“What we are hearing from the MSM that the US economy is in dire straits is simply not true“– Paul Ebeling
The American economy is amazingly resilient and does not need aid/relief/stimulus bailouts despite blue state and big city lockdowns.
What it needs is to eradicate the global coronavirus ‘casedemic‘ and fully reopen and put the vast majority of Americans back to work.
Plus, get the government out of the way, not raise taxes, not raise regulations, not shut down our Oil & Gas industries and Watch America Boom Again aka WABA!
We do not need Mr. Biden’s $1.9-T massive stimulus-pork bill, but we do need to get the vaccine out there to all Americans who want it fast.
Further, we need to get the businesses open in New York City, and Los Angeles, and Chicago, and San Francisco.
The US economic numbers are strong despite the virus chaos shutting down America’s largest cities. The stock market is at record highs, and companies outside of those hubs are thriving.
The Commerce Department revised upward how much the economy grew in Q-3 33.3%, which shatters the old record of all time by 2X. But the new admin and the MSM skewed that a bad, yet the markets saw through that doom vail and rallied.
The estimate for the growth rate in Q-4 is now 10.1% growth, a phenomenal number.
The big fear is that the changes that could come from Mr. Biden’s admin is that his anti-business Cabinet will misallocate America’s growth priorities.
His chants about raising taxes, raising regulations, hobbling our energy industry and climate change legislation could do a lot of damage to the economy during this if enacted.
Thursday, the benchmark US stock market indexes finished at: DJIA +332.26 at 31055.86, NAS Comp +167.20 at 13777.75, S&P 500 +41.57 at 3871.74, while the Russell 2000 led the with a 2% gainer on the day,
Volume: Trade on the NYSE came in at 940-B/shares exchanged.
HeffX-LTN’s overall technical outlook for the major US stock market indexes is now Bullish with a Very Bullish bias.
- Russell 2000 +11.5% YTD
- NAS Comp +6.9% YTD
- S&P 500 +3.1% YTD
- DJIA +1.5% YTD
Looking Ahead: Investors will receive the Employment Situation Report (NFPs) for January, the Trade Balance for December, and Consumer Credit for December Friday.
Have a healthy day, Keep the Faith!