Major averages finished roughly flat to mildly higher yesterday on lower volume. Meanwhile, the VIX has moved higher probably due to nervousness ahead of Trump's Friday inauguration.
Three of the names on our Focus List are steels. The group had strong day due to Wilbur Ross at his confirmation hearing who said the US needs to increase tariff focus on Steel & Aluminum dumping.
Fed Chair Yellen spoke at 3:00 pm ET yesterday. She reminded markets that interest rates will creep higher and provided some reassurance on the improving economy that helped markets finish higher overall.
Today's economic data on stronger than expected Industrial Production and weaker than expected NAHB Housing Market Index data with the highest year-over-year increase in the Consumer Price Index (+2.1%) since June 2014 does not alter the view that the Fed will continue to abide by its projection for three rate hikes in 2017.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.