Timing for CHK prediction was, admittedly off, however the dollar will weaken in federal spending environment and big oil will recover on higher oil prices.
At close: 4:00 PM EST
Trump’s growth prediction of 3-4% matters whether it’s debt sourced or organic. Remember, Paul Volcker is in the Fed administration and may put the brakes on Fed spending growth.
EA (down 2.52%) and ATVI (down 2.10%) bearish predictions confirmed today (see Put purchases), despite the Nasdaq market being up 1.11%, and this author thinks they will slide further into the holidays, especially by concerns of holiday weakness by the biggest discounter, AMZN, down 2.01% which also did not participate in the rally, however WMT (up 1.88%) and TGT (up 2.62%) bucked the AMZN trend. More worrisome is capital goods spending as GM lays off 2000 employees in the 3rd shift which will dampen holiday spending if GM is not isolated in capital goods spending.