Monday, October 30, 2017

Surging On......

Monday, October 30, 2017 - US Equity Markets set new highs last week with the S&P 500 and NASDAQ Composite setting new highs closing at 2581.07 and 6701.26 respectively for a weekly gain of .23% and 1.09% on continued hopes of tax reform and strong economic growth on news from the US Bureau of Economic Analysis that the economy had surged ahead +3% in the last quarter. The S&P 500 is up YTD 15.29% and the NASDAQ Composite is up 24.49% -- all this with continued low volatility. Tech stocks roared ahead while Health Care stocks sank. Investors chose to focus on positive movement in Washington to overall the tax regime. This week investors will focus on who will be leading the Federal Reserve during the Trump administration.

Overseas markets were directionless despite developments at the 19th  National Congress of the Chinese Communist Party which reaffirmed Xi Jinping’s control and long term efforts to restructure the economy toward a consumer driven model less dependent on exports  and regional succession in Spain.

Investors appear to be looking forward to continued strong economic growth partially from rebuilding efforts from hurricane damages in Texas, Florida and Puerto Rico as well as corporate tax reform including the repatriation of foreign earnings. The latter is critical to fund the proposed infrastructure spend pursued by both parties.

Interest in these themes are seen by weekly percentage gainers in our Select List with jumps in SCHG (Schwab US Growth), IYM (iShares Basic Materials) and YMLI Van Eck High Income Infrastructure MLP. The selloff in the Healthcare Sector moved up select ETFs in the sector including CNCR (Loncor Cancer) , SBIO (Alps Medical Breakthrough) and IHE (iShares US Pharma).

Investors and traders are advised to check the Weekly Select list and Daily Ratings for revisions to our ratings to gain insights into the latest news developments.

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