Last week the markets did well and a great jobs report on Friday sent the Dow over the 18k mark in a possible upside breakout. Monday’s action was a low volume follow through which saw the Dow gain 80 points to close at a high of 18,226.
In Japan over the weekend the gubment of Abe was reelected by a solid margin. This sent Japanese shares higher as speculation that a new stimulus round will be more likely to occur. The strong market move in Japan helped boost global shares. Gold finished off $3.40 an ounce to $1,355. I include gold in the news about japan because of the money printing possibility.
The UK Farnborough Airshow is underway and Boeing (“Boeings” as my Mother in Law calls it) has already landed some orders. One is for 25 Boeing 737 MAX 8 jets and five 787-9 Dreamliner’s from Donghai Airlines and the other is with Xaimen Airlines for 300 373 MAX 200’s with the fuzzy pink dice in the cockpit. The UK also placed an order for nine Boeing P-8A Poseidon anti-sub birds and the Royal Australian Air Force picked up 4 of the same to replace its aging AP-3C Orion’s. There must be a long line at the Boeing booth and it appears they are there for more than just free coffee and donuts.
Britain is moving toward its post Brexit election as it appears that Theresa “April” May will take over for David “Dunce” Cameron as early as this week. Once a new Prime Minister is in office the process of hiring an EU divorce lawyer can begin. Nations like India, Australia and Canada are already lining up to negotiate trade deals with the UK which, as part of its EU membership, had been blocked from doing these deals in the past.
US corporate earnings for the 2nd quarter are about to be released as Alcoa Aluminum is set to kick the earnings season off on Tuesday.
The Boy Scout horse camp was a success. All 43 boys had a good time and arrived back in Seattle dusty and saddle sore but happy. I only had to administer four headlocks and two noogies during camp. The boys also learned how to say “wa-ha” and “lets go pilgrim, we’re burnin’ daylight”.