PIVOTAL EVENTS NOVEMBER 17, 2016 BOB HOYE. Trump Victory Signals End of The Green Age Bloomberg, November 9.

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1 PIVOTAL EVENTS NOVEMBER 17, 2016 BOB HOYE Signs of The Times Trump Victory Signals End of The Green Age Bloomberg, November 9. World Biggest Wind Turbine Maker Sinks After Trump Victory Bloomberg, November 9. Democrat s Face a Power Outage in Washington And an Identity Crisis Washington Post, November 10. Professional Protestors Riot over Trump s Election Bloomberg, November 11. We ll Need to Educate Trump that Solar Energy is a Business and not a Political Issue Bloomberg, November 11. Tolerant' Educators Exile Trump voters From Campus US Today, November 14. Populism Takes Over the World Bloomberg, November out of 10 voters do not believe the news media are honest and truthful. News Busters, November 15. Perspective The ultimate in chagrin must be a Democrat strategist calling for We have to install the playbook of the Tea Party. That was after years of both parties condemning the Tea Party. As we have been noting, it is not every day that you see the end of a hundred-year trend. As in authoritarian government. Had the election gone for Clinton and the establishment, PIVOTAL EVENTS NOVEMBER 17, 2016

2 the corruption would have not just become more widespread it would have become more entrenched. Perhaps leading to something more violent than a constructive uprising. As exciting as it is, there are market forces to review. One of the noteworthy ones is the rally in the coal sector. BTU jumped from a base at the 1.60 level on October 17 to on November 9th. This has been accompanied by a plunge in the price of Treasuries and a firming dollar. On the reform side, it has only just started. * * * * * Stock Markets Quite likely, the good news from the election is in the market. The even better actual changes in policy will take longer to be implemented. And it will take even more time for lower-tax rates and pipeline-approvals, for example, to become materially effective. So on the plus side, the transition to the new administration will generate some good news days. In the meantime, we will continue to focus on developments in the credit markets. The initial phase of curve steepening would be positive for the banks. And it has been with the BKX on its rally to the 73 level on November 7th. The jump to is impressive and likely relates to getting rid of Dodd-Frank intrusions. The other propellant was a sharp spike in steepening. D-F is in the market. Also the curve will have to correct the thrust, which will be a near-term negative. Besides that correcting force, the Daily RSI is up to 83, which is the highest in a decade. KOL, which has been outstanding since the disaster down to 5 in January. The high was on November 9th, with the Weekly RSI getting up to 88. It's the highest forever. However the main technical is that action has generated Upside Exhaustions and Sequential Sells. The rollover is becoming overdue. On the broad market, the NYA set its high for the year at in early September. The decline spent a month below the 20-Week ema, setting a low at two weeks ago. So far the high has been There is considerable resistance at the level. The 2015 high was * * * * * PIVOTAL EVENTS NOVEMBER 17,

3 Notice This morning the computer god hurled a lightning bolt, which would make him Zeus, and it wiped out three-quarters of this week s Pivot. Microsoft technicians are unable to retrieve it and with such wild markets, an attempt to re-write it won t be made. The technician is confident that the problem has been fixed, so our spirits will be settled enough to get back to it early in the week. There is an important birthday party on Saturday and family are beginning to arrive. The main thing is that whatever financial pressures that developed were likely to clear in November. There has been serious declines in many bond prices. The long Treasury is oversold. Base metals have shot up in price. This is discounting America s return to greatness and the return of the old manufacturing economy. While welcome, both could take some time. Along with spiking metal prices, there has been some extraordinary straight ups for the marijuana sector and for the Dry Shipping company (DRYS). Altogether it could be another silly season whereby anything can happen. The one in in April-May 1996 included the Bre-X gold promotion and scandal. Because they can be so exciting silly seasons don t last long. Some caution is being suggested by the US dollar breaking above major resistance. The DX is at and the key high was in February That was with the Weekly RSI and other technicals at extremely overbought. This rise is not overbought. Also, the gold/silver ratio is close to breaking out. It looks like the news-driven burst of excitement is close to running its course. * * * * * Ampersand I did not expect a crop of so sudden and rank growth of fraud and open opposition could have grown up in the U.S. Five weeks more [until my term finishes] will relieve me from a drudgery to which I am no longer equal. President Thomas Jefferson. BOB HOYE, INSTITUTIONAL ADVISORS bhoye.institutionaladvisors@telus.net WEBSITE: Listen to the Bob Hoye Podcast every Friday afternoon at TalkDigitalNetwork.com PIVOTAL EVENTS NOVEMBER 17,

4 European Long Bonds These were Century bonds with a term of 100 years. Four Times Oversubscribed. Draghi would do Whatever it takes to force interest rates down. Note the peak with US Treasuries in July. PIVOTAL EVENTS NOVEMBER 17,

5 Nomenklatura Doing Well! Graphic illustration of the impetus behind a popular uprising. They have been happening since dynastic changes in Ancient Egypt. In the Middle Ages they were called peasant bread riots. PIVOTAL EVENTS NOVEMBER 17,

6 Dry Ships Inc. The stock has a tendency to recover into a massive short squeeze. And then collapse. This one has been spectacular. PIVOTAL EVENTS NOVEMBER 17,

7 Steel Bar Prices PIVOTAL EVENTS NOVEMBER 17,

8 Copper COT Numbers Out of the ballpark! Copper Price Sequential(13) Sell. PIVOTAL EVENTS NOVEMBER 17,

9 Iron Ore Price Sequential (13) Sell. PIVOTAL EVENTS NOVEMBER 17,

5 billion tons of ice per day since the first of September.

10 Greenland Blowing Away All Records For Ice Growth Posted on November 14, 2016 by tonyheller Greenland s surface has been gaining about 3.5 billion tons of ice per day since the first of September. This is about 50% above normal. This is occurring just as global land temperatures are cooling at a record rate. PIVOTAL EVENTS NOVEMBER 17,

Statement by President Trump on the Paris Climate Accord

DOCUMENT Statement by President Trump on the Paris Climate Accord June 1 st. 2017 Rose Garden 3:32 P.M. EDT The President: Thank you very much. (Applause.) Thank you. I would like to begin by addressing