is broken to the upside — “one decent day of gains” — the index would confirm the breakout (when prices pass through an area of resistance). The S&P 500 closed Tuesday at 2,995.68.
He’s in an optimistic mood due to progress in China-U.S. trade talks, as well as expectations of a third rate cut in a row from the Fed at the end of the month. With expectations for earnings so low, the market could be in for some upside surprises, he adds.
If one of the 12 Democrats on the debate stage on Tuesday night enters the Oval Office next year, expect the issue of carbon taxes to get back on the agenda. According to this fascinating chart from BNP Paribas, that’s what would be needed to get the U.S. to be more productive in an environmental sense. The U.S. doesn’t just have low carbon taxes (think, the super-cheap gasoline relative to the rest of the world), it’s among the least productive in carbon productivity, defined here as emissions per unit of GDP produced.
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