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The call for this week
By: Jeffrey Saut | November 13, 2017

A point of parliamentary procedure

Again as written in Barron’s, “A Wellington Shields report notes that the records come with a surprisingly few stocks advancing. Last Tuesday’s new high in the Dow came with fewer than half the components participating. The NASDAQ likewise hit an all-time record with fewer than 30% of [its] stocks rising.” Ladies and gentlemen, there is a reason for that. For the last three years 28% of the S&P 500’s 27.2% return has come from the FAANG stocks (Chart 6). If you did not own the FAANGs you have been underperforming. It’s option expiration week so traders will try for new highs. If they fail to achieve that, traders/investors should be alert for signs that a trading top has occurred, or is forming. As we write at 5:30 a.m. the preopening S&P 500 futures are down 3.25 points despite DJT’s successful Asian sojourn.

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