[ music playing thursday and today we are taking you back with the top songs of 2017. This is decpacito and i did read it. I must apologize for that i know this next Market Information pretty much off by heart, the dow is hire by about 30 points s p up by half napgs up by 7. 6 points yesterday we had very slight gains. Volume wasnt terrible, 65 to 70 of the 50day moving average a. Little high than you might expect on this holidayshortened week for the quarter we look for the month around the quarter looking strong still despite softness in the last couple trading sessions. Lets have a look at the tenyear treasury note, Consumer Confidence slightly disappoint it wasnt the yield cup flattened again or anything like that the yen is going on. Yesterday, we saw the footsie december out performance compared to the other two indices. Its up 4 for the month of december its playing catch up to the main indices in europe, which have double returns, for the year the footsie 100 does not. Ill prices broke a fiveday win streak they slipped today still looking pretty nice overall up near 60 for the price this morning 59. 74 lets have a look at the dollar board,story metals board as well as we discuss copper coming up as we mentioned on a fantastic run. 16 straight session, looking at 17 now, up another half a percent. Well be discussing reasons behind that move coming up. Jean sanchez, a contributor, good morning to you. Good morning. Thank you so much for joining me as we look at whether its the month of december that caught the Fourth Quarter of the year, markets looking very proud for 2017 yes, it would seem there is a proud smugness for the year. It sets up for 2018. There is a few things we are looking at one is we think equity markets ran high and fast, largely on the back of expectations of the tax reform, which have come through. So now the question is, what does that do we think the effects arent going to be quite as immediate as people hoechltd there might be some stability effects, they will be really, really brief t. Fact of the matter is earnings are largely starting to flow we have peaked out we are going to be looking at harder and harder comp as we go into 2018. So i think it will be a challengeing year for u. S. Equity we do think there are other opportunities in the world. Lets touch on that tax reform impact. We have seen some Companies Announce a pay rise, whether its some of the banks, wells fargo and bank of perk will we see that meaningful impact on the economy, or will we just see a translation effect in terms of eps growth based on local Corporate Tax rate i think a lot of what we heard in headlines was gimmickry. There wasnt a lot that will result in meaningful longterm wage growth. You were talking about largely onetime bo fusses the announcements of hikes in minimum wages, for example, those affected such a small percentage of the actual, if you sort of broke it down, every single one of those announcements was a gimmick. Its hard to take those seriously, at the end of the day, we have look at what is going to ultimately increase purchasing power by consumers, we have to see sort of how that rolls out. Because this tax bill, although it was meant to simplify the system is still as complex as ever so we do actually think while there could be a modest stimulusesque it will be a brief one. You pensioned, therefore, not too much on u. S. Equity, lets talk about opportunities for next year, emerging markets is one of them . We definitely see opportunities in emerging markets. You mentioned for example europe had a great year, a double digit year so did double digit markets. Weve gotten out of that trade emerging marks, were seek increases in global trade volumes, and its going to be broader than sort of a coin tech story which is largely what was driving that story in 2017 in 2018, we think it starts to become driven more by the trade story. So its going to be the indonesias, the malaysia the exporters of the world so we do actuallity there is still some juice to be had left in that trade. We seen a decent run of oil up close to 66 a barrel for wti. Can that hold going into next year so i see a year of two halfs for oil in 2018. We see a bullish half and probably the second half where we give barklagely because i think a lot will be driven by aude saudi aramco, the need to keep prices up going into the ipo. However, once that passes, you are probably going to see shale players continuing to get into the market throughout the year and all tow demand will rise over the year, were expecting a flat year. Were expecting 59 at the end of 2018, which is largely where we are now so while we do think it will be a roller coaster of a ride, it will probably end flat but for the moment, we are bullish. Thank you for joining me this morning. Turning to the broader commodities picture after discussing copper we said was up very nicely, indeed. 16 sessions in a row its poised oend the year up 39 . There is the full years chart for you now. So a big run early summary big run in october and then a big run in december joining me on the cnbc line, henry sam youllson. Good morning now lets just talk about this run as i mentioned, october with the big moves. Was the reason the same throughout the year . Im not sure we have henry there. We will get back to discussing copper in just a moment. I have a feeling falling supplies, so well discuss that, a little later in the show making headlines, an outage hits disney leaving some parkgoers stranded on rides. Ki see you im not strand on a ride him we had a problem in disneyland the lights are back on t. Power has been restored at disneyland in anaheim, california t. Park suffered a power outage due to an issue with the resort transformer, causing havoc at the park guests were escorted off ride. No injuries were reported t. Outage started about 11 00 a. M. With a hands of attractions down at 4 00 p. M. They tweeted. Updates to follow t. 85acre theme park averages about 44,000 visitors a day and holiday weeks are, of course, among some of the busiest times of years some of these were christmas gifts. No injuries, everyone is okay. Landon, thank you very much for that apple giving ceo tim cook and executives a big pay boost after the top annual sales for fiscal year 2017. The annual proxy filing shows compensation jumped to 12. 8 million. Thats the largest bump among the five executives listed still ahead, focus on the fed, what you can expect from policymakers in the year. Later, President Trump talking up this years big market gains during his trip to florida well have more of his cmes omnt from World Wide Exchange when we return your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Welcome back to World Exchange copper up in 16 straight sessions henry, good morning to you good morning. So we seen a big rally throughout the year and three rallies early summer, okay, december t. Reason behind those three separate runs, is it the same main reason and what is it . Yes, its a greatest confidence in global growth, growth about china and chinas economy and the supply disruptions that happened in the first half of year that sort of fed through for the price and the second half of the year, we had the biggest copper mine in the year in chili. Those factors have come together to boost corner in the second half of the year this china demand story, is it as simple as a big infrastructure, China Investment boom we had for many years since 2008 or is this something more nuance, something more refined that has legs on snit. So basically, it is the infrastructure, they put credit towards infrastructure, also a growing demand for copper, infrastructure for electric vehicles china has ambitious plans for electric vehicles. They need to Start Building out their infrastructure and power, they want to integrate more and more Renewable Energy. The coppers seen demand from new sectors. In terms of supplies remind us the big country supplies and with it the companies that control that supply. Chili is the worlds biggest copper supplyer, the biggest copper producer in the world there are other private companies, that owns a mine which had the strike and peru is another copper producer. Next year, there is a whole series of labor negotiations for new contracts. People are worried next year about supply disruption as we see demands taking off, electric vehicles, Renewable Energy infrastructure, next year, people are quite excited about copper thank you, copper up 60, 70th session in a row up some 32 lets talk more about broader markets, Larry Mcdonald at acg analytic, editor and an msnbc contributor. Good morning to you. Are you long commodities, whether its oil or copper, do you think they can continue good run theyve seen recently . Have well the biggest under performer. I think the best surprise commodity for next year will be natural gas, Companies Like schenneer, your previous guest brought up ricely, china is at a 340,000 sales in the Fourth Quarter. 340,000. That itself up from 30,000 five years ago so are you talking about a situation where uranium, nuclear power, natural gas, globally are going to be in high demand in 2018 thats where i think you will see the big winners. So in terms of the extending that a bit further, do you think the u. S. Is close to being a significant exporter of these times of things and what does that mean for the sort of Global Supply of both oil and natural gas . Well, thats the big thing t. Price disconnect between say europe, Eastern Europe and asia and the u. S. For natural gas is minds boggling, considering how cheap it is here and as we export more, that will normalize and fornuclear power the u. S. Really has a technolodge cam advantage, but the big play there is your rainium and really china needs between electric vehicles and the demand for Bitcoin Energy production 40 of bitcoin globally, the demand comes from asia and between those two things, china needs at least 10 to 20 new power plants in the next twotothree years. So thats where i see the big swing demands. Broadening things out, larry, in terms of fedex peckations for next year, are you expecting more hikes in the market or less i think near term more, goldman is at four and thats a high. Thats a pretty high bar but in the near term the Global Economy and the pickup globally, feedback, back to the United States and gdp is really going to shock the fed in the first half of the year so we will see them pick up and then that will probably create some type of midyear problem for markets and theyll have to back off the path. Larry, to round things off in terms of gold prices, what do you expect there for next year well, gold is, the dollar is weakening. The dollar yesterday broke a very important uptrend that started in the fall. So thats good for gold. Nearterm, if you i expect, we expect in the First Quarter a draw down of bit copy. Thats good for gold some First Quarter gold miners should do very, very well and the last four years, from december into the First Quarter, gold miners performed 30 to 1 hchl because of that Fourth Quarter capitulation of the gold miners we seen every year for the last four years seasonably, i think are you set up good for the gold miners. We are down for bitcoin 13 in the last day or so are you saying you expect to further draw down coming up . To what extent well, in 2017, we hit the 100day move, average twice. Thats normal trading process for any, for really any trading mechanism and that right now the average is down 7500 so that would be normal. We should see something maybe between the hundred and 200day. That would be pretty significant. That will happen i think in the next 90 days or so pretty sharp follow on capitulation in bitcoin. Larry, thanks so much for joining me this morning, Larry Mcdonald there there you are welcome. Throughout the show, we are looking into the future to find out what is in store for the new year lets get the playbook for the hedge fund industry. [ music playing new sources of activism and environment social governance are key reasons for the activism if 2018 may build upon key trends from this year remember first, new sources of activism the activism expect more nonactivism investors to push for changes with large stakes, that comes son the heels of whole foods and shaws campaign of at t earlier this year. Second, retailer investors, from iconic, to adp, activist investors are not afraid of big companies, they found ways to reach individual investors, mini player devices to iconic ads in the local cincinnati newspaper and Pershing Square held video webcasts during its fight with adp. Not every activist warn, but the strategy is likely to catch on with other strategists in the next year, usg or environmental social and govern fans, they demand they bring more nominees that can help diversify the board and make it a force for good that was cnbcs leslie picker reporting t. Big agenda items wall street needs to watch in the year we are break out your political playbook when we come back whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley welcome back. In political news, the irs says homeowners may be able deduction their state and local property taxes if and only if they were assessed and pre paid before the end of this year, the irs cautions pre payment of anticipated property taxes will not be deductible. It comes a week after President Trump signed a sweeping tax bill into law speaking about the topic of politics, trump cheering a record market rally visiting firefighters in florida. We have a record and we are proud of that thats one of the reasons the stockmarkets jumped at a record level its a record level. Weve broken 84 times this year the stockmarket hit a new high, 84 times since we won the election in november 8th of last year so thats something we can all be proud of. The president is at his florida home on a working vacation he will return to walk in the new year lets bring in cnbcs john harwood. John, before we come to predictions, expectation, et cetera, for 2018, in terms of a review, his Approval Rating is very much not responding to those stockmarket highs he likes to touch on. But they have picked up a tiny bit recently yes, but the president has been stuck by low 40 for quite some time. Thats because of behavior that has nothing to do with the state of the commitment its about how he talks the fights he engages in, the people he expresses sympathy for and those he goes after. But look, the president has a right politics is a resultsoriented business to talk about the solid performance of the economy and the stockmarket. In context the stockmarket has been going up for a very long time, since march of 2009 when it hit a low during the Great Recession and under president obama, it more than doubled. Thats continued and there certainly seems to be a little bit more kick in the animal spirits since the president came in promising tax cuts and deregulation and hes going to take credit for that and for good reason. But as everybody has noted, stockmarkets go up, they also go down, then youve got to take care of, take credit for that as well john, as we head into the start of the new year what do you expect tok to be cop of the trump and the republican agenda . And how much do you feel they have to achieve in the early part of the year to be in solid footing going into the 2018 midterms . Well the footing is very treacherous for republicans, when you look both at the ratings for President Trump and for republicans, you look at the gen eric ballot polling which tests how people are feeling about, do they want a Democratic Congress or a Republican Congress very strongly in the direction of the Democratic Congress now its not clear what they can get passed, actually, though in terms of the legislative agenda going forward. Taxes was the item that republicans finds most easy to Reach Agreement n. But beyond that, youve got issues like infrastructure what is the agreement on infrastructure republicans, given the fact that deficits are coming back in very large numbers, we are on track to have a trillion dollar deficit in the fiscal year 2019. Are republicans going to rally around big outlays for infrastructure i dont think so are democrats going to buy into a Republican Program of modest Infrastructure Spending . I dont think so not after whats happened on taxes. So i think if the republicans keep the government opened, which is a challenge theyve got to meet in january, if they get some sort of resolution on deferred action the socalled dreamers, if they do something to stabilize the Obamacare Mark places that will be about as much as they can accomplish in the near term. John, great stuff thank you very much. Still ahead here on World Wide Exchange, a round of the headlines and a check on the global markets, buting, tech check, what to expect from the stockings in the new year . We are back in a couple [ music playing [ music playing. You cant predict the market. Ying. But through good times and bad. At t. Rowe price. Weve helped our investors stay confident for over 75 years. Call us or your advis