Friday’s report showing a 0.6% rise in December retail spending was solid. While retail sales grew just 3.3% in CY16 and department store sales fell 5.6%, it’s because internet sales jumped 1.3% in December and 11.4% in CY16! Bears point to December sales rising a disappointing 0.2% excluding autos, but autos accounts for 20% of retail sales! Job growth is solid, wages are rising and consumer confidence is high.