THURSDAY 1/12/17; Mexican Peso Weakens to 22; Gold Above 1200; US Dollar Index Drops to 100-Handle; DAL; Import and Export Prices; President-Elect Trump Harpoons Pharma, Biotech and Defense Stocks; US Stocks Collapse; Banks Sink; FTSE New Record Closing High; Fed Speak Including Chair Yellen

The yen strengthens with the dollar/yen currency pair moving lower to a 114-handle. This sets the stage for losses in the Nikkei and Topix indexes. The yen is 









[Text is redacted. Purchase the 2017-01 chronology to enjoy January's economic and market history including Dow 20K and SPX 2.3K.]

Sadly and shamefully, in 2016, for the  first time in nearly four decades, more businesses closed in the United States than opened. This is due to the lack of demand for products in a sluggish economy, a disinflationary and deflationary environment, excessive regulation, higher minimum wages and high taxes. This is President Obama’s legacy but he forgot to mention it during the farewell speech last evening.