Monday, January 23, 2017

TUESDAY 1/24/17; US Dollar Index Prints 99-Handle; Global PMI Mfg Indexes; UK Court Decision on Article 50 and Brexit; AKS; BABA; GLW; DHI; DD; FITB; JNJ; KMB; LMT; TRV; VZ; Existing Home Sales; 2-Year Note Auction; SPX (S&P 500), COMPQ (Nasdaq Composite), NDX (Nasdaq 100) and NYA (NYSE Composite) New All-Time Record Highs; AA; COF; DFS; ISRG; STLD; STX; TXN

Euro 1.0765. The dollar/yen pair moves lower as the US dollar index trades lower. Dollar/yen 112.65. Pound 1.2531. Sterling ramps strongly higher from a low under 1.23 on Friday to above 1.25. USD 100. 18. WTIC 52.86. Brent 55.35. Natural gas 3.27. Gold 1217. Silver 17.24. Copper 2.65.

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

The insiders at Wall Street banks are dumping shares. The executives in the banking industry are cashing out after the big rally since early November. The insiders are dumping shares while Ma and Pa Kettle, listening to talking heads on television, are running into the banking sector eager to buy the shares the insiders are selling. It appears prudent to not chase banks going forward and anyone that benefited from the rally in financials is wise to take the dough off the table.

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