Last week, for the first time in a while, we saw earnings take a back seat to politics. While earnings have been great lately, we are still searching for some bright spots amid this political uncertainty. One area we have a good feeling about is energy. Energy beat expectations by 71% on earnings and over 74% on revenue. Earnings are up 152% from this point last year. Also, the uncertainty abroad is helping our local energy producers. Our energy exports are up over 500%. These uncertainties, that usually provide dark clouds, have shaped out to be positive.
We have a loaded week of information that consists of inflation, manufacturing, retail sales and housing numbers. Economic reports have been great, but because of the uncertainty in D.C., good reports are almost a must. We are heading into the holiday season which is important because, as we have discussed numerous times, the consumer makes up 70% of our economy. If we see retail sales and consumer confidence go up we could have a good indication of how next quarter can do.
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