The Closing Look

Stocks closed mixed to mostly higher on Tuesday as the very strong election rally continued. Before the open, the government said GDP rose 3.2% in Q3, beating estimates for a gain of 3.1%. A separate report showed decent data for the real-estate market. The S&P Corelgoic Case-Shiller Home Price Index rose 0.4%, matching estimates for 0.4%. Finally, consumer confidence came in a t 107.1, easily beating estimates for 101. Elsewhere, oil prices fell 3.5% after Russia’s Energy Minister Alexander Novak said he will not attend the highly anticipated OPEC meeting on Wednesday. He did say that Russia is ready to discuss potential co-operation with OPEC if the group of oil-producing countries strikes a deal to cut output. Russia is a big producer of oil and their lack of interest in cutting production may derail OPEC’s plan to cut production.

Gary’s Thoughts: More importantly, loving the picks by Trump. Wilbur Ross is brilliant. Mnuchin brilliant. Now let’s hope they do as promised. Get DC out of the way of the American people. As we have told you, we cannot continue with the trajectory of higher taxes, massive government spending, massive debt, massive deficits, massive rules, massive regulations, massive mandates…all brought to you by the failures in DC. Just think of their logic…put away the big sodas, don’t eat as much salt…BUT GO AHEAD AND SMOKE THAT WEED! Only from government bureaucrats!