Spurred by Democrat proposals for a $1 Trillion infrastructure spending bill, stocks took the high road, with the S&P 500 and NASDAQ each making new all-time highs. As has been the case of late, the Dow Industrials proved the laggards, not making new highs, but once again closing in on the mythical 20,000 level.
The Dow is now in a trading rut that happens to be the longest, smallest trading range since 1990. That's a long time, so it's going to break one way or the other. Tomorrow may prove to be the day it goes over 20,000, or not. As long as President Trump and congress continue to lay groundwork on a vast variety of programs and possible legislative agendas, the stock markets (which, as we've been told, hate uncertainty) will likely continue to bob and weave like lightweights.
The move higher today for the indices was led by basic material and energy stocks, in sympathy for President Trump's executive action to resume work on the troubled Keystone pipeline, a project that figures to be bullish for companies such as ExxonMobil and Chevron.
Still, since mid-December, the Dow has gone... nowhere, a condition that should not be able to persist much longer.
Or can it?
At the Close 1.24.17:
Dow: 19,912.71, +112.86 (0.57%)
NASDAQ: 5,600.96, +48.01 (0.86%)
S&P 500: 2,280.07, +14.87 (0.66%)
NYSE Composite: 11,249.29, +78.67 (0.70%)
Tuesday, January 24, 2017
Monday, January 23, 2017
Trump Presidency Day One Sends Stocks Lower; Bonds, Precious Metals Up
Recall how everything was up on Friday, the day Donald Trump was sworn in as the 45th president of the United States?
Maybe it was a sugar high, market enthusiasm over the new faces in Washington, or just plain old vanilla speculation. Whatever it was, it certainly faded fast, as Monday, Trump's first full weekday as president saw markets getting closer and closer to a point of no return, at one point near midday having erased all of Friday's gains.
Fortunately for those of the bullish persuasion stocks held their own and finished with only minor losses. Oil was lower as well, though only marginally. In their places were some of the usual suspects from the other side of the trade; gold, silver, bonds, all rallied nicely. Gold continues to be the top asset performer for 2017, a welcome respite after three years of declines and a 2016 that saw it bounce nicely higher in the firt half of the year only to give back those gains in the second half, like a football team with a tiring defense.
As for the new president, he was busy. In the morning, President Trump met with business leaders and told them he'd like to roll back as much as 75% of existing regulations, most of them causing unnecessary reporting and tax burdens on businesses of all sizes.
Trump also signed three executive orders. One imposes a federal hiring freeze on all departments except the military, another pulled the US out of the Trans-Pacific Partnership (TPP), and the third re-imposed the so-called Mexico City Policy, outlawing funding of international organizations which promote abortion.
Previously, on Friday, when the President finally made his way to the Oval Office, he kept a campaign promise by signing an executive order that directs federal agencies to ease the “regulatory burdens” of ObamaCare. It orders agencies to “waive, defer, grant exemptions from, or delay the implementation of any provision or requirement” of ObamaCare that imposes a “fiscal burden on any State or a cost, fee, tax, penalty, or regulatory burden on individuals, families, healthcare providers, health insurers, patients, recipients of healthcare services, purchasers of health insurance, or makers of medical devices, products, or medications.”
One would think that the order covered just about everything, making ObamaCare a ruined piece of legislation, soon to be formally repealed.
There was also movement on clearing the way for confirmation of any number of the President's cabinet choices and more speculation on whether the congress would approve a tax overhaul suggested by Trump during the campaign. The changes are still off in the distance, but congress should be getting on with it as soon as the foot-dragging over cabinet nominees ends.
Use the calculator below to see how Trump's tax plan would affect you:
At The Close 1.23.17:
Dow: 19,799.85, -27.40 (-0.14%)
NASDAQ: 5,552.94, -2.39 (-0.04%)
S&P 500: 2,265.20, -6.11 (-0.27%)
NYSE Composite: 11,170.63, -22.16 (-0.20%)
Maybe it was a sugar high, market enthusiasm over the new faces in Washington, or just plain old vanilla speculation. Whatever it was, it certainly faded fast, as Monday, Trump's first full weekday as president saw markets getting closer and closer to a point of no return, at one point near midday having erased all of Friday's gains.
Fortunately for those of the bullish persuasion stocks held their own and finished with only minor losses. Oil was lower as well, though only marginally. In their places were some of the usual suspects from the other side of the trade; gold, silver, bonds, all rallied nicely. Gold continues to be the top asset performer for 2017, a welcome respite after three years of declines and a 2016 that saw it bounce nicely higher in the firt half of the year only to give back those gains in the second half, like a football team with a tiring defense.
As for the new president, he was busy. In the morning, President Trump met with business leaders and told them he'd like to roll back as much as 75% of existing regulations, most of them causing unnecessary reporting and tax burdens on businesses of all sizes.
Trump also signed three executive orders. One imposes a federal hiring freeze on all departments except the military, another pulled the US out of the Trans-Pacific Partnership (TPP), and the third re-imposed the so-called Mexico City Policy, outlawing funding of international organizations which promote abortion.
Previously, on Friday, when the President finally made his way to the Oval Office, he kept a campaign promise by signing an executive order that directs federal agencies to ease the “regulatory burdens” of ObamaCare. It orders agencies to “waive, defer, grant exemptions from, or delay the implementation of any provision or requirement” of ObamaCare that imposes a “fiscal burden on any State or a cost, fee, tax, penalty, or regulatory burden on individuals, families, healthcare providers, health insurers, patients, recipients of healthcare services, purchasers of health insurance, or makers of medical devices, products, or medications.”
One would think that the order covered just about everything, making ObamaCare a ruined piece of legislation, soon to be formally repealed.
There was also movement on clearing the way for confirmation of any number of the President's cabinet choices and more speculation on whether the congress would approve a tax overhaul suggested by Trump during the campaign. The changes are still off in the distance, but congress should be getting on with it as soon as the foot-dragging over cabinet nominees ends.
Use the calculator below to see how Trump's tax plan would affect you:
At The Close 1.23.17:
Dow: 19,799.85, -27.40 (-0.14%)
NASDAQ: 5,552.94, -2.39 (-0.04%)
S&P 500: 2,265.20, -6.11 (-0.27%)
NYSE Composite: 11,170.63, -22.16 (-0.20%)
Sunday, January 22, 2017
Best Wishes To President Trump; The Wall, Obamacare, Education
It's Official!
Donald J. Trump is the 45th president of the United States of America.
And the markets apparently loved it. The Dow was up. The NASDAQ was up. The S&P 500 was up. So was the Composite, the Nikkei, Gold, Silver, Oil, the dollar. Call it a relief rally. Market participants were relieved that the uncertainties of the past two years of electioneering, mudslinging, maligning, and campaigning were at long last, over. At least now some people can get to work, least of all the new president, like him, loathe him, or feign indifference, he's safely ensconced within the White House walls, with nary a cut, scrape, bruise, or wound.
At least that's what we're seeing through the prism of the news media. There were more than a few bruised egos at the swearing in ceremony on the West steps of the Capitol, facing the Washington and Lincoln monuments, but, some of the more expansive egos were soon swept off the stage and sent packing. The Clintons and the Obamas were whisked into obscurity by the forces of change.
As for our new president, Mr. Trump promises to be, at the very least, entertaining, if not outrageous. While such antics as late-night tweeting and calling people names may not sit well with his establishment critics, the American public will likely relish the shift from the obfuscation, misinformation, and underhandedness which typified the last 16 years of presidential conduct to a more - on the surface - open, progressive (that's a real word, meaning a real effort toward getting things done, not the fancy adversarial adjective applied over the last two decades by liberals), and positive approach to government policy.
It is obviously too early to tell whether President Trump will usher in a new age of American exceptionalism, but there is little doubt that he will try his best to keep his promises and work untiringly toward restoration of traditional American vales. There's also little doubt that he will face significant opposition from the left, the right, his own party, the Democrat party, liberal wingnuts who will protest anything at the drop of a hat, foreign leaders, the Twitterati, Facebook foes, and just about anybody who has an opinion on anything, many of whom will appear regularly on the vicious, unencumbered media whores doing their dirty work for the forces of their paymasters.
That's just how it goes when you rise to the top of the heap as Donald Trump has done. There's always somebody looking to knock you off your mighty throne, literally or figuratively. As for our sentiments here at the Money Daily headquarters, we wish him all the best and will continue to support him - as we did throughout the election process - as best we can. If he can deliver on even half of his campaign promises that would be quite an accomplishment, but we'll settle for three big items:
1. Build the damn wall.
2. Repeal the Affordable Care Act (it does not have to be replaced; we already have too many insurance companies, pharmaceutical companies and government involved in health care and would like to see much of that overhead removed)
3. Send education back to the states. The nation is too large and diverse (sorry, but the word does have its place) for a "one-size-fits-all" approach. Besides, the federal intrusion into education has been about as successful as the war on drugs or the war on poverty. Cut the Department of Education in half, or by two thirds, or, preferably, obliterate it.
In the meantime, Money Daily will try to stay out of politics and into money and economics, but, seeing the President and his staffers occasionally and regularly knee-cap the media whores wouldn't meet with any resistance from these parts.
Let the politicians do the dirty work. We'll aim to interpret the effects.
Let's start with a look down below at the weekly results. All four of the major indices were lower on the week, and that may be significant, but will be more so if that becomes a trend. The next two weeks are almost certain to be wild ones in terms of politicking and figurative bomb-throwing from the left, the right, and everywhere in between, but, if stocks continue to deteriorate (which happens to be our best guess for now), it's going to put more pressure on the new president. Not that he should do anything about it since he has no control of financial markets, but the media will crow endlessly about how the economy is going into the tank under the Trump administration.
We'll leave it there, for now. It's going to get a whole lot more interesting in coming weeks and months.
At The Close 1.20.17:
Dow: 19,827.25, +94.85 (0.48%)
NASDAQ: 5,555.33, +15.25 (0.28%)
S&P 500: 2,271.31, +7.62 (0.34%)
NYSE Composite: 11,192.79, +43.94 (0.39%)
For the Week Ended 1.20.17:
Dow: -58.48 (-0.29%)
NASDAQ: -18.78 (-0.34%)
S&P 500: -3.33 (-0.15%)
NYSE Composite: -34.38 (-0.31)
Donald J. Trump is the 45th president of the United States of America.
And the markets apparently loved it. The Dow was up. The NASDAQ was up. The S&P 500 was up. So was the Composite, the Nikkei, Gold, Silver, Oil, the dollar. Call it a relief rally. Market participants were relieved that the uncertainties of the past two years of electioneering, mudslinging, maligning, and campaigning were at long last, over. At least now some people can get to work, least of all the new president, like him, loathe him, or feign indifference, he's safely ensconced within the White House walls, with nary a cut, scrape, bruise, or wound.
At least that's what we're seeing through the prism of the news media. There were more than a few bruised egos at the swearing in ceremony on the West steps of the Capitol, facing the Washington and Lincoln monuments, but, some of the more expansive egos were soon swept off the stage and sent packing. The Clintons and the Obamas were whisked into obscurity by the forces of change.
As for our new president, Mr. Trump promises to be, at the very least, entertaining, if not outrageous. While such antics as late-night tweeting and calling people names may not sit well with his establishment critics, the American public will likely relish the shift from the obfuscation, misinformation, and underhandedness which typified the last 16 years of presidential conduct to a more - on the surface - open, progressive (that's a real word, meaning a real effort toward getting things done, not the fancy adversarial adjective applied over the last two decades by liberals), and positive approach to government policy.
It is obviously too early to tell whether President Trump will usher in a new age of American exceptionalism, but there is little doubt that he will try his best to keep his promises and work untiringly toward restoration of traditional American vales. There's also little doubt that he will face significant opposition from the left, the right, his own party, the Democrat party, liberal wingnuts who will protest anything at the drop of a hat, foreign leaders, the Twitterati, Facebook foes, and just about anybody who has an opinion on anything, many of whom will appear regularly on the vicious, unencumbered media whores doing their dirty work for the forces of their paymasters.
That's just how it goes when you rise to the top of the heap as Donald Trump has done. There's always somebody looking to knock you off your mighty throne, literally or figuratively. As for our sentiments here at the Money Daily headquarters, we wish him all the best and will continue to support him - as we did throughout the election process - as best we can. If he can deliver on even half of his campaign promises that would be quite an accomplishment, but we'll settle for three big items:
1. Build the damn wall.
2. Repeal the Affordable Care Act (it does not have to be replaced; we already have too many insurance companies, pharmaceutical companies and government involved in health care and would like to see much of that overhead removed)
3. Send education back to the states. The nation is too large and diverse (sorry, but the word does have its place) for a "one-size-fits-all" approach. Besides, the federal intrusion into education has been about as successful as the war on drugs or the war on poverty. Cut the Department of Education in half, or by two thirds, or, preferably, obliterate it.
In the meantime, Money Daily will try to stay out of politics and into money and economics, but, seeing the President and his staffers occasionally and regularly knee-cap the media whores wouldn't meet with any resistance from these parts.
Let the politicians do the dirty work. We'll aim to interpret the effects.
Let's start with a look down below at the weekly results. All four of the major indices were lower on the week, and that may be significant, but will be more so if that becomes a trend. The next two weeks are almost certain to be wild ones in terms of politicking and figurative bomb-throwing from the left, the right, and everywhere in between, but, if stocks continue to deteriorate (which happens to be our best guess for now), it's going to put more pressure on the new president. Not that he should do anything about it since he has no control of financial markets, but the media will crow endlessly about how the economy is going into the tank under the Trump administration.
We'll leave it there, for now. It's going to get a whole lot more interesting in coming weeks and months.
At The Close 1.20.17:
Dow: 19,827.25, +94.85 (0.48%)
NASDAQ: 5,555.33, +15.25 (0.28%)
S&P 500: 2,271.31, +7.62 (0.34%)
NYSE Composite: 11,192.79, +43.94 (0.39%)
For the Week Ended 1.20.17:
Dow: -58.48 (-0.29%)
NASDAQ: -18.78 (-0.34%)
S&P 500: -3.33 (-0.15%)
NYSE Composite: -34.38 (-0.31)
Thursday, January 19, 2017
Globalism Is Dead And Dying At Davos
As the world prepares for a new American era to begin with the inauguration of Donald J. Trump as the 45th president of the United States, the global elites are gathered at Davos to interpret the condition of the world economy.
Ian Goldin, a professor of globalization and development at Oxford University spoke briefly at the World Economic Forum in Davos, Switzerland, saying,
If one were living in a rural area in America, or India, or the Congo, even, the effects of global initiatives like those espoused and implemented by the people at Davos would be minimal, at best. One would still water plants, feed livestock, wash eggs, and perform all the other chores of a minimal farming/subsistence lifestyle. Mr. Goldin, being of the elitist character, has virtually no concept of digging holes for posts, erecting fences, germinating seed, slaughtering hogs, gathering chicken eggs daily, and so on. He's about as disconnected from the reality of everyday life as one could possibly be, viewing the world from his ivory tower at Oxford as he glances up briefly from his reading of some other obviously clueless professor emeritus or other "authority" whose mantra to which he subscribes.
Therefore, as we've seen in the Brexit movement and the election of Donald Trump as the next president of the United States of America, the globalist agenda is dead in the water, disconnected and disintegrating. The annual fete at Davos - through the media filter, at least - gives everyone an opportunity to see firsthand just how audaciously and vigorously the gathered elitists continue to promote their agendas. Liberalism, diversity, and globalism are all joined together into a kind of religion of the rich and powerful, but, the masses need not adhere to what is looking increasingly like failed policy.
If globalism has taken thirty or forty years to expand itself into monstrosities such as the European Union, the Arab Spring, and unadulterated acceptance of gay marriage, it's likely going to take an equal amount of time to dismantle its various parts and replace them with more stable value systems. As the globalists retreat from their worn-out traditions and values, popular uprisings will accelerate the decline. It starts, as do all major moral or political or economic upheavals, on the fringes of society, in the hinterlands, so to speak, before spreading to all ranges of the spectrum, from old to young, from the countryside to the cityscape.
We are at the beginning of a new age, one which promises the demise of authority at all levels from local to supranational and more freedom for the working classes and ordinary citizens.
On cue, one day before the actual inauguration of the man all the "experts" said had no chance of winning, Donald Trump, world markets continued a dizzy dance of denial and suspense, especially the Dow Jones Industrial Average, which spasmodically descended today to a point below where it began the year, closing at its lowest level since Decemeber 30 of last year (19,732.40, -72.32 (-0.37%)).
Though the drop in percentage terms was hardly sensational, the level is of more immediate concern. Since December 12, the intraday level never fell below 19,718, the mark made on the final day of trading for 2016, December 30.
While broader indices, the S&P 500 and the NASDAQ, retained a positive tilt for 2017, it has been the Dow that garnered the most attention of late, especially over its historic (failed) attempt to crack the 20,000 level.
With Trump taking the oath of office at noon tomorrow, the question on every trader's mind is how the markets will respond. With a whimper or a yawn, or might the Dow set aim again for an historic close?
At The Close 1.19.16:
Dow 19,732.40, -72.32 (-0.37%)
NASDAQ: 5,540.08, -15.57 (-0.28%)
S&P 500: 2,263.69, -8.20 (-0.36%)
NYSE Composite: 11,151.69, -44.41 (-0.40%)
Ian Goldin, a professor of globalization and development at Oxford University spoke briefly at the World Economic Forum in Davos, Switzerland, saying,
“You can’t stop managing an entangled environment by disconnecting. This is the fundamental mistake of Brexit, of Trump, and of so many others. We are not simply connected. We are entangled. Our lives, our destinies are intertwined. What happens in China, what happens in Indonesia, what happens in India, what happens across Europe, and what happens in North America, across Africa and Latin America will affect all of us in dramatic new ways. The idea that somehow we can forge our future in an insular way, even for the biggest countries like the U.S., is a fantasy.”Obviously, Mr. Goldin has been smoking too much of what he's been growing over the past couple of decades. To put it into a more precise perspective, Mr. Goldin kneels at the altar of globalization, thus, he's unprepared to express or even admit that there's any other opinion or world view than the one he personally promotes.
If one were living in a rural area in America, or India, or the Congo, even, the effects of global initiatives like those espoused and implemented by the people at Davos would be minimal, at best. One would still water plants, feed livestock, wash eggs, and perform all the other chores of a minimal farming/subsistence lifestyle. Mr. Goldin, being of the elitist character, has virtually no concept of digging holes for posts, erecting fences, germinating seed, slaughtering hogs, gathering chicken eggs daily, and so on. He's about as disconnected from the reality of everyday life as one could possibly be, viewing the world from his ivory tower at Oxford as he glances up briefly from his reading of some other obviously clueless professor emeritus or other "authority" whose mantra to which he subscribes.
Therefore, as we've seen in the Brexit movement and the election of Donald Trump as the next president of the United States of America, the globalist agenda is dead in the water, disconnected and disintegrating. The annual fete at Davos - through the media filter, at least - gives everyone an opportunity to see firsthand just how audaciously and vigorously the gathered elitists continue to promote their agendas. Liberalism, diversity, and globalism are all joined together into a kind of religion of the rich and powerful, but, the masses need not adhere to what is looking increasingly like failed policy.
If globalism has taken thirty or forty years to expand itself into monstrosities such as the European Union, the Arab Spring, and unadulterated acceptance of gay marriage, it's likely going to take an equal amount of time to dismantle its various parts and replace them with more stable value systems. As the globalists retreat from their worn-out traditions and values, popular uprisings will accelerate the decline. It starts, as do all major moral or political or economic upheavals, on the fringes of society, in the hinterlands, so to speak, before spreading to all ranges of the spectrum, from old to young, from the countryside to the cityscape.
We are at the beginning of a new age, one which promises the demise of authority at all levels from local to supranational and more freedom for the working classes and ordinary citizens.
On cue, one day before the actual inauguration of the man all the "experts" said had no chance of winning, Donald Trump, world markets continued a dizzy dance of denial and suspense, especially the Dow Jones Industrial Average, which spasmodically descended today to a point below where it began the year, closing at its lowest level since Decemeber 30 of last year (19,732.40, -72.32 (-0.37%)).
Though the drop in percentage terms was hardly sensational, the level is of more immediate concern. Since December 12, the intraday level never fell below 19,718, the mark made on the final day of trading for 2016, December 30.
While broader indices, the S&P 500 and the NASDAQ, retained a positive tilt for 2017, it has been the Dow that garnered the most attention of late, especially over its historic (failed) attempt to crack the 20,000 level.
With Trump taking the oath of office at noon tomorrow, the question on every trader's mind is how the markets will respond. With a whimper or a yawn, or might the Dow set aim again for an historic close?
At The Close 1.19.16:
Dow 19,732.40, -72.32 (-0.37%)
NASDAQ: 5,540.08, -15.57 (-0.28%)
S&P 500: 2,263.69, -8.20 (-0.36%)
NYSE Composite: 11,151.69, -44.41 (-0.40%)
Wednesday, January 18, 2017
Risk On - Risk Off Roller Coaster Is Expected In The Age Of Trump
Get used to volatility in the age of Trump.
Markets - especially stocks and bonds - are more than likely to correct and enter bear territory during Trump's administration. The bond bubble has been extended beyond its "use by" date and the stock rally since 2009 has been nothing short of miraculous, if one considers the creation of 11 trillion dollars (probably more) out of thin air to be the stuff of miracles.
Stocks and bonds are both overvalued, thus, we should experience a 10-year note at 3.0% or higher at some point in the near future, and stocks reversing course due to the competition and relative safety of bonds. Trump's policies are likely to exacerbate the condition of extreme overvaluation which will manifest itself in wild swings. He'll certainly get much needed help from the Fed, whose stated aim is to impose a regime of never-ending inflation.
Problem is, there are major distortions in the US and global economy, mostly the overhang from doing nothing to fix the issues of 2008 (actual bank failures). Let's see interest rates rise, stocks fall and somehow, inflation? A dubious argument at best.
Deflation is the friend of the frugal and that's what's coming. With less capital to blow on hookers and blow, the thrift-loving Americans in the heartland (forget the cesspool cities, they're toast) will benefit from all manner of liquidations and fire sales. It's a transfer of wealth from rich to poor and urban to rural that is long overdue. Most of the debt is tied to cities, not arable land and/or hunting/wilderness/undeveloped/underdeveloped properties.
One can get a unique impression from living in one of America's poorer areas, such as rural upstate New York, but you know what? Some people are thriving, those being land owners, farmers, growers, people with roadside stands, trade specialties, mechanical abilities and low overhead. It's pretty basic stuff, but large swaths of rural America are going to be very affordable and desirable. The cites, not so much. Pain for some, gain for others. The survivalist mentality had it right all along and will be proven winners in coming months and years.
As for today, two days before Mr. Trump assumes the office of president, markets were roiled again, lurching from one idea to another, up, then down, then sideways. European stocks were higher, WTI crude oil got smashed early but rebounded. Gold was flat, then lower; silver, always the outlier, hit its best level in a month, ended the day in New York down on the session, and has been trending higher into the inauguration, but options and futures settlements are closing fast (26th and 27th of January).
Mostly, stocks tread water and didn't offer much in the way of direction though by now, unless reading charts is grossly overrated, it's apparent that the Trump rally has run its course and Dow 20,000 is a fleeting memory.
At The Close 1.18.16:
Dow: 19,804.72, -22.05 (-0.11%)
NASDAQ: 5,555.65, +16.93 (0.31%)
S&P 500: 2,271.89, +4.00 (0.18%)
NYSE Composite: 11,196.11, -0.18 (-0.00%)
Markets - especially stocks and bonds - are more than likely to correct and enter bear territory during Trump's administration. The bond bubble has been extended beyond its "use by" date and the stock rally since 2009 has been nothing short of miraculous, if one considers the creation of 11 trillion dollars (probably more) out of thin air to be the stuff of miracles.
Stocks and bonds are both overvalued, thus, we should experience a 10-year note at 3.0% or higher at some point in the near future, and stocks reversing course due to the competition and relative safety of bonds. Trump's policies are likely to exacerbate the condition of extreme overvaluation which will manifest itself in wild swings. He'll certainly get much needed help from the Fed, whose stated aim is to impose a regime of never-ending inflation.
Problem is, there are major distortions in the US and global economy, mostly the overhang from doing nothing to fix the issues of 2008 (actual bank failures). Let's see interest rates rise, stocks fall and somehow, inflation? A dubious argument at best.
Deflation is the friend of the frugal and that's what's coming. With less capital to blow on hookers and blow, the thrift-loving Americans in the heartland (forget the cesspool cities, they're toast) will benefit from all manner of liquidations and fire sales. It's a transfer of wealth from rich to poor and urban to rural that is long overdue. Most of the debt is tied to cities, not arable land and/or hunting/wilderness/undeveloped/underdeveloped properties.
One can get a unique impression from living in one of America's poorer areas, such as rural upstate New York, but you know what? Some people are thriving, those being land owners, farmers, growers, people with roadside stands, trade specialties, mechanical abilities and low overhead. It's pretty basic stuff, but large swaths of rural America are going to be very affordable and desirable. The cites, not so much. Pain for some, gain for others. The survivalist mentality had it right all along and will be proven winners in coming months and years.
As for today, two days before Mr. Trump assumes the office of president, markets were roiled again, lurching from one idea to another, up, then down, then sideways. European stocks were higher, WTI crude oil got smashed early but rebounded. Gold was flat, then lower; silver, always the outlier, hit its best level in a month, ended the day in New York down on the session, and has been trending higher into the inauguration, but options and futures settlements are closing fast (26th and 27th of January).
Mostly, stocks tread water and didn't offer much in the way of direction though by now, unless reading charts is grossly overrated, it's apparent that the Trump rally has run its course and Dow 20,000 is a fleeting memory.
At The Close 1.18.16:
Dow: 19,804.72, -22.05 (-0.11%)
NASDAQ: 5,555.65, +16.93 (0.31%)
S&P 500: 2,271.89, +4.00 (0.18%)
NYSE Composite: 11,196.11, -0.18 (-0.00%)
Subscribe to:
Posts (Atom)
Posts
