What to Watch for this Week
The Dow, SP500, and Nasdaq are all at record highs. The Dow is poised to pop 100 point again this morning when the market opens. The GOP now has the votes needed to pass the Tax plan. Over the weekend, Sens. Marco Rubio (R-Fla.) and Bob Corker (R-Tenn.), said they would vote for the bill next week. Sen. John McCain (R. AZ) will miss the vote this week, due to side effect of the chemotherapy he is receiving for cancer. Even with the small margins, the McCain vote will not hinder the passage of the bill oin the Sentate.
Last months Housing Reports
- Housing starts surged 13.7% month-over-month in October to a seasonally adjusted annual rate of 1.29 million while building permits increased 5.9% to a seasonally adjusted annual rate of 1.297 million.
- Existing home sales increased 2.0% month-over-month in October to a seasonally adjusted annual rate of 5.48 million versus a downwardly revised 5.37 million (from 5.39 million) in September. The October sales pace is the strongest since June, but 0.9% below a year ago.
- New home sales jumped 6.2% month-over-month in October to a seasonally adjusted annual rate of 685,000 from a downwardly revised 645,000 (from 667,000) in September. That is the highest seasonally adjusted annual rate of sales since October 2007.
This week will have all housing reports in one week.
The latest StarWars installment The Last Jedi was released last weekend and had the second highest open in movie history behind the last StarWars movie The Force Awakens. It brought in an estimated $220 million, according to Disney.
According to Disney, The company has a prequel film, “Solo: A Star Wars Story,” based on a young Han Solo that will open in May. The sequel to “Last Jedi,” “Star Wars: Episode IX,” will open in December 2019.
Global Spotlight
-
-
- London Gets the All-Clear on Trade Talks. After six months of divorce talks, EU leaders decided that negotiations over the future of the bloc’s relationship with the United Kingdom can formally begin next year.
- Too Little Too Late on North Korea Diplomacy? Despite mixed signals from U.S. Secretary of State Rex Tillerson and the White House on talking to North Korea “without precondition,” the U.S. position remains that dialogue is possible should North Korea freeze its weapons testing with a goal toward denuclearization.
- ExxonMobil Prepares for Climate Risk. ExxonMobil said in a regulatory filing on Dec. 11 that it would soon begin disclosing the effects of climate change on its business operations.
- South Africa’s ANC Gets a New President. South Africa’s ruling African National Congress will choose a new party president this week, marking the end of a long and bruising contest.
- Keeping Watch on the India-China Borderland. Reports have emerged that about 1,700 Chinese troops and 300 vehicles are stationed a few kilometers from the site of the Doklam standoff for the first time during the winter.
- Peru’s Impeachment Threat. Peruvian President Pedro Pablo Kuczynski faces a growing threat of impeachment.
-
Economic Calendar
The economic calendar is full of reports this week. Many of the reports are on housing. With all that is happening can we find new legs for the market to continue its rally. Here is a list of the U.S. economic events happening this week.
Last Weeks Numbers
Review last weeks numbers here.
