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Commentary for 11/17/2017

Altavest Commentary for 11/17/2017

China’s state media warned that some stock prices were rising “too fast." Asian markets settled mixed. The Nikkei 225 ended well off its highs, but still up +0.20%. The Shanghai Composite fell -0.50%.
ECB President Draghi gave an optimistic outlook for the Eurozone economy which included inflation levels reaching the banks’ goal of +2.0%. European equities turned lower as the day progressed. The DAX fell -0.41%. Yields on the 10-yr. Bund edged lower again, now at 0.364%.
October Housing Starts at 1.290M and Building Permits at 1.297M both beat expectations. Baker-Hughes reported that for the week of 11/10, the U.S. oil rig count was unchanged at 738.
Yields on the 10-Year Note eased to 2.347%. The US$ index wobbled and finished lower. December gold surged +1.4% to $1,296.50. December crude jumped +2.6% to $56.55, although it was still down -0.3% for the week.
Some early profit taking after yesterday’s big rally was stemmed by strength in the small-cap sector, which offset weakness in the DJIA. After a volatile week, volume dried up as traders began to think about Thanksgiving. Except for the small-cap Russell 2000, markets were generally lower.

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