Stocks pulled back after a solid opening. Why it was off is unclear. Maybe it had something to do with Sec of State Rex Tillerson getting canned. I guess oil and water do not mix. The Dow closed off 171 at 25,007 on heavier trade which is not saying much considering yesterday’s low volume day.
See our Facebook page for an interesting video clip of the world’s first “commercial autonomous flying taxi” which is being launched in New Zealand and is a joint venture between Google founder Larry Page, Kitty Hawk and New Zealand. The self-flying taxi is called Cora and is battery powered which is way better than those rubber bands that we used as kids. The taxi can carry two people up to 62 miles.
The record run in framing lumber appears to be showing some signs of abatement. The composite lumber price index hit an all-time high of $513 but then backed off to $511. Buyers are backing off mill offerings and more producers appear to be open to counter offers from current quotes. Meanwhile OSB and plywood prices are holding at recent highs and while buyers are hoping for prices to ease a bit one major producer pushed order files out a couple of weeks indicating that plywood demand is firm. Shares of Weyerhaeuser, Rayonier and Potlach were all higher today. Lumber inventories at Western Canadian mills is at an elevated level and there is some speculation that this is due to difficulties related to shipping lumber via Canadian Rail.