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November 2017 Issue |
December 2017

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Industrial Production

Recent data on U.S. industrial production indicates a return to growth, growing 0.3% in September, as opposed to August, during which time industrial production declined by almost 1%. U.S. corporate earnings are, by and large, at or better than expected levels, helping to fuel the markets as well as expectations for hiring and cap-ex spending.

U.S. & World Equity Indexes; 8/31/17; YTD Return S&P 500; 2,519; 12.50% Dow Jones Industrials; 22,405; 13.40% NASDAQ Composite; 6,495; 20.70% Shanghai Composite (China); 3,348; 7.90% S&P BSE Sensex (India); 32,607; 22.50% Nikkei Stock Avg (Japan); 21,805; 14.10% CAC 40 (France); 5,394; 11.00% DAX (Germany); 13,013; 13.30% FTSE 100 (U.K.); 7,526; 5.40%
Selected Interest Rates; 8/31/17; 7/31/17 15-Year Mortgage; 3.19%; 3.12% 30-Year Mortgage; 3.88%; 3.82% 5-Year Treasury Bond; 2.05%; 1.70% 10-Year Treasury Bond; 2.42%; 2.12% 30-Year Treasury Bond; 2.92%; 2.73%
Key Economic Statistics; Most Recent; Prior Month National Producer Price Index; 0.40%; 0.20% Consumer Price Index; 0.50%; 0.40% Unemployment Rate; 4.20%; 4.40% ISM Manufacturing Index; 60.80; 58.80 ISM Services Index; 59.80; 55.30 Change in Non-Farm Payroll Emp.; -33,000; 156,000 New York State Consumer Price Index - NY, NJ, CT; 0.50%; 0.20% Unemployment Rate; 4.90%; 4.80% NYS Index of Coincident Indicators; 3.10%; 3.10%

GDP

The equity markets continue to advance on the prospect of stronger economic activity, moderate inflation, the potential of tax cuts, and stronger consumer sentiment. The second quarter GDP estimate was revised up to 3.1%, besting the first quarter by more than 1%. The Federal Reserve is data-driven in its plan to normalize shortterm interest rates and reduce the size of its balance sheet over the next five years.

Forté Capital's Proprietary Bullish Neutral Bearish Market Risk Barometer 10 9 8 7 6 5 4 3 2 1 Market Valuation Monetary Environment Investor Psychology Internal Market Technicals Overall Short-Term Outlook; 4.28 Overall Long-Term Outlook; 3.99; As of 9/30/17 4 3 4 5 Most Prior Key Economic
Equity Market Statistics; 8/31/17; 7/31/17 Dow Jones Industrials Dividend Yield; 2.37%; 2.38% Price/Earnings (12 Mth Trailing); 19.96; 19.64 Price/Earnings (Projected); 18.48; 18.19 S&P 500 Index; 8/31/17; 7/31/17 Dividend Yield; 1.98%; 2.01% Price/Earnings (12 Mth Trailing); 23.30; 23.56 Price/Earnings (Projected); 17.89; 18.06

The information herein was obtained from various sources believed to be accurate; however, Forté Capital does not guarantee its accuracy or completeness. This report was prepared for general information purposes only. Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities, options, or futures contracts. Forté Capital’s Proprietary Market Risk Barometer is a summary of 30 indicators and is copyrighted by Forté Capital LLC. For further information, visit www.fortecaptial.com, send a message to info@forte-capital.com, or call 866-586-8100 and ask for David W. Henion, CPA, or Larry H. Rabinowitz, CPA/PFS.

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