The markets show no signs of pause and we continue to remain Bullish as shown in Our Short Term Indicator
- Socks continued their winning streak with fourth consecutive weekly gains. Large cap indexes outperformed their smaller cap brethren. The technology-heavy NASDAQ Composite rose 2.3%, to close at 7,505, also a record high. The large cap S&P 500 surged 2.2%, while the S&P 400 midcap index added 0.8% and the small cap Russell 2000 index added “just” 0.65%.
- In Europe, the United Kingdom’s FTSE had its second consecutive down week, losing -0.80%. In Asia, China’s Shanghai Composite followed last week’s strong gain with a 2% rise.
- Commodities: Gold rose 1.4% to end the week at $1,352.10 per ounce. Silver, which often trades similarly to gold but with more volatility, added 2.4% to close at $17.44 an ounce. Copper, which some analysts watch as an indicator of global economic health due to its variety of uses, rose 0.4% last week.
- The US economy expanded an annualized 2.6 percent on quarter in the last quarter of 2017, below 3.2 percent in the previous period and market expectations of 3 percent, the advance estimate from the BEA showed. Consumer spending rose the most in six quarters and residential investment rebounded while inventories weighed down on the growth and a surge in imports brought the net trade contribution to negative. Considering full 2017, the economy expanded 2.3 percent, higher than 1.5 percent in 2016. For more information click here
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