It was another low volume day as markets limp towards the close of 2017. At the final bell the Dow was up 63 points to 24,837. Markets are still in rally mode according to IBD.
Air pollution in China is apparently the lowest it has been in years thanks to efforts by the gubment in Beijing to not allow homes in the rural areas around Beijing to burn coal along with other measures like shutting down copper smelters. The ripple effects however are being seen in various ways. Temperatures in China are below zero and people are starting to burn wood to stay warm since not many homes have clean burning natural gas which is what China wants more of. The shutting of copper smelters is forcing global copper prices higher by limiting supply in the face of strong demand. The trend in China towards natural gas is interesting since they will have to buy it from either Russia, Qatar or the US.
Glenn “Close” Kelman, CEO of Seattle based Redfin, which is an online real-estate firm, was interviewed on Geekwire about trends in home buying. He thinks there will be a mass movement from coastal cities to the flyover states as people seek more affordable housing. It is an interesting interview and can be seen here on our Facebook page. Glenn offers hope for places like Detroit, Westport, WA and Joe, Montana where Amazon is rumored to be wanting to set up the new HQ2……….if only they could find it.
CNBC trotted out our old friend David Stockman who talked about how bitcoin was overpriced and set to fall. If history is any guide however this is a sure sign that bitcoin will in fact shoot higher since Mr. Stockman has a great track record as a contrarian indicator.