Week of Nov 17 2017 Weekly Recap & The Week Ahead

November 20th, 2017

“Only fools and liars buy at exact bottoms and sell at exact tops!” — unknown

1. S&P & ISDA Declare Venezuela in Default — S&P has downgraded Venezuela’s foreign currency sovereign credit rating to “selective default” after it failed to make $200M in payments on its global bonds. The decision capped off a day in which the government promised to keep paying its debts, but offered no firm proposals, at a conference in Caracas. Furthermore, the International Swaps and Derivatives Association (ISDA) has ruled that Venezuela and its state oil company PDVSA have defaulted on their debts. The decision will trigger credit-default swaps, with the details of how they will be settled to be determined by the committee on Nov. 20.
2. FDA Approves First Digital Pill – The FDA has approved the first digital pill – made by Otsuka Pharmaceutical (OTCPK:OTSKY) and Proteus Digital Health (Private:PRDI) – that is embedded with a sensor and can tell doctors whether, and when, patients take their medicine. While a patient can block transmissions via a smartphone app, the technology is still likely to prompt questions about privacy.
3. Norway, World’s Biggest Wealth Fund Wants Out of Oil and Gas — Norway finance ministry said it will study the proposal and decide what to do in “fall of 2018” that would entail the fund, which controls about 1.5 percent of global stocks, dumping as much as $40 billion of shares in international giants such as Exxon Mobil Corp. and Royal Dutch Shell Plc. Norway relies on oil and gas for a fifth of economic output, would be less vulnerable to declining crude prices without investments in the industry .
4. House Passes GOP Tax Reform Bill – the House of Representatives has passed a bill that would result in the biggest overhaul of the U.S. tax system in 31 years. It would reduce the number of individual brackets, increase the child tax credit, abolish the estate tax by 2025, chop the corporate tax rate to 20% and make other tweaks aiming to make businesses more competitive. But there are warning signs as the focus in Washington turns to the Senate’s companion bill.
5. AAII Bullish Sentiment Crashes — AAII bullish sentiment from this week crashed from 45.1% down to 29.35%. That’s the largest one-week decline since April 2013!

Meanwhile, Bearish sentiment didn’t see quite as big a move as bullish sentiment, but it did spike by 12 percentage points, and that’s the largest one-week increase since February 2016.

The week ahead — Economic data from

Week of Nov 10 2017 Weekly Recap & The Week Ahead

November 13th, 2017

“While markets often make double bottoms, three pushes to a high is the most common topping patterns” — J. Bollinger

1. GE Considers More Asset Sale — General Electric is considering options for its aircraft leasing unit, including the sale of all or part of the business, as CEO John Flannery searches for new divestitures, Reuters reports. With a fleet of 1,339 planes worth an estimated $25B, GE Capital Aviation Services ranks only behind AerCap (NYSE:AER) as the globe’s largest lessor.
2. Saudi Arabia ’s Princes, Businessmen, Officials Arrested in Anti-Graft Drive — Saudi Arabia announced a new wave of arrests of royals and ministers in a Saudi corruption probe. It was orchestrated by Crown Prince Mohammed bin Salman, who’s backed OPEC-led output cuts. The purge also led to the arrest of business billionaire Prince Al-Waleed, whose investment firm Kingdom Holding has big stakes in Citigroup (NYSE:C) and Twitter (NYSE:TWTR).
3. Longest Overbought Streak For S&P 500 Since 2012 — courtesy of BIG, looking further back at the current bull market, there have only been three other periods where the S&P 500 closed at overbought levels for 40 or more trading days. The chart below shows the S&P 500 through the course of the entire bull market dating back to March 2009. As shown, two of those prior streaks occurred within ten trading days of each other when a 45-trading-day streak ended on 11/12/10 and another one began on 12/1/00. In both the one and six months that followed these prior streaks coming to an end, the S&P 500 was up all three times.

4. Democrats Win Big in Elections — Democrats scored a number of closely watched elections last Tuesday, in what some called a referendum on President Trump. Republicans lost races for governorship in Virginia and New Jersey, as well as control of the Washington state Senate. Mayoral races, too, produced a string of Democratic victories, most notably in New York City, where Mayor Bill de Blasio cruised to a second term.
5. U.S. Oil Service Firms Face Big Write-offs as Venezuela Nears Default — As Venezuela teeters on the edge of default, U.S. oil service companies face the prospect of hundreds of millions of dollars in write-offs for overdue payments from the PDVSA state-run oil company. Halliburton (NYSE:HAL), Schlumberger (NYSE:SLB), Weatherford (NYSE:WFT) and Baker Hughes (NYSE:BHGE) all hold outstanding bills and receivables, according to Reuters, which cited the most recent financial reports.
6. High-Yield Bond in Correction — The two largest junk bond ETFs, State Street’s (JNK) and BlackRock’s (HYG), are at their lowest levels in seven months as declines and fresh outflows inject volatility into the asset class. The downward movement has been intensified by lackluster quarterly results by some of the largest high-yield bond issuers, which are often among the biggest holdings of the popular ETFs. With high-yield bonds and the tech-heavy index of Nasdaq 100 stocks moving in tandem for most of their history, a recent breakdown in correlation suggests the selloff gripping junk is set to spread farther.

The week ahead — Economic data from

Week of Nov 3 2017 Weekly Recap & The Week Ahead

November 6th, 2017

“Of course there is always a reason for fluctuations, but the tape does not concern itself with the why or wherefore. It doesn’t go into explanations. I didn’t ask the tape why when I was fourteen, and I don’t ask it today at forty…” – Jesse Livermore

1. GOP Unveils Overhaul the Tax System
— GOP unveils the tax overhaul plan that would reduce the number of income tax brackets, raise the child tax credit and preserve popular retirement savings plans. The GOP aims to permanently lower the corporate tax rate to 20 percent. The House bill would also slash the number of income tax brackets from seven to four: 12 percent, 25 percent, 35 percent and 39.6 percent. The bill is also expected to raise the child tax credit to $1,600 from its current maximum of $1,000. It’s also expected to preserve popular retirement savings plans like 401(k)s and Individual Retirement Accounts. However, the plan would cut a popular mortgage interest deduction in half. While it would maintain the current deduction of $1 million in mortgage debt for current homeowners, that cap would be slashed to $500,000 for newly purchased homes and allow taxpayers to write off up to $10,000 in state and local property taxes.
2. ITC Proposal for 35% Duty on Imported Solar Panels – the U.S. International Trade Commission has recommended the Trump administration impose an import tariff of up to 35% on solar panels to protect U.S. manufacturers. “That’s below the price that people have been hoarding panels for,” said Cowen analyst Jeffrey Osborne. “On the demand side, job cuts won’t be as bad as feared, but on the manufacturing side, job creation won’t be as big.
3. Apple Could Drop Qualcomm Components in Future iPhones — locked in an intensifying legal dispute with Qualcomm (NASDAQ:QCOM), Apple (NASDAQ:AAPL) is designing iPhones and iPads for next year that would jettison the chipmaker’s components, sources told WSJ. Modem chips from Intel (NASDAQ:INTC) and possibly MediaTek would be placed in the devices instead as Qualcomm is reportedly withholding software critical to testing its chips in Apple prototypes.
4. Powell Set to be Trump’s Fed pick Replacing Yellen — President Trump has settled on Fed Governor Jerome Powell as next Fed Chairman, WSJ reports. If confirmed, he would take up the reins at the central bank in February. He is seen as the “safe choice” because he’s not expected to veer drastically from current Fed policy. That would mean gradually raising short-term interest rates in quarter-percentage-point steps through 2020, while slowly shrinking the Fed’s $4.2T balance sheet.
5. Venezuela Seeks to Restructure Debt – Venezuela’s Nicolas Maduro has announced plans to make one final $1.1B principal payment for a bond issued by state-owned oil company PVSDA. The country would then aim for a restructuring and refinancing, although it has few avenues to do so because of U.S. sanctions. Estimates of Venezuela’s total outstanding debt vary, with some analysts putting the figure between $100B-$150B.
6. Weekly Sentiment Survey from AAII – in this latest week’s sentiment survey from AAII, bullish sentiment increased from 39.6% up to 45.1%. That’s the first 40%+ reading in six weeks and the highest level since the first week of January.

Meanwhile, Bearish sentiment dropped nearly 4.5% percentage points to 25.57%.

The week ahead — Economic data from

Week of Oct 27 2017 Weekly Recap & The Week Ahead

October 30th, 2017

“If you take emotion – would be, could be, should be – out of it, and look at what is, and quantify it, I think you have a big advantage over most human beings.” — John Henry

1. Bitcoin Tops $6,100, A New Record High — Bitcoin hit an all-time high of $6,147.07 last week, according to CoinDesk, recording gains of over 500% this year, more than any other tradable asset class. Some are attributing the latest rise to another upcoming split in bitcoin known as a “fork,” which will lead to the creation of a new cryptocurrency called bitcoin gold.
2. Venezuela Missed $586M Debt Payments – Venezuela has now missed $586M in payments tied to the debt of the government, state oil giant PDVSA and utility Electricidad de Caracas, just days before the first of two can’t-miss debt deadlines. “I don’t see how any person who’s involved in Venezuelan debt can be anything except concerned, except for those who have credit default swaps,” said Russ Dallen, managing partner at Caracas Capital Markets.
3. Arbitration Rule Win for Wall Street to Block New Regulations Allowing U.S. Consumers to Sue Their Banks — Vice President Mike Pence cast a tie-breaking Senate vote to block new regulations allowing U.S. consumers to sue their banks, handing a big victory to Wall Street and other big financial institutions. By defeating the rule, Republicans are dismantling a major effort of the Consumer Financial Protection Bureau, the watchdog created by Congress in the aftermath of the financial crisis.

The week ahead — Economic data from

Week of Oct 20 2017 Weekly Recap & The Week Ahead

October 23rd, 2017

“I will not abandon a previous approach whose logic I understand.” — Buffett

1. Qualcomm Hails Big Victory in 5G – Qualcomm’s long march towards 5G is a few steps closer to reality, as the company showcased the first working 5G data connection to a mobile device via its Snapdragon X50 chipset. The demonstration, shown at Qualcomm’s (NASDAQ:QCOM) 4G/5G Summit in Hong Kong, will up the ante against rivals such as Intel (NASDAQ:INTC) and Huawei in the battle for next generation mobile broadband.
2. China Reported GDP Growth for Q3– China’s economy grew at 6.8% in the third quarter year-on-year, slightly below the previous period but still above the government’s full-year target of “around 6.5%.” The figure will likely boost President Xi’s effort to consolidate power at a quin-quennial Communist party leadership transition, where he will seek to install loyalists in key positions.
3. Lawyers Hunt for California Fires’ Ground Zero to Go After PG&E — lawyers are already combing through the destruction to make a case that PG&E Corp. is to blame. Under a legal theory that private property owners are entitled to compensation for damage caused by public services, a state court judge found in June that PG&E was responsible for a 2015 fire in the foothills of the Sierra Nevada mountains that torched 70,000 acres and destroyed more than 500 homes. The utility admitted the culprit was a tree that fell into a power line. The utility has about $800 million in liability insurance for potential losses. Under a worst-case scenario, JPMorgan Chase & Co. estimated the company faces $12 billion of potential gross liability for fires statewide.
4. Healthcare Sector Recovers after Senate Strikes Deal — the healthcare sector recovered from last week drubbing after two U.S. senators reached a bipartisan agreement to shore up Obamacare for two years by reviving federal subsidies for health insurers. President Trump, during comments at the White House, suggested he could get behind the Alexander-Murray plan as a short-term solution.
5. Senate Passes a Budget, Moving the GOP Closer to Tax Reform — Senate Republicans approved a $4 trillion budget measure late last week, taking a crucial step toward their goal of passing a tax plan this year. The resolution, split mostly on party lines, was crafted through a technical amendment of reconciliation, which enables the GOP to pass a tax bill with a simple 51-vote majority in the Senate.
6. Many of the Indices have Formed Bearish Upside “rising wedges” Chart Patterns — courtesy of, the charts below suggesting either stocks must explode higher, or a near-term top was at hand. Obviously, the upward explosion has occurred in this parabolic rally, which typically tends to end badly on a trading basis.

The week ahead — Economic data from

Week of Oct 13 2017 Weekly Recap & The Week Ahead

October 16th, 2017

“If you take emotion – would be, could be, should be – out of it, and look at what is, and quantify it, I think you have a big advantage over most human beings.” — John Henry

1. Honeywell is Looking to Spinoff Subsidiaries — sources indicate that the company is considering a plan to spin non-core assets in a streamlining strategy that could see at least two new publicly listed companies created. The development arrives with hedge fund Third Point applying pressure on the Honeywell board.
2. EPA Pruitt Confirms Withdrawal from Clean Power Plan — EPA Administration Scott Pruitt announced in a speech in the coal mining state of Kentucky last week that “Regulatory power should not be used by any regulatory body to pick winners and losers,”. The Clean Power Plan, which required states to reduce greenhouse gas emissions by one-third by 2030, was blocked by the Supreme Court in February 2016 as it worked its way through the courts. New York state Attorney General Eric Schneiderman says he will sue to stop the repeal, likely one of several lawsuits in what promises to be a broad legal fight from states and environmental groups to preserve the plan.
3. Time Launches Print Cutbacks at Newsweekly, SI, Fortune and Others – Time Inc. (NYSE:TIME) is cutting back on its print – both in circulation and in frequency of key magazine titles – as it intends to cut circulation of the weekly Time magazine by a third to 2M copies. In part this will be done by cutting back on promotional copies and focusing more on an ad-friendly core audience. It will cut circulation for People en Espanol as well. Meanwhile, seven other titles will come out less often, including Sports Illustrated, Entertainment Weekly and Fortune. In 2018, SI will publish 27 issues rather than this year’s 38, but there will be 23% more editorial pages in each, on a weightier paper stock. The moves are effective January 1 2018.
4. Equifax Hack Included Breach of Driver’s License Data — according to the WSJ, driver’s license data for roughly 10.9M Americans were compromised during the cyberattack on Equifax (NYSE:EFX). This news is in addition to the personal information of more than 140M Americans, not all of whom would have had DL information with Equifax. In a separate announcement, the company said a file with 15.2M U.K. consumer records was also part of the breach (roughly double the previous number of those in the U.K. thought to be affected).
5. Trump to Cut Off ACA Subsidies to Health Insurers — the Trump administration says it plans to cut off billions of dollars in payments to health insurers that offset their costs for providing subsidies to consumers. The payments will stop immediately, with no transition period, Acting HHS Secretary Eric Hargan and Centers for Medicare and Medicaid Services Administrator Seema Verma stated. Given the ongoing uncertainty over the payments, many health insurers had dramatically raised the premiums they planned to charge for next year in anticipation of not getting the funds. The move, coming just hours after President Trump signed an executive order that paves the way for a proliferation of pared-down insurance plans for individual buyers, marks the start of what promises to be a long and contentious campaign to unravel the Affordable Care Act. Companies effected include: CNC, MOH, UNH, AET, WCG, CI, HUM, ANTM, GTS, HQY, QHC, HCA, THC, UHS, LPNT, CYH, HCP, SEM.
5. GM Joins List of Automakers Checking Safety in Aluminum Supplier Scandal — Kobe Steel is the largest supplier of aluminum panels for automobiles in Japan, and it has a large share of the global market for forged aluminum pieces used in suspension systems. General Motors (NYSE:GM) said it is checking whether any of its cars contain falsely certified aluminum parts or components sourced from Japan’s Kobe Steel (OTCPK:KBSTF). The company joins a list of Japanese manufacturers involved in scandals over product quality control in recent years. Toyota (NYSE:TM), Nissan (OTCPK:NSANY) and Honda (NYSE:HMC) all said that aluminum from Kobe Steel was used in their car hoods and doors, Subaru (OTCPK:FUJHY) and Mazda (OTCPK:MZDAY) said they believed the aluminum could have been used in car hoods, Mitsubishi Motors (OTCPK:MMTOF) said it used Kobe Steel aluminum in the past and was assessing the situation, and Suzuki (OTCPK:SZKMY) said the aluminum was used in its motorcycles; ~200 companies used the metal in their products. Boeing (NYSE:BA) said it is inspecting its supply chain but “nothing in our review to date leads us to conclude that this issue presents a safety concern.”

The week ahead — Economic data from

Week of Oct 5 2017 Weekly Recap & The Week Ahead

October 7th, 2017

“Take a theory and stick with it. But you also have to be open-minded enough to switch tracks if you feel that your theory has been proven wrong.” — Tony Saliba

1. Puerto Rico Seeking Major U.S. Aid — Puerto Rico will need “tens of billions” of dollars in aid from Washington as it struggles to stabilize a humanitarian crisis in the wake of Hurricane Maria, according to the island’s treasury secretary. The estimate comes as President Trump arrives in San Juan to receive updates on relief and rescue efforts. He will then meet with Governor Ricardo Rossello for a “briefing with senior military personnel.
2. Senate Panel to Hold Hearing on Yahoo Data Breach — the U.S. Senate Commerce Committee plans to hold a hearing later this month over the 2013 massive data breach at Yahoo (NYSE:VZ) after the firm bumped up its estimate for users affected to 3B from 1B. Senator John Thune said he will ask witnesses whether “new information has revealed steps they should have taken earlier, and whether there is potentially more bad news to come.”
3. Holiday Retail Sales Expected to Rise 4% — the National Retail Federation expects holiday sales to increase between 3.6% and 4.0% this year. The forecast is higher than the 3.5% annual growth seen over the past five years. Retailers are expected to hire between 500K and 550K temporary workers this holiday season, down from last year’s total of 575K.
4. ITC (International Trade Commission) Ruling On Washing Machines that Surging Imports are Hurting U.S. Producers — President Trump will have broad leeway to impose a sweeping remedy after an ITC ruling found that surging imports of washing machines from the likes of LG (OTC:LGEAF) and Samsung (OTC:SSNLF) are hurting domestic makers such as Whirlpool (NYSE:WHR). Whirlpool’s “global safeguard” tactic may prompt Trump to issue a sweeping tariff covering many countries, rather than the more focused barriers in typical trade cases. The ITC will hold a public hearing on possible remedies October 19, and will recommend those to President Trump by December 4.
5. Tropical Storm Nate threatens Gulf Oil and Gas — oil markets are wary as Tropical Storm Nate heads for the Gulf of Mexico ahead of a likely U.S. landfall. Nearly 15% of oil production and 6.5% of natural gas output in the U.S. Gulf had been shut as of late last week as operators evacuate offshore facilities in advance of the storm. While energy production may be hampered, most Gulf offshore rigs and platforms, and oil refining and gas processing on the coast, likely will be on the west side of the storm – typically the weaker side;
6. S&P500 Index (SPX) Overbought On a Short-Term Basis — the SPX index is two standard deviations above its 50-day moving average, which typically means it doesn’t get much more overbought than that before at least a pause or pullback develops.

The week ahead — Economic data from

Week of Sept 22 – Sept 30 2017 Weekly Recap & The Week Ahead

September 30th, 2017

There will not be any Weekly Re-Cap for the week of Sept 22 – Sept 30 2017. We are away for some needed R&R.

The staffs at EGS.

Week of Sept 15 2017 Weekly Recap & The Week Ahead

September 18th, 2017

“We’re not going to play a winning hand every day.” John Paulson

1. Q3 GDP to Take a Major Hit from Harvey — Hurricane Harvey is expected to be one of the costliest disasters in postwar U.S. history, and a likely drag on third-quarter economic growth by a full percentage point, Goldman Sachs said in a weekend research note. Meanwhile, Hurricane Irma has knocked out power to nearly 4M homes and businesses in Florida, threatening millions more as it creeps up the state’s west coast. While the storm made landfall as a Category 4, it has weakened to a Category 1.
2. Daimler Next to Jump on EV Bandwagon — Mercedes-Benz will offer electric versions of all its models by 2022, according to parent company Daimler (OTCPK:DDAIF), which said it would similarly convert its Smart city car brand to become fully electric. Also, China is developing a timetable to end gas and diesel auto sales, but it hasn’t delineated a timeframe like the U.K. and France, which will ban the vehicles by 2040. Chinese-owned carmaker Volvo (OTCPK:GELYY) confirmed in July that all its new car models would have an electric motor from 2019.
3. Equifax CEO to Testify before House Panel on Hacking — Equifax (NYSE:EFX) CEO Richard Smith will testify about the company’s massive data breach at an Oct. 3 hearing of the House Subcommittee on Digital Commerce Consumer Protection, according to the committee’s chairman and another member. Since the attack, Symantec’s (NASDAQ:SYMC) LifeLock has seen six times its normal web traffic, and signups per hour are up ten folds.
4. AAII Weekly Sentiment Swing Back in Bull Camp — courtesy of BIG, this week’s survey showed a surge in optimism as the percentage of investors putting themselves in the bullish camp rose from 29.28% up to 41.29%. That’s the largest one-week increase in bullish sentiment since the end of April and the highest weekly print since January.

From last week’s level of 34.98%, bearish sentiment cratered to 21.97%. The last time bearish sentiment was this low was in early April.

5. China Moves to Halt Exchange Bitcoin — Chinese policy makers will move quickly on a previously reported plan to end exchange trading, their most far-reaching measure to rein in the growth of cryptocurrencies. China’s crackdown, which includes a ban on initial coin offerings announced last week, has fueled an abrupt reversal in bitcoin after the digital currency soared more than 700 percent in the 12 months through August. BTC China, one of the country’s largest cryptocurrency venues, said it would stop handling trades by month-end.

The week ahead — Economic data from

Week of Sept 8 2017 Weekly Recap & The Week Ahead

September 11th, 2017

“To finish first, first you need to finish.” — Warren Buffetts

1. Houston Employers Business & Valero Refineries Reopen — Houston large employers, universities and transit centers reopened Tuesday following the devastation of Hurricane Harvey, which flooded the Houston area and killed at least 60 people after making landfall Aug. 25. In more moves toward recovery, some barge traffic has resumed to the large oil refinery in Port Arthur, Texas. In addition, Valero Energy says its 293K bbl/day Corpus Christi refinery and 225K bbl/day Texas City refinery, both shut down by Hurricane Harvey, have recovered to pre-hurricane levels of operation.
2. Powerful Hurricane Irma Strikes Florida — traders are bracing for another hurricane to hit the U.S., as Hurricane Irma has strengthened into one of the most powerful storms ever recorded over the Atlantic Ocean. Shares of insurers already coping with damage from Hurricane Harvey and re-insurers providing insurance companies with backup protection against major disasters ended last week ’s trading with sharp losses. Reinsurer Everest Re (NYSE:RE) fell nearly 7%, making it the biggest loser on the S&P 500, and XL Group (NYSE:XL) slumped 5.8%. November orange juice futures soared 6.2% to $1.45 per pound, the highest for a most actively traded contract since May 2016. Cruise ship companies that operate in the Caribbean, including Royal Caribbean (NYSE:RCL) and Carnival (NYSE:CCL), also fell sharply.
3. Trump’s Move to End “Dreamers” Program – President Trump revoked the so-called “Dreamer” program that shields young unauthorized immigrants from deportation, giving Congress six months to draft a legal path for amnesty. As early as March 2018, some of the 800,000 young adults brought to the U.S. illegally as children who qualify for the DACA program – Deferred Action for Childhood Arrivals – would become eligible for deportation without a congressional fix. In reaction, a wide range of business leaders – including JPMorgan Chase’s (NYSE:JPM) Jamie Dimon, Facebook’s (NASDAQ:FB) Mark Zuckerberg, Apple’s (NASDAQ:AAPL) Tim Cook, Google’s (NASDAQ:GOOG) Sundar Pichai and Cummins’s (NYSE:CMI) condemned the decision.
4. Senate Passes Bill for Debt Ceiling & Approved More than $15B in Aid Funding for Hurricanes Harvey and Irma — the Senate has approved more than $15B in aid funding for Hurricanes Harvey and Irma, attached to a debt ceiling extension and temporary government funding, by a vote of 80-17. If the House passes the bill and President Trump signs it, Congress will knock out an end-of-September deadline to raise the debt limit and avoid risking a default or government shutdown.
5. Florida Braces for Hurricane Irma — Miami is preparing for its largest evacuation in more than a decade as Hurricane Irma threatens to turn into the most expensive storm in U.S. history. U.S. orange juice and sugar futures are rallying on the news, as well as home improvement retailers like Home Depot (NYSE:HD) and Lowe’s (NYSE:LOW), while insurers including Progressive (NYSE:PGR) and Allstate (NYSE:ALL) have stopped issuing policies in some Florida counties. The property and casualty players and the reinsurers have suffered in the wake of Harvey and ahead of Irma. Those with heavy Florida exposure are being hit the hardest: HCI Group (HCI -9.5%), Universal Insurance (UVE -10.2%), United Insurance (UIHC -8.1%). Others: Travelers (TRV -2.2%), Allstate (ALL -1.5%), Chubb (CB -1.4%), Cincinnati Financial (CINF -1.8%), Progressive (PGR -1.7%), Alleghany (Y -2.6%).

The week ahead — Economic data from

November 2017
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