Futures Mean Squat -- But, Having Said That --- December 3, 2017

Updates

Later, 7:15 p.m. Central Time:

 

Original Post

Assuming ABC News doesn't report another inaccurate news report, it could be an exciting day on Wall Street tomorrow. Tonight, the futures:

And, WTI is down slightly, trading just slightly below $58.

CNN reports why Wall Street is euphoric over the tax plan (and, of course, as usual, it's a superficial explanation, fits CNN's theme, and completely misses the real reason why Wall Street is euphoric. As I understand it, corporations won't see their tax breaks until 2019 -- at least the "big" tax break -- but those individuals paying federal taxes (about 50% of the US population) will see tax breaks next year. (No one knows whether individual tax breaks will take effect for the 2017 or the 2018 calendar year.)

Between now and the end of the year, any significant move down in the market will represent a huge buying opportunity, unless there are major geopolitical events that cause the market to plunge. But even then, it's likely a plunge in the market would be a buying opportunity.

Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or think you may have read here.

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The Trump Rally

From an earlier story, for the archives.

The Dow has spiked nearly 6,000 points since President Trump's election last year, notching 80 daily record highs since then.

The S&P 500 and Nasdaq are also near all-time highs. The latter is up a whopping 30% since the election.

"Investors are feeling golden," said Sam Stovall, chief investment strategist at CFRA Research. "Until you get signs that this economy is likely to roll over and die, investors believe stocks remain the place to be."

The boom in the stock market is a clear reflection of improvements in the U.S. economy. New numbers published on Wednesday show the U.S. grew at a brisk 3.3% pace between July and September, the best growth since 2014 and the second-straight quarter of 3% growth. [And first estimate for 4Q17 GDP is an incredible 3.5%.]

The global economy is also gathering momentum. Most major countries are growing at the same time for the first time in years.