The economic calendar is a big one, compressed into a holiday-shortened week. There are no reports scheduled for Tuesday, and I have a suspicion that the A-Teams may be a bit slow in returning to work. With the big news coming at week’s end, and the need for fresh copy on Tuesday I expect the punditry to be asking:

What should we worry about it 2018?

Last Week Recap

In the last edition of WTWA I speculated that the collected punditry, mostly the B teams, would be trying to sort out the impacts of the tax law. That was indeed the main story, but there was more speculation than substance on the tax bill impacts.

The Story in One Chart

I always start my personal review of the week by looking at a great chart. I especially like the Doug Short design with Jill Mislinski updates and commentary. You can see many important features in a single look. She takes special note of the absence of Santa Claus. The entire post is well worth reading for the collection of charts and analytical observations.

Once again, the trading range for the week was a fraction of a percent. The heavy volume in Friday’s late decline was the only notable move of the week. During Tuesday’s trading Art Cashin, in his regular appearance from the NYSE floor, quipped that coming in that day was a “waste of carfare and a clean shirt.” You could say much the same for the rest of the week.

The News

Each week I break down events into good and bad. For our purposes, “good” has two components. The news must be market friendly and better than expectations. I avoid using my personal preferences in evaluating news – and you should, too!

The economic news was very light, mixed, and mostly ignored.