Stocks were relatively quiet on Monday as the world waited for President Trump to address Congress. Over the weekend, Warren Buffett said he was still bullish on U.S. stocks and said America’s best days are ahead of us. Elsewhere, David Tepper, billionaire hedge fund manager, said he’s still long stocks and short bonds. In economic news, durable goods orders rose +1.8% in January, slightly above the expected 1.7% estimate. Separately, Pending home sales, fell -2.8% in January and hit their lowest level in a year.
Gary’s Thoughts: Biotech ETFs breaking out of range….Financials acting tight again after one scare day…recent weakness in Trump stocks firm up as he states he will talk infrastructure tomorrow night…and lastly, small caps looked weaker past couple of weeks, and poof…strong day today keeping them in range.