013, Nancy Pelosi was al for it this time, even though there is no reason, the Dreamer deadline is weeks away.
A massive women's march protesting Trump took place this past week.
The 'quote shutdown' was timed to exactly one year from Trump's inauguration.
Here is the list of Republicans not running in the House or Senate. 'An empty seat is always easier for a challenger.
The WSJ warns Trump that unless his positives improve, this weekend will be a sneak preview of what to expect if the Dems take the House in February.
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