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The Closing Look

Stocks were closed on Monday in observance of the Christmas holiday. The market edged higher on Tuesday on the first day of the final trading day of the year. The Nasdaq composite and Nasdaq 100 hit new 52-week highs but pulled back and closed in the middle of the daily range. The S&P Corelogic Case-Shiller home price index came in at 0.06%, beating the Street’s estimate for 0.05%. Elsewhere, consumer confidence rose to 113.7, beating estimates for 108.5. That was the highest reading since 2001 and bodes well for the market and the economy as we head into 2017. The Dallas manufacturing index came in 13.8, which was higher than the last reading of 8.8.

Gary’s Thoughts: Greetings all from Lucerne, Switzerland where the year winds down this week.

Really no sellers even though market came in a wee bit from highs yesterday. Everyone waiting for 20,000 which is probably around the corner but for all intents, it is there now.

Watching big name AMZN may be trying to turn corner here…but needs to jump above 50 day and hold.

One Comment

  1. Gary,
    My wife & I visited Weggis on Lake Lucerne, Switzerland in 1999. One of our favorite locations on our European tour. There is a local cogged-railway that goes up the mountain to a ski area. The train makes a stop to a village about 2/3 up the mountain where you can take a cable car down the mountain with a spectacular view. Worth checking out if you have the time.

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