Week of Oct 20 2017 Weekly Recap & The Week Ahead

October 23rd, 2017

“I will not abandon a previous approach whose logic I understand.” — Buffett

1. Qualcomm Hails Big Victory in 5G – Qualcomm’s long march towards 5G is a few steps closer to reality, as the company showcased the first working 5G data connection to a mobile device via its Snapdragon X50 chipset. The demonstration, shown at Qualcomm’s (NASDAQ:QCOM) 4G/5G Summit in Hong Kong, will up the ante against rivals such as Intel (NASDAQ:INTC) and Huawei in the battle for next generation mobile broadband.
2. China Reported GDP Growth for Q3– China’s economy grew at 6.8% in the third quarter year-on-year, slightly below the previous period but still above the government’s full-year target of “around 6.5%.” The figure will likely boost President Xi’s effort to consolidate power at a quin-quennial Communist party leadership transition, where he will seek to install loyalists in key positions.
3. Lawyers Hunt for California Fires’ Ground Zero to Go After PG&E — lawyers are already combing through the destruction to make a case that PG&E Corp. is to blame. Under a legal theory that private property owners are entitled to compensation for damage caused by public services, a state court judge found in June that PG&E was responsible for a 2015 fire in the foothills of the Sierra Nevada mountains that torched 70,000 acres and destroyed more than 500 homes. The utility admitted the culprit was a tree that fell into a power line. The utility has about $800 million in liability insurance for potential losses. Under a worst-case scenario, JPMorgan Chase & Co. estimated the company faces $12 billion of potential gross liability for fires statewide.
4. Healthcare Sector Recovers after Senate Strikes Deal — the healthcare sector recovered from last week drubbing after two U.S. senators reached a bipartisan agreement to shore up Obamacare for two years by reviving federal subsidies for health insurers. President Trump, during comments at the White House, suggested he could get behind the Alexander-Murray plan as a short-term solution.
5. Senate Passes a Budget, Moving the GOP Closer to Tax Reform — Senate Republicans approved a $4 trillion budget measure late last week, taking a crucial step toward their goal of passing a tax plan this year. The resolution, split mostly on party lines, was crafted through a technical amendment of reconciliation, which enables the GOP to pass a tax bill with a simple 51-vote majority in the Senate.
6. Many of the Indices have Formed Bearish Upside “rising wedges” Chart Patterns — courtesy of, the charts below suggesting either stocks must explode higher, or a near-term top was at hand. Obviously, the upward explosion has occurred in this parabolic rally, which typically tends to end badly on a trading basis.

The week ahead — Economic data from

Week of Oct 13 2017 Weekly Recap & The Week Ahead

October 16th, 2017

“If you take emotion – would be, could be, should be – out of it, and look at what is, and quantify it, I think you have a big advantage over most human beings.” — John Henry

1. Honeywell is Looking to Spinoff Subsidiaries — sources indicate that the company is considering a plan to spin non-core assets in a streamlining strategy that could see at least two new publicly listed companies created. The development arrives with hedge fund Third Point applying pressure on the Honeywell board.
2. EPA Pruitt Confirms Withdrawal from Clean Power Plan — EPA Administration Scott Pruitt announced in a speech in the coal mining state of Kentucky last week that “Regulatory power should not be used by any regulatory body to pick winners and losers,”. The Clean Power Plan, which required states to reduce greenhouse gas emissions by one-third by 2030, was blocked by the Supreme Court in February 2016 as it worked its way through the courts. New York state Attorney General Eric Schneiderman says he will sue to stop the repeal, likely one of several lawsuits in what promises to be a broad legal fight from states and environmental groups to preserve the plan.
3. Time Launches Print Cutbacks at Newsweekly, SI, Fortune and Others – Time Inc. (NYSE:TIME) is cutting back on its print – both in circulation and in frequency of key magazine titles – as it intends to cut circulation of the weekly Time magazine by a third to 2M copies. In part this will be done by cutting back on promotional copies and focusing more on an ad-friendly core audience. It will cut circulation for People en Espanol as well. Meanwhile, seven other titles will come out less often, including Sports Illustrated, Entertainment Weekly and Fortune. In 2018, SI will publish 27 issues rather than this year’s 38, but there will be 23% more editorial pages in each, on a weightier paper stock. The moves are effective January 1 2018.
4. Equifax Hack Included Breach of Driver’s License Data — according to the WSJ, driver’s license data for roughly 10.9M Americans were compromised during the cyberattack on Equifax (NYSE:EFX). This news is in addition to the personal information of more than 140M Americans, not all of whom would have had DL information with Equifax. In a separate announcement, the company said a file with 15.2M U.K. consumer records was also part of the breach (roughly double the previous number of those in the U.K. thought to be affected).
5. Trump to Cut Off ACA Subsidies to Health Insurers — the Trump administration says it plans to cut off billions of dollars in payments to health insurers that offset their costs for providing subsidies to consumers. The payments will stop immediately, with no transition period, Acting HHS Secretary Eric Hargan and Centers for Medicare and Medicaid Services Administrator Seema Verma stated. Given the ongoing uncertainty over the payments, many health insurers had dramatically raised the premiums they planned to charge for next year in anticipation of not getting the funds. The move, coming just hours after President Trump signed an executive order that paves the way for a proliferation of pared-down insurance plans for individual buyers, marks the start of what promises to be a long and contentious campaign to unravel the Affordable Care Act. Companies effected include: CNC, MOH, UNH, AET, WCG, CI, HUM, ANTM, GTS, HQY, QHC, HCA, THC, UHS, LPNT, CYH, HCP, SEM.
5. GM Joins List of Automakers Checking Safety in Aluminum Supplier Scandal — Kobe Steel is the largest supplier of aluminum panels for automobiles in Japan, and it has a large share of the global market for forged aluminum pieces used in suspension systems. General Motors (NYSE:GM) said it is checking whether any of its cars contain falsely certified aluminum parts or components sourced from Japan’s Kobe Steel (OTCPK:KBSTF). The company joins a list of Japanese manufacturers involved in scandals over product quality control in recent years. Toyota (NYSE:TM), Nissan (OTCPK:NSANY) and Honda (NYSE:HMC) all said that aluminum from Kobe Steel was used in their car hoods and doors, Subaru (OTCPK:FUJHY) and Mazda (OTCPK:MZDAY) said they believed the aluminum could have been used in car hoods, Mitsubishi Motors (OTCPK:MMTOF) said it used Kobe Steel aluminum in the past and was assessing the situation, and Suzuki (OTCPK:SZKMY) said the aluminum was used in its motorcycles; ~200 companies used the metal in their products. Boeing (NYSE:BA) said it is inspecting its supply chain but “nothing in our review to date leads us to conclude that this issue presents a safety concern.”

The week ahead — Economic data from

Week of Oct 5 2017 Weekly Recap & The Week Ahead

October 7th, 2017

“Take a theory and stick with it. But you also have to be open-minded enough to switch tracks if you feel that your theory has been proven wrong.” — Tony Saliba

1. Puerto Rico Seeking Major U.S. Aid — Puerto Rico will need “tens of billions” of dollars in aid from Washington as it struggles to stabilize a humanitarian crisis in the wake of Hurricane Maria, according to the island’s treasury secretary. The estimate comes as President Trump arrives in San Juan to receive updates on relief and rescue efforts. He will then meet with Governor Ricardo Rossello for a “briefing with senior military personnel.
2. Senate Panel to Hold Hearing on Yahoo Data Breach — the U.S. Senate Commerce Committee plans to hold a hearing later this month over the 2013 massive data breach at Yahoo (NYSE:VZ) after the firm bumped up its estimate for users affected to 3B from 1B. Senator John Thune said he will ask witnesses whether “new information has revealed steps they should have taken earlier, and whether there is potentially more bad news to come.”
3. Holiday Retail Sales Expected to Rise 4% — the National Retail Federation expects holiday sales to increase between 3.6% and 4.0% this year. The forecast is higher than the 3.5% annual growth seen over the past five years. Retailers are expected to hire between 500K and 550K temporary workers this holiday season, down from last year’s total of 575K.
4. ITC (International Trade Commission) Ruling On Washing Machines that Surging Imports are Hurting U.S. Producers — President Trump will have broad leeway to impose a sweeping remedy after an ITC ruling found that surging imports of washing machines from the likes of LG (OTC:LGEAF) and Samsung (OTC:SSNLF) are hurting domestic makers such as Whirlpool (NYSE:WHR). Whirlpool’s “global safeguard” tactic may prompt Trump to issue a sweeping tariff covering many countries, rather than the more focused barriers in typical trade cases. The ITC will hold a public hearing on possible remedies October 19, and will recommend those to President Trump by December 4.
5. Tropical Storm Nate threatens Gulf Oil and Gas — oil markets are wary as Tropical Storm Nate heads for the Gulf of Mexico ahead of a likely U.S. landfall. Nearly 15% of oil production and 6.5% of natural gas output in the U.S. Gulf had been shut as of late last week as operators evacuate offshore facilities in advance of the storm. While energy production may be hampered, most Gulf offshore rigs and platforms, and oil refining and gas processing on the coast, likely will be on the west side of the storm – typically the weaker side;
6. S&P500 Index (SPX) Overbought On a Short-Term Basis — the SPX index is two standard deviations above its 50-day moving average, which typically means it doesn’t get much more overbought than that before at least a pause or pullback develops.

The week ahead — Economic data from

Week of Sept 22 – Sept 30 2017 Weekly Recap & The Week Ahead

September 30th, 2017

There will not be any Weekly Re-Cap for the week of Sept 22 – Sept 30 2017. We are away for some needed R&R.

The staffs at EGS.

Week of Sept 15 2017 Weekly Recap & The Week Ahead

September 18th, 2017

“We’re not going to play a winning hand every day.” John Paulson

1. Q3 GDP to Take a Major Hit from Harvey — Hurricane Harvey is expected to be one of the costliest disasters in postwar U.S. history, and a likely drag on third-quarter economic growth by a full percentage point, Goldman Sachs said in a weekend research note. Meanwhile, Hurricane Irma has knocked out power to nearly 4M homes and businesses in Florida, threatening millions more as it creeps up the state’s west coast. While the storm made landfall as a Category 4, it has weakened to a Category 1.
2. Daimler Next to Jump on EV Bandwagon — Mercedes-Benz will offer electric versions of all its models by 2022, according to parent company Daimler (OTCPK:DDAIF), which said it would similarly convert its Smart city car brand to become fully electric. Also, China is developing a timetable to end gas and diesel auto sales, but it hasn’t delineated a timeframe like the U.K. and France, which will ban the vehicles by 2040. Chinese-owned carmaker Volvo (OTCPK:GELYY) confirmed in July that all its new car models would have an electric motor from 2019.
3. Equifax CEO to Testify before House Panel on Hacking — Equifax (NYSE:EFX) CEO Richard Smith will testify about the company’s massive data breach at an Oct. 3 hearing of the House Subcommittee on Digital Commerce Consumer Protection, according to the committee’s chairman and another member. Since the attack, Symantec’s (NASDAQ:SYMC) LifeLock has seen six times its normal web traffic, and signups per hour are up ten folds.
4. AAII Weekly Sentiment Swing Back in Bull Camp — courtesy of BIG, this week’s survey showed a surge in optimism as the percentage of investors putting themselves in the bullish camp rose from 29.28% up to 41.29%. That’s the largest one-week increase in bullish sentiment since the end of April and the highest weekly print since January.

From last week’s level of 34.98%, bearish sentiment cratered to 21.97%. The last time bearish sentiment was this low was in early April.

5. China Moves to Halt Exchange Bitcoin — Chinese policy makers will move quickly on a previously reported plan to end exchange trading, their most far-reaching measure to rein in the growth of cryptocurrencies. China’s crackdown, which includes a ban on initial coin offerings announced last week, has fueled an abrupt reversal in bitcoin after the digital currency soared more than 700 percent in the 12 months through August. BTC China, one of the country’s largest cryptocurrency venues, said it would stop handling trades by month-end.

The week ahead — Economic data from

Week of Sept 8 2017 Weekly Recap & The Week Ahead

September 11th, 2017

“To finish first, first you need to finish.” — Warren Buffetts

1. Houston Employers Business & Valero Refineries Reopen — Houston large employers, universities and transit centers reopened Tuesday following the devastation of Hurricane Harvey, which flooded the Houston area and killed at least 60 people after making landfall Aug. 25. In more moves toward recovery, some barge traffic has resumed to the large oil refinery in Port Arthur, Texas. In addition, Valero Energy says its 293K bbl/day Corpus Christi refinery and 225K bbl/day Texas City refinery, both shut down by Hurricane Harvey, have recovered to pre-hurricane levels of operation.
2. Powerful Hurricane Irma Strikes Florida — traders are bracing for another hurricane to hit the U.S., as Hurricane Irma has strengthened into one of the most powerful storms ever recorded over the Atlantic Ocean. Shares of insurers already coping with damage from Hurricane Harvey and re-insurers providing insurance companies with backup protection against major disasters ended last week ’s trading with sharp losses. Reinsurer Everest Re (NYSE:RE) fell nearly 7%, making it the biggest loser on the S&P 500, and XL Group (NYSE:XL) slumped 5.8%. November orange juice futures soared 6.2% to $1.45 per pound, the highest for a most actively traded contract since May 2016. Cruise ship companies that operate in the Caribbean, including Royal Caribbean (NYSE:RCL) and Carnival (NYSE:CCL), also fell sharply.
3. Trump’s Move to End “Dreamers” Program – President Trump revoked the so-called “Dreamer” program that shields young unauthorized immigrants from deportation, giving Congress six months to draft a legal path for amnesty. As early as March 2018, some of the 800,000 young adults brought to the U.S. illegally as children who qualify for the DACA program – Deferred Action for Childhood Arrivals – would become eligible for deportation without a congressional fix. In reaction, a wide range of business leaders – including JPMorgan Chase’s (NYSE:JPM) Jamie Dimon, Facebook’s (NASDAQ:FB) Mark Zuckerberg, Apple’s (NASDAQ:AAPL) Tim Cook, Google’s (NASDAQ:GOOG) Sundar Pichai and Cummins’s (NYSE:CMI) condemned the decision.
4. Senate Passes Bill for Debt Ceiling & Approved More than $15B in Aid Funding for Hurricanes Harvey and Irma — the Senate has approved more than $15B in aid funding for Hurricanes Harvey and Irma, attached to a debt ceiling extension and temporary government funding, by a vote of 80-17. If the House passes the bill and President Trump signs it, Congress will knock out an end-of-September deadline to raise the debt limit and avoid risking a default or government shutdown.
5. Florida Braces for Hurricane Irma — Miami is preparing for its largest evacuation in more than a decade as Hurricane Irma threatens to turn into the most expensive storm in U.S. history. U.S. orange juice and sugar futures are rallying on the news, as well as home improvement retailers like Home Depot (NYSE:HD) and Lowe’s (NYSE:LOW), while insurers including Progressive (NYSE:PGR) and Allstate (NYSE:ALL) have stopped issuing policies in some Florida counties. The property and casualty players and the reinsurers have suffered in the wake of Harvey and ahead of Irma. Those with heavy Florida exposure are being hit the hardest: HCI Group (HCI -9.5%), Universal Insurance (UVE -10.2%), United Insurance (UIHC -8.1%). Others: Travelers (TRV -2.2%), Allstate (ALL -1.5%), Chubb (CB -1.4%), Cincinnati Financial (CINF -1.8%), Progressive (PGR -1.7%), Alleghany (Y -2.6%).

The week ahead — Economic data from

Week of Sept 1 2017 Weekly Recap & The Week Ahead

September 1st, 2017

“Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.” — George Soros

1. Tropical Storm Harvey Effects on Market — Floodwaters from Tropical Storm Harvey rose with forecasts for another 10 to 20 inches of rain in the coming days. Insured losses could be as much as $10B-$20B, according to JPMorgan, putting it among the top 10 costliest hurricanes to hit the U.S. Impact on stocks. Furthermore, U.S. fuel prices continue to rise as more Gulf Coast refiners cut output, leaving more than 13% of the country’s refining capacity offline. Gasoline for September delivery climbed as much as 2.77 cents to $1.74 a gallon, while crude prices dipped slightly to $46.50/bbl.
2. Renault-Nissan building EVs in China — tapping into a boom for “new energy” vehicles, Nissan (OTCPK:NSANY) and its alliance partner Renault (OTCPK:RNLSY) are setting up a new joint venture with Dongfeng Motor (OTCPK:DNFGY) to design and build electric cars in China. The project will be called eGT New Energy Automotive. It follows a similar move by Ford, which announced a comparable joint venture last week with Anhui Zotye Automobile.
3. Buffett Exercises BofA Warrant Makes Berkshire Biggest BofA Shareholder — Warren Buffett has become the biggest shareholder in Bank of America (NYSE:BAC), with a 6.6% stake, after exercising an option to take hold of 700M shares at a heavy discount. The move was signaled in June to take effect after BofA officially raised its quarterly dividend to $0.12 from $0.075. That translates into annual dividends of $336M for Berkshire Hathaway (BRK.A, BRK.B).
4. S&P500 Index Moving Averages “Sloped Down” On The Downturn — according to BIG, the S&P500 Index has really deteriorated in the last few weeks. After getting as high as 95.8% earlier this year, at the June and August peaks, the percentage only reached as high as 88%. But after that second peak in early August, the percentage of industry groups with rising 50-DMAs has come crashing down to just 33.3%. That’s the weakest reading we have seen since the days just after the election.

The week ahead — Economic data from

Week of Aug 25 2017 Weekly Recap & The Week Ahead

August 28th, 2017

“The easiest thing to do is prepare. If you don’t, on behalf of the other market participants, we thank you.” — unknown

1. Trump ’s Afghanistan Strategy Puts Defense Stocks in Focus — President Trump has revealed a reversal of strategy in Afghanistan, warning against creating a vacuum for terrorists, but declined to give details on troop levels. Defense stocks have nearly doubled the S&P 500’s performance since Trump’s election, with the SPDR S&P Aerospace & Defense ETF (NYSEARCA:XAR) rising 26% since Nov. 8 vs. a 13.5% gain for the S&P500 Index. Stocks effected are: RTN, NOC, LMT, OA, GD, BA. Also, The U.S. Air Force has awarded Boeing (NYSE:BA) and Northrop Grumman (NYSE:NOC) separate contracts to continue work on the Ground-Based Strategic Deterrent program, which is planned to replace aging Minuteman missiles. It’s the first step in a three-pronged $500B refresh of the U.S. nuclear arsenal, which includes a long-range bomber being built by Northrop (NOC) and new nuclear submarines now under construction by General Dynamics (NYSE:GD).
2. Next OPEC meeting set for Sept. 22 to Discuss Oil Output — the next joint committee meeting of OPEC and non-OPEC producers will be held in Vienna on Sept. 22. All options, including extending supply cuts beyond Q1 of 2018, are “left open to ensure that all efforts are made to re-balance the market,” according to an OPEC statement. The group also confirmed that its deal achieved a conformity level of 94% as of July.
3. Texas Refining Industry on Watch for Hurricane Harvey — nearly a third of U.S. refining capacity appears to be in Harvey’s path on the Texas and Louisiana coastlines, while forecasters expect the tropical storm to reach hurricane strength soon. Anadarko Petroleum (NYSE:APC) has pulled workers from its Gulf of Mexico platforms, and refiners are assessing their operations.
4. Offshore Driller Seadrill Prepares for Chap. 11 — Once the biggest offshore rig firm by market value, Seadrill (NYSE:SDRL) plans to begin its Chapter 11 debt restructuring in the coming weeks, while revealing a $100M loss in the second quarter. The negotiations will likely involve bankruptcy “on or before Sept. 12,” as the company plans to raise $1B in new capital and obtain a five-year extension for its bank facilities.
5. Trump to Push for Major Tax Reform — “Starting next week, the president’s agenda and calendar is going to revolve around tax reform,” National Economic Council Director Gary Cohn told FT. “He will start being on the road making major addresses justifying the reasoning for tax reform and why we need it in the U.S.” The current American tax system has remained largely unchanged for three decades.

The week ahead — Economic data from

Week of Aug 18 2017 Weekly Recap & The Week Ahead

August 21st, 2017

“There is only one side to the stock market; and it is not the bull side or the bear side, but the right side” … — Jessie Livermore

1. North Korea Retracts Guam Threat — Kim Jong-un has decided not to launch a threatened missile attack on Guam, but warned that he could change his mind “if the Yankees persist in their extremely dangerous reckless actions.” Signs of easing in tension on the Korean peninsula helped the stock markets rally for another day following an exchange of threats between Pyongyang and Washington.
2. Berkshire Hathaway Discloses Stake in Synchrony Financial — Berkshire Hathaway sold its stake in General Electric (NYSE:GE) as of the end of June, but will still keep its hand in a legacy part of the conglomerate. Berkshire (BRK.A, BRK.B) reported a 17.5M share stake in Synchrony Financial (NYSE:SYF), the financing arm of GE that was spun out in a 2014. It also boosted stakes in Store Capital (NYSE:STOR), Bank of New York (NYSE:BK), General Motors (NYSE:GM) and Apple (AAPL).
3. Trump Signs Executive Order Aimed at Boosting Infrastructure Projects – President Trump has signed an executive order to speed approvals of permits for highways, bridges and other major building efforts as part of his proposal to spend $1T to fix aging U.S. infrastructure. The move revokes a previous order by President Obama that required strict building standards for government-funded projects to reduce exposure to consequences of climate change.
4. Fiat Joins Autonomous Driving Consortium — Fiat Chrysler is joining a self-driving car consortium led by BMW (OTCPK:BAMXF), Intel (NASDAQ:INTC) and its Mobileye (NYSE:MBLY) subsidiary that aims to develop fully driverless vehicles by 2021. CEO Sergio Marchionne has long said that automakers need to work together to develop the future technology because of the vast development costs. Last year, FCA (NYSE:FCAU) became the first carmaker to partner with Waymo, the driverless car unit owned by Alphabet (GOOG, GOOGL).
5. FOMC Chairwoman Yellen to Speak at Jackson Hole Conference — Fed Chair Janet Yellen is scheduled to speak at Jackson Hole this week. The subject of the speech will be “Financial Stability,” and it will happen on August 25 at 10 ET. The talk comes a couple of weeks ahead of the FOMC’s next policy meeting, at which most are currently expecting another rate hike and the start of the wind-down of the central bank’s balance sheet.
6. Russell 2000 (SmallCap) Erases Year’s Gains — the major averages have been up pretty much all year, but the Russell 2000 lagged by a pretty nice measure – peaking with about a 6% YTD advance in late July, and swooning since. With last thursday’s 1.4% decline, the small cap index is in the green for the year by just a handful of basis points. The S&P 500 remains higher by nearly 9%, and the Nasdaq by 16%.

The week ahead — Economic data from

Week of Aug 11 2017 Weekly Recap & The Week Ahead

August 14th, 2017

“If you do not know who you are, the stock market is an expensive to find out.” – George Goodma

1. OPEC Meeting Kicks Off in Abu Dhabi — Representatives from OPEC and non-member nations are gathering in Abu Dhabi to discuss poor conformity levels on their output cut agreement. According to Bloomberg data, compliance fell to 86% in July, the lowest level since January.
2. China Trade Data Missed Estimates — Chinese trade data produced a rare miss in July with annual growth levels undershooting expectations. Exports from the world’s second-largest economy rose 7.2% from a year earlier, while imports expanded 11%, resulting in a trade surplus of nearly $47B. China also said it will pay the biggest economic price from the new UN sanctions against Pyongyang, but will always enforce the resolutions.
3. Beer Cheaper than Soda in Philly On Sugary Drink Tax — Philadelphia’s tax on sugary drinks has made soda more expensive than beer in the city. A new study from the Tax Foundation found that the 1.5-cent per ounce tax has fallen short of revenue projections and has forced some Philadelphians to drive outside the city to buy groceries. It’s also hit the corporate level: PepsiCo (NYSE:PEP) is laying off up to 100 workers because of the tax.
4. Markets Jittery Amid Korea Tensions — Pyongyang has hit back at threats from President Trump, branding his warnings “a load of nonsense” and stating only “absolute force can work on him.” It also announced plans to launch four rockets near Guam, saying preparations should be ready in a matter of days. In response, the Pentagon has prepared a detailed plan for a pre-emptive strike on North Korea’s missile sites, should Trump order such an attack.
5. Intel’s Mobileye Planning 100 Test Self-Driving Vehicles — Intel has officially joined the self-driving car race. The chipmaker is building a fleet of 100 cars to test self-driving technology, as it tries to leapfrog rivals like Qualcomm (NASDAQ:QCOM) and Nvidia (NASDAQ:NVDA). The project will combine Mobileye’s (NYSE:MBLY) offerings with Intel’s (NASDAQ:INTC) open compute and communication platform. Testing will take place in the U.S., Europe and Israel.
6. Historical Records of the DJIA that Had Closed Up 10 Straight Sessions & One, Three, and Six-Month Returns Going Forward — courtesy of BIG, the Dow Jones Industrial Average had closed up 10 straight sessions, and nine of those were at all-time highs. Subsequently, Bespoke Investment Group looked at all previous eight-session or longer streaks of consecutive record closes going back to 1928, and the one, three, and six-month returns going forward were all comfortably better than average.

The week ahead — Economic data from

October 2017
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