News for twitter. We start off with the retail getting dragged down. Trump euphoria, colder weather, it should ben nirvana for these guys. Until we get tax clarity, is this group suddenly a notouch, guy . I think it is. We get a lot wrong, this one i think we all got collectively ride. Nordstroms, for example, this stock had a tremendous run up to 60 in november. We talked about it and said, the run in nordstroms, too much, too fast, all the shorts have gotten forward. At 20 times forward earnings, theres no way the stock should be there. We stayeaid, look for a pull ba. All this summer, 48 1 2. Magically, here we are. I dont think you can go out and buy it on this level, but at least valuationwise it makes a little more sense than it did even two weeks ago. You had two things today that hit these retailers. You had personal income come out, which was essentially flat. Its been decelerating since 2014. You also had an mpd group report out saying holiday sales were running 4 below last
I know we have a race some losses by it is impressive given the volatility we saw with those fed minutes. 5 im glad you bring those up. It is which that fared the worst this week. Telecoms andities, Consumer Staples declining by 2 or more. You can see utilities are the worst performers of the bunch. If the fed is going to start raising rates earlier, that makes them less appealing. Picturear the bigger , the record high was set last may 21. Onhave had the fed following february 11. Belowar later we are 3. 5 that alltime closing high. Looked many times it like we would break that record only to be denied again. That is the story, on those hawkish minutes. Here is the chart. You can see were at the higher in of that range as the market gets set for a continuation. You see that jump up in the last few days. That is the defining story of this week. We are still very much range bound. Looking at the dollar, the dollar consolidating its recent gains. It has advanced for three straight weeks.
At central banks. There is that allimportant g7 meeting where we talk about currency wars. We just found out in the last couple minutes that according to egypt state tv the Egyptian Military saying it has found part of the wreckage. Tom these two headlines are coming up across the bloomberg. What i find fascinating is the different treatment in waiting thehis plane crash and speculation about terrorism within the london newspapers and the new york papers. It is amazing how this tragic event translates differently across the atlantic. Francine that is something we will have to explore further. In the meantime, lets get straight to bloomberg first word news. Vonnie breaking news on the missing egyptian airliner. According to reports from egypts broadcaster, the military has found wreckage from the plane off the coastal city of alexandria. 66 people carrying vanished while flying from paris to cairo. Thereiation minister says is a chance that terrorism knocked the plane out of the sky. La
Been pushing the stock markets to higher levels too. Its huchl nature, but you know you cant scott, you can confirm this for me. Youre on half time report and youre our market watcher. You have a bunch of smart guys, staide traders and stuff. You cant hit new highs unless youre very close to the high. Yes. If youre 2,000 points below the old high, you cant make thats awfully difficult. Is this your insight for the dwa . No, im trytology give it to the market people that come on whenever we get close to the old highs and say this isov overdon they get used to a tlad ugh range. When it breaks out. Its probably a reason that it breaks through old highs that its got some momentum. How many times did it get close before and fail. In the last two years, but. It failed almost every time. If it did all this turning and rotations, all these if its already built a firmer, nonfed induced base, based on 4. 9 unemployment and jobs growth, weve been through the earnings recession. Maybe were startin
Item 3 electronic devices. Any person responsible for disruption may be asked to leave the room. Cell phones set on vibrate can cause interference with the microphones, we respectfully ask they be turned off. Item 4 approval of the minutes of the july 19th regular meeting. And the. And is july 21st special joint meeting. Okay motion to approve pursue any further discussion . The is have it. Thank you very much. Item 5 communications. Please note we have asked members of the public to ask that certain items are severed from the agenda item 10. 2 and 4, 10. 5 a there c and 10. 6. Thank you. Item 6 introduction of new or Unfinished Business by Board Members. I felt remiss a at the last meeting a geary bart and in our Newport Beach we neglected to mention how much work has been done on that corridor in terms of red transit and the lower superintendent gerrero transit priority signals and what improvements on that for running time i didnt want to leave it is a of with the expression were no