Hello traders everywhere. All three of the major indexes are marching along to record highs and looking to close the week out at record highs. This move higher is primarily due to Tax Reform, which is expected to be delivered by the GOP this afternoon.
Once delivered the Republican leaders hope to hold a vote on the legislation in the full House and Senate next week. President Donald Trump touted a tax cut regularly during his campaign and wanted an approved bill on his desk for his signature before Christmas.
It would be Trump's first major legislative victory since taking office in January.
Bitcoin is close to another all-time high of almost $18,000 on the Bitstamp exchange on Friday, up 9% on the day, even as warnings grow over the risks of investing in the highly volatile and speculative instrument. This record push is partly due to the CME futures that are going to start trading on Sunday, which should see significant trading vs. the lighter volume that the CBOE saw last week.
Key levels to watch next week:
S&P 500 (CME:SP500): 2,598.87
Dow (INDEX:DJI): 23,545.02
NASDAQ (NASDAQ:COMP): 6,734.13
Gold (NYMEX:GC.G18.E): 1,242.30
Crude Oil (NYMEX:CL.F18.E): 57.83
U.S. Dollar (NYBOT:DX.H18.E): 92.13
Bitcoin (CME:BRTI): 8,889.74
INO.com and MarketClub.com
Hello traders everywhere. Traders have apparently decided that an old standby is where they want to invest vs. the hottest sector of 2017. That old standby, the big banks.
I opened MarketClub's Top Stocks list this morning after the DOW and S&P 500 opened significantly higher to find that Bank of America (NYSE:BAC) was sitting at the top. In fact, three of the top 5 were big banks. It's a far cry from the tech sector that has been all the rage until recently.
This change in sentiment is primarily due to tax reform. On Saturday the Senate approved their version of the tax bill in a narrow 51-49 vote after a lot of work on the hill. Once the Senate and House of Representatives reconcile their respective versions of the legislation, the resulting bill could cut corporate tax rates to 20% from 35%.
The GOP, however, still needs to overcome future obstacles for the Senate and the House to craft a joint bill, which will then be presented to President Donald Trump. Republicans hope a deal will be achieved by Christmas.
Key levels to watch next week: Continue reading "Bank Stocks Lead The Way"
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- John F. Kennedy
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- John F. Kennedy
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Hello traders everywhere. The U.S. stock market is posting its most significant decline in 10 weeks after a batch of lackluster earnings reported today. Turmoil over President Trump’s tax reform bill has retaken center stage giving traders reason to take pause.
Some of the notable earnings today are: Continue reading "Stocks Fall On Lackluster Earnings"