Major averages finished the day yesterday mixed on mixed volume. Steel and coal stocks both got a boost as China said they would cut back on production.
President-elect Donald Trump’s economic policies could boost US GDP growth to close to 3% by 2018, according to the World Bank. "If Trump’s plans are fully implemented, it could raise GDP growth to 2.5% this year and to 2.9% next year," the report said.
A substantial corporate tax cut and a cut in personal income taxes, especially for the wealthy, would help spur GDP growth. The World Bank cautioned that Trump policy initiatives to renegotiate trade agreements “could be detrimental to U.S. and global activity.” While there are no major economic reports today, President-elect Trump will hold a "general news conference" today at 11 am ET.
Several names recently added to our Focus List via Pocket Pivot or Buyable Gap-Up Reports issued over the prior two weeks have made reasonable upside progress since being added. Some of these are getting near-term extended, so we would continue to take an opportunistic approach of looking to buy on weakness in the event of any developing, normal pullbacks to support in any of these names.
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