Jim Brown, Jeff Gundlach, Doug Kass, Art Cashin And Others Discuss What Surprises To Expect In Major Markets
Today Jim Brown, Jeff Gundlach, Doug Kass, Art Cashin and others discuss what surprises to expect in major markets.
Here is today’s note from legend Art Cashin: On this day in 1913, the Automobile Show opened in New York City (pictured below).
Since it had begun at the turn of the century, the New York Automobile Show had grown more and more important with each year. After all you needed a flivver to go with that new hot item the raccoon coat. And if you had the flivver, you definitely needed the coat since all cars were “open”. That is until this year.
The sensation of the show was an entry from that new upstart, the Hudson Motor Car Company of Detroit. The folks at Hudson introduced a four door fully-enclosed vehicle, which they called “a sedan.”
The sedan, however, was not popular with everyone. Some criticized the design. And worse, a prominent clergyman of the day thought it was a gift of Satan. He worried about the morality of allowing a man and a maid to be un-chaperoned in an enclosed vehicle.
Luckily, history shows he need not have worried. The sedan had little or no impact on America’s courting customs or morals.
To celebrate take some comely anthropologist to a drive-in movie. But don’t hang around too long waiting to see a feature called “Closed for the Winter.”
Stock markets weren’t exactly “closed for the winter” yesterday but some sectors did feel a distinct chill.
Market Tries To Shrug Off Oil But Crude Wins Out – The Dow and S&P opened mixed to lower and spent the first thirty minutes trying to get their act together.
Then, amid several commentators suggesting that the bulk of Mr. Trump’s nominees would be ultimately approved; stocks began to move higher in incremental steps.
The relatively low volume rally continued into early afternoon.
In late morning, as the rally progressed, I sent this assessment to some friends: