Has us asking the question is tech now firmly out of favor, or is this just a rest and people will come screaming back in. So firmly would probably be a bridge too far but out of favor today, sure, and by the way, this looks like a repeat of an episode that we saw on wednesday of last week, so you look at, like, for example, s p value index, which just breaks out the value stocks within the s p, up 1. 2 and s p growth up 0. 4 or flat. This is more than a oneday thing, right the banks listen. This is tech down 3. 5 in a week. Amazon in a 6 drawdown which slashes its yeartodate gain to a pitiful 52 . Thats what were talking about here these are stocks that have gone up by orders of magnitude all year and within the last week or two people are falling in love with other sectors like financials and industrials and transportation, and then have you this other thing going on which is only tangentially related which is a big bounce in retail names i think a lot of that has to do with seasonal
Their tax reform bills. When are you expecting to see the final product of that . How different do you think its going to be from what you voted for . Good morning. The house moved forward pretty swiftly staying on a time line to pass the first significant tax reform in 39 years. The senate moved quickly right after and stuck to their time line as well. You dont always have these Conference Committees. There are significant differences both on the business side of the tax equation as well as on the individual side. My sense is that the Conference Committee got going right away, prior to the weekend last week and over the weekend. And i wouldnt be surprised if we are voting early next week at some point. I know we are heading into the final weeks of december. But i think its basically going to be taking each of the bills, taking the good provisions out of both and making it a better product. So i feel good about direction its going but probably towards next week. You mentioned we dont g
One of the big ripple effects is utilities. Take a look at this chart behind me were seeing the death cross thats what some technicians call it when the shorter term 50day moving average of a stock or etf falls below longer term trend, the 200day average were seeing it with the excel, the spdr sector utility, xlu this does not portend bad things but something to Pay Attention to its not the only that were keeping an eye on. Were seeing some action play out in some parts of the market. Namely in the real estate stocks the vanguard reit index is sinking down to multiyear lows. As we take a look at whats happening with this, its already in correction territory, off about 10 plus the highs we saw a couple years ago well take a look at another part thats perhaps a brighter spot while all these guys are making these multiyear lows, one thats not is the consumer staple sector. This is actually just a stones throw away from alltime highs would you believe it or not, more than half of the index
Members of congress, distinguished guests colleagues from the department of defense, past and present. Members of the Vietnam Commemoration Advisory Committee the, thank you for being here today. Thank you to the organizers an commemorative partners of this important event and thousands like it across the country and the entire vietnam commemoration effort. Most importantly, thank you to the vietnam era veterans and their families who join us. You honor us with your presence. In a year of anniversaries for this years marks the 150th anniversary of the end of our civil war, the 70th anniversary of the end ever world war ii, the 65th anniversary of the start of korean war, today we gather to remember the vietnam war and to honor those who served in it. We remember the 50th anniversary of president johnsons executive order establishing the Vietnam Service ribbon and we honor our 7. 2 million living vietnam era veterans. Fair fallen comrades in arms including those still unaccounted for an
The Vice President of the United States spoke to reporters here on the hill, and said it was the president s, quote, decision, to accept the recommendation of the Deputy Attorney general and the attorney general to remove director comey, unquote. Those accounts are the spokespeople of the president and the Vice President himself, were just blatantly and completely contradicted by the president himself on national television. President trump told nebraska nbc news it was his decision to fire mr. Comey and he made up is mind to do so before hearing from either the attorney general or the Deputy Attorney general,c in direct contradiction to what his own Vice President and his own press people were saying. Which one was it . Did the Vice President mislead the public or did the president . When was the decision made to fire mr. Comey . And what was the reason . And why did it take so long for the white house to get its story straight. These are all critical questions, and the American Peopl