Dow breaks 12-day record streak ahead of Trump speech; retail down

The 12-day record streak that we hadn’t seen since 1987 ended today when the Dow turned down a modest 25 points as investors sit on the fence waiting for Trump’s speech, hoping for some more optimism, hoping for some details.  Or are they?  Some experts think that many investors won’t care if no details are forthcoming after all and, of course, the smart money says there won’t be.  Still, the index has had an impressive run, up nearly 5 percent in just a month.  Volume was considerably above average at nearly 8 billion shares traded.

Dow hits 12th record high close; Trump talks up infrastructure spending

A modest 15 point bump in the Dow gave the index its 12^th consecutive new record high, matching a 12-day run from 1987.  Initiating events included Trump’s statement concerning a big 9% proposed boost in military spending, sending defense stocks up, and a hopeful expectation that Tuesday night’s speech before the Congress will yield the much anticipated details about his promises to overhaul the tax system.  Investors are very much banking on a clearer picture tomorrow; if more clarity is not to be had, there may be a change in the tide.  Volume was 6.8 billion.   

Succinct Summation of Week’s Events 2.24.17

It's that time of the week again so please find below the customary summary of the week's events courtesy of Barry Ritholtz and his "Big Picture" blog.  Hope everyone had a great weekend.

10 Weekend Reads -- 2/25/17

Since I have now returned to daily postings on this Marias blog, I will return to the tradition I established a couple years ago of filling in the weekends with snippets of wisdom from my favorite financial writer, Barry Ritholtz of "The Big Picture," a column he publishes in both the Washington Post and Wall Street Journal.  One thing he does every week is cull all the most fascinating and pithy articles of that given week and then grace us with a brief reading list every weekend.  I begin that tradition again so below please find this weekend's list of good reads courtesy of Mr. Ritholtz.

Wall Street edges higher to give Dow 11th straight record

After dropping 60 points right out the gate and continuing to drop almost a hundred throughout the session, there was a last minute reprieve which recouped the losses and the Dow was actually up 11 points at close.  All of this is evidence that investors remain hesitant over the uncertainties in Trump’s economic policies and therefore keep the markets selling and buying like crazy hour by hour.  At this time, optimism is winning out over results and that will be fine as long as results are ultimately forthcoming.  And once again, closing up put the Dow at still one more consecutive record breaking close, now its 11^th, a record not seen since 1987.  At 6.7 billion, volume was very close to recent averages. 

S&P 500 inches up after Trump jobs pledge

Another modest 34 point bump to the Dow, this time spurred by a meeting between Trump and major company CEOs about bringing millions of off shore jobs back to the U.S.  As usual, details are lacking and investors are likely to hold back on more enthusiasm until more specifics are in hand, but for now it was enough for yet another bump, the 10^th in a row and the 10^th record high in a row, something not seen since 1987.  But all of this will end if the details prove unsatisfying.  Right now, the historic rally has all been based on hopes.  When reality sets in, it will either be very good or very bad.  The 7.1 billion share volume is higher than the 6.8 billion 4-week average.    

Subj: What's Your "Trump Contingency Plan?"

This article, published yesterday by Heritage Capital Research, is very timely and offers a fresh perspective on objective strategizing that bears oft repeating, and certainly fits in with this whole subject of behavioral finance of which we are so fond.  Alexander Elder would be proud.

Dow notches another record high helped by DuPont; S&P slips

Today’s Fed minutes pretty much confirmed what everyone was expecting which was pretty much to validate that an interest rate hike was coming soon, perhaps as early as March since the economy is humming along so well.  There are those who disagree though, that the political environment has created so much uncertainty that more jobs and controlled inflation are no longer a given and that more time is needed, therefore no hike yet.  This of course is what the Fed has been so very careful to balance, to not commit to any hike until the economy is ready for one, and the skeptics are saying that the market is saying that the economy is not yet ready for one.  After a nearly a fifty point plunge followed by a nearly 90 point gain, the Dow ended up a modest 32 points.  But anything up is still a new record so the index has now recorded its 9^th consecutive record high, something that has not happened in 30 years.  The 6.5 billion share volume was a little below recent averages.  

Wal-Mart helps Wall Street's record-setting rally march on

For the first time since late July, I am tonight attempting to return this to the daily blog it once was, with the daily market summary as published by Reuters right after market close.  Let's see if I can keep this up now.  Let's see if all of you prefer the daily or the weekly.  As always, anybody who would like to opt out of the email distribution need merely request it.

Succinct Summation of Week’s Events 2.17.17

My recovery continues to move steadily forward, now able to bend my left arm enough to touch my forehead and right shoulder, quite a change from just last week.  Last night I even ate my entire dinner feeding myself with my left hand.  With any luck at all, I may be given the green light to start some limited driving again a week from tomorrow.

Succinct Summation of the Week’s Events 2.10.17

A one day delay this week so that I can bring you the latest medical update.  The doctor today gave me an A for my progress.  I am now able to bend my left arm to within inches of my mouth such that, with effort and some pain, I can now feed myself with a fork if I use the utensil at full extension.  The biggest handicap remains that, though I can lift weights up to five pounds, I cannot exert any weight at all against my arm, nor does the doctor want me to try for a while.  We are still looking minimally at March 1st before I can do any limited driving (she will make that assessment at my next appointment two weeks from today) and April 1st before I can do more.  Those dates may change again in two weeks.  Even though I'm being high grades for how much muscle strength I've acquired so far, from my point of view they are still so tight I find it hard to believe I'll have full function again by April.  But we'll see.

Succinct Summation of Weeks Events for 2.3.17

One week from tonight I see the doctor to again evaluate my recovery.  Things are going as well as can be expected and fortunately the pain is quite manageable.  I currently have the ability to bend my left arm to about a 70 degree angle, which isn't much, certainly not enough to feed myself, brush my teeth or essential daily tasks.  I need to get to at least 120 I believe before I will be able to do any of these, let alone drive.  I am curious about next Monday to find out whether 70 degrees is where I should be right now or if I am lagging behind despite a studious devotion to my exercises.  As far as I know, the verdict is still one month before I can drive, two months before full recovery.

Succinct Summation of Week’s Events 1.27.17

Once again, I am filing late as I am preoccupied with recovering from the major arm surgery I had last Thursday.  Today I saw the doctor for the first time since the surgery and she could not have been more pleased.  The arm is healing wonderfully and, though there is still pain, I am officially now out of danger of losing the arm if I have even a minor spill, something that has had me very anxious.