Slightly higher from shallow overnight correction.
News:
Trump rally in danger: Trump just took a victory lap for the stock market rally on his victory tour.
I don't have the exact quote, and couldn't find the clip on CNBC where I heard him say it, but it was something to the effect that, "they love the stock market rally we've given them."
Never ever mess with the market. Take what it gives and be grateful.
The innocent comment is made even more dangerous by the fact that Trump was just chosen Time Magazine's Man Of The Year.
Yale professor of economics and Nobel laureate told CNBC this morning, "Once people start to believe that it's a new era, it could go on for a while, even if it's unfounded," since "it's about human psychology, and it's what they call self-fulfilling prophesy."
In this way, "Trump does magic," Shiller said. "Maybe it will be black magic sometime, but he's an amazing phenomenon."
And there's this:
It’s Official=> Trump’s Stock Market Rally Is Historic – Has Never Occurred in 110 Years!
And, of course, the Pantone® Color of the Year for 2017: GREENERY
"Greenery bursts forth in 2017 to provide us the reassurance we yearn for in a tumultuous social and political environment."
 |
| "Greenery is symbolic of new beginnings." |
FX:
Risk On as USD rallies and EUR is weaker, an odd set up.
Treasuries:
Still trying to rally but not going far.
Energy:
WTI crude rallying and looking more impulsive in structure than its chop fest correction.
NG fresh rally highs.
Metals:
Gold broke 1167.20, looking like new lows to follow soon. Silver and platinum confirming. Copper and palladium higher.
S&P Outlook:
There is a definite path for the market to continue higher, no doubt.
Social mood cues are not reason for blind action. They merely serve as guide posts.
A move back to the 2230-2235 area could make a good buy. The caution is that it would still take down to 2209.42 to break the wave structure.
Buying puts at a new high if internals allow. Looking like they will.
No comments:
Post a Comment