Make America Great Again -- T+28 -- December 7, 2016

Updates

From breaking news: 

Editor's note: CNBC notes that today's record close for the Dow and the S&P 500 continues a rally that began after Election Day [otherwise known as the Trump rally]. The Dow, CNBC says, has posted gains in 18 of the past 22 sessions and 12 record closes since the election. The S&P and the Nasdaq, meanwhile, have risen 4.8 percent and 3.9 percent since November 8, 2016, respectively.

Later, 12:42 p.m. Central Time: border security hawk retired US Marine General John F. Kelly picked to be head of Homeland Security. Another waiver required?

Later, 12:36 p.m. Central Time: government workers may get extended holiday -- President Obama likely to not sign "continuing resolution to fund the government." Will result in shutdown. That's fine. He will leave office on a high note and once government is shut down, end of routine regulations coming out of EPA.  Even those with eyes wide shut can now see the "real Obama." Nice Christmas present for government workers.

Later, 12:31 p.m. Central Time: Breaking news, transition team: Donald Trump to name Oklahoma Attorney General Pruitt as EPA head. Wow, wow, and wow. I think fracking is safe for the next four years. RINS? Erased. Level playing field for all all energy sources? You betcha.

Original Post

The Market: Market up almost 100 points. If it holds, it will be another record-setting day. I write Don:

One minute I'm biking and the next minute I'm elsewhere and in that time the market jumps from slightly negative to flat at the opening and now it's 143 186 204 points up. What gives? 

No answer yet. It's been 30 seconds. I assume Don is doing some productive. I'm not.

Then I answer my own question, this "photo-headline" tells the entire story (Don alerted me to the headline story about seven hours ago; see my note posted at 5:41 a.m. this morning):

The market. Dow 30

• new highs: 366 -- basically the entire market is participating in this rally -- BRK-B, C, MDU, MDR, ONEOK, UNP,
• new lows: 11 (not a good day for your stock to be hitting new lows;

GDP Now: Latest forecast for 4Q16: 2.6 percent — December 6, 2016

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2016 is 2.6 percent on December 6, down from 2.9 percent on December 1.

The forecast for fourth-quarter real personal consumption expenditures growth fell from 2.5 percent to 2.3 percent on December 2 after the employment situation release from the U.S. Bureau of Labor Statistics and the auto sales release from the U.S. Bureau of Economic Analysis.

The forecast for fourth-quarter real nonresidential equipment investment growth has fallen from 6.6 percent to 3.9 percent since December 1.