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Wall Street Wrap

The overall market just didn't indicate much of a direction this week. The SPY (ETF that tracks the S&P 500) opened and closed within last week's open and close. 

For the week, the S&P 500 fell 0.2% while the Dow and Nasdaq each inched 0.1% higher and the Russell 2000 finished flat. The two-year U.S. Treasury yield closed the week at 2.60% and the 10-year finished at 2.75%.



Housing weakness is a cause for concern. Keep your eye on this (I found the report on Seeking Alpha). This may signal trouble in both economic growth and the markets. (What I like about Seeking Alpha is their very comprehensive and flexible system for email alerts. I even get my broker's articles via this system.) 








Good news: U.S. will become net energy exporter in 2020s. The EIA released its Annual Energy Outlook for 2019, which includes projections out to 2050. Some of the key takeaways include the projection that the U.S. will become a net energy exporter in the 2020s, due to surging natural gas and oil production. The U.S. has been a net energy importer since 1953.

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What happened when a Trump Supporter Challenged Me About the Wall

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After Thursday and Friday, it might seem the markets are down, but the weekly numbers tell a different story, with the three major indices up for the week. The Nasdaq, with its tech exposure, had the smallest increase. The tech sector is obviously under recent pressure. 

IndexNov 2Nov 9+/-%S&P 5002,723.062,781.01+ 57.95+ 2.12%Nasdaq7,356.997,406.90+ 49.91+ 0.67%DOW 3025,270.8325,989.30+ 718.47+ 2.84%
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The weekly chart of the SPY still indicates a long position in the broader market. (The blue line is the 34-week moving average; the red is the 13-week moving average).

















While the U.S. economy still seems to be just fine from most reports, investors seemed to worry about a couple of things on Thursday and Friday: 1) The Eurozone, 2) trade with China, and 3) the Fed and interest rates. Another topic of interest has been oil. 

First, it seems that the Fed has really not indicated …

U.S. Top Oil Producer, Thanks to Obama

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The U.S. is now the largest oil producer in the world, according to the EIA, producing some 15 million BOE per day, surpassing Russia and Saudi Arabia. (Remember back when Jimmy Carter said in 1979 the answer to our energy problems was to wear a warmer sweater...but you probably don't. He actually said this on national TV).

The United States is the top oil-producing country in the world, with an average of 14.86 million b/d, which accounts for 15.3% of the world's production. This is down from 15.12 million b/d in 2015, but it was enough to land the United States in the No. 1 spot, which it has held for the past four years running. (Source: Investopedia.)

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Former President Barack Obama sure l…