The US is in a ‘Great Economic Boom’

The US is in a ‘Great Economic Boom’

The US is in a ‘Great Economic Boom’

$DIA, $SPY, $QQQ, $RUTX, $VXX

Americans’ evaluations of current US economic conditions and the economy’s trajectory are the most optimistic in nearly 20 years, Gallup reported.

Currently, 54% of Americans rate economic conditions as “excellent” or “good,” and just 12% as “poor,” Gallup reported.

Also, by 57% to 34%, more Americans say the economy is getting better than say it is getting worse.

The combination of those answers results in a Gallup Economic Confidence Index of +33. The index was last at that level in January 2004, and has not been higher since November 2000 (+39), at the end of the dot-com boom.

To be sure, National Economic Council Director Larry Kudlow says “enormous confidence” just one of the many factors driving robust economic growth, which he doesn’t expect to stop anytime soon.

“I’ll start with the enormous confidence that you see in the country. That’s very important. People are moving, they’re working, they’re investing. We haven’t had that in a long time,” Mr. Kudlow said.

“President Trump is a growth guy and he has launched a boom that nobody thought possible,” he said.

“I think a lot of folks are underestimating the power of lower marginal tax rates, typically on large and small business, and the deregulation program and the energy program that we’ve gone through and the president’s view that business is good,” said Mr. Kudlow.

“There is no war against business people. Attitudes have changed and I think that amounts to a lot. We’ve never really seen this kind of confidence movement before,” he said.

“We haven’t had good, old-fashioned business investment.

“You could probably go back to the year 2000. So it’s been a long time,” he said.

“My point is we are in an economic boom. Frankly, most folks thought it was impossible. Frankly, it’s happened. So last question. It is a great blessing. Prosperity is a good thing,” Mr. Kudlow said.

Tuesday, the major US stock market indexes finished at: DJIA -125.98 at 25191.43, NAS Comp -31.09 at 7437.73, S&P 500 -15.19 at 2740.83

Volume: Trade on the NYSE came in at 974-M/shares exchanged

  • NAS Comp +7.7% YTD
  • S&P 500 +2.5% YTD
  • DJIA +1.9% YTD
  • Russell 2000 -0.6% YTD

Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
23 October 2018 QQQ 173.75 Bearish (-0.26) 169.65 174.65
23 October 2018 DIA 252.69 Neutral (-0.23) 251.54 253.77
23 October 2018 SPY 274.03 Bearish (-0.39) 273.96 278.90

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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