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b"Record Highs in the Markets
\\nThis is the last day of the third quarter; S&P 500 and NASDAQ ended at record highs. \\xa0I am not sure what made the Dow miss an all-time record - it was close but no cigar. \\xa0Other broader measures did hit record highs to close out the quarter, in fact, Donald Trump was tweeting about the record highs in the stock market earlier this morning. \\xa0Of course, when we were having record highs under Obama, it was a bubble and it didn't matter, but now that it is his bubble, it's now a bull market and it simply shows what a great job he is doing as President.
\\nWeak Dollar Boosts International Markets
\\nOf course, U.S stock markets were overshadowed by international markets, thanks in large part to the weakness in the U.S. dollar. The dollar did recover some of its losses in this closing week of the quarter (I believe, again, a bit of a dead cat bounce). \\xa0I think the dollar is going to have its weakest quarter of the year in the fourth quarter, so we'll see if I'm right on that. But even with a little bit of a bounce, the dollar index back up to\\xa093.o7. Despite that, foreign markets still well out-performed the U.S. stock markets in Q3 as did gold stocks. \\xa0If you bought gold stocks, they did better than the S&P in Q3.
\\nGold Seeking Key Level
\\nI think the divergence between the gold stocks and the S&P is going to accelerate in Q4. \\xa0Obviously 1300 was not really the breakout; gold got all the way up to $1350 before turning back, and it's now back below $1300; it was off another few bucks today. So I think maybe $1300 wasn't the key level. \\xa0It's probably $1350 or higher before we get the breakout. \\xa0I think we're at $1280 right now.
\\nPersonal Income and Spending Weak
\\nMore bad economic news: the big number was personal income and spending. \\xa0It met expectations, relatively, except they did revise July down. \\xa0It was originally reported at +1.4% and they revised it to +1.3%, so, weaker than they had originally reported. \\xa0For August it was up .2% and consumer spending was up .1%. \\xa0Last month's +.3 was unrevised but this month met expectations of +.1% and these are low numbers
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