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Commentary for 5/22/2017

Altavest Commentary for 05/22/2017

The Japan April trade surplus was narrower than expected. North Korea tested another missile over the weekend. Asian markets were mixed with the Nikkei 225 up +0.45% and the Shanghai Composite down -0.48%.
European equities were narrowly mixed. The DAX was off, but only -0.10%.. Yields on the 10-yr. Bund rose again to 0.398%.
There were no major economic reports today. The Chicago Fed ‘s national activity index rose to its highest level since March 2014. The only drags on the index were the contribution of personal consumption and the housing category.
Even as yields on the 10-Year Note held steady at 2.252%, the US$ Index slid further into the lows for the year. June gold was strong, adding +0.6% to $1,261.40. On its final day of trading, June crude added +0.8% to $50.73. The market was supported by expectations of an extension to the OPEC output deal when OPEC meets later this week. Beginning tomorrow, we’ll be tracking the July crude contract.
Equities began the day quietly but soon gave way to bullish enthusiasm. Volume was on the light side but markets are now once again approaching all-time highs. At the close, markets had broad, solid gains.

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