As stock market bears puff out their chest on this week's modest pullback, here are a few cartoons with brief commentary reviewing the last six weeks of truly bullish economic data (outside the bearish news in the truly troubled oil patch).
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1. Trumpcare vs. Obamacare
House Republicans said a Thursday meeting with President Trump hadn't yet resulted in a deal on legislation to repeal and replace the Affordable Care Act. We think the dire warnings that this alone should puncture the stock market rally are overdone.
2. Fracking Americans!
In the past month, oil prices are down, -12.8%. Why? U.S. oil production has been ramping up just as OPEC has been trying to cut production. "US producers have added 102 new oil rigs since OPEC implemented oil production cuts," writes Senior Energy Policy analyst Joe McMonigle. "That's up 14 operating rigs on the week to 631. This is versus just 387 rigs a year ago."
3. Not Magic Beans...
The U.S. economy is growing, accelerating alongside corporate earnings and inflation. Speaking of data, as we wrote recently, the Consumer Price Index (CPI) and Retail Sales are at or near five year highs.
4. Consumer Confidence
Talk about a growth spurt! U.S. consumer confidence hit a 15-year high earlier this week as post-Election Day euphoria grips the country.
5. Poo Bear
Even with this week's modest "correction," stock market bears are really stepping in it so far in 2017. This week stock indices are down between -0.6% and -1.5% but up as much as +7% year-to-date.
6. Not So Volatile
Even with this week's spike, stock market volatility has been hovering near all-time lows.
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