Your Weekly Blip 1/22/21

Your Weekly Blip 1/22/21

Stocks continue to trade in mixed fashion as the Dow was lower while the NASDAQ posted a slight gain. At the close the Dow was off 179 at 30,996. Trading volume was mixed. For the week the Dow was up 0.7% in a fairly tight trading range. Both IBD and BTS indicators remain positive. The Dow today was lower due to weak earnings from both IBM and Intel.
Housing starts in December jumped 5.8% as single family home construction moved higher for the 8th month in a row. Brian “Mr. Sunshine” Wesbury, economist and honorary member of the Westport Mafia noted that single family home construction has made a V shaped recovery and is now 29% above its February pre pandemic level. Looking ahead, permits to build a home were up 4.5% hitting their highest level since 2006.
Seattle based Paccar which is the third largest heavy truck maker in the world, saw its shares jump to new highs yesterday after the company announced a strategic partnership with Aurora Innovation, a California based developer of autonomous driving systems. Paccar, which makes Kenworth, Peterbilt and DAF trucks is getting into the autonomous space in order to match similar efforts by other truck makers which include Volvo, Navistar and Daimler. My only question is: Who puts on the chains when going over Snoqualmie Pass in the winter?