More chop. Lower.
The reason why I want to sell highs was brought into sharp focus during Friday's inauguration.
Yes, it went smoothly and markets ended higher.
But I found Trump's speech quite blunt.
I found Chuck Schumer's speech even blunter. Schumer is Trump's main opposition in the Senate.
It's not going to be an easy ride.
Nor do I think an incoming president has ever set the bar higher for himself. It will be tough to live up to his own words.
The next day, something incredible happened.
The leaders of Europe's main anti-EU parties met together for the first time.
The anti-establishment movement is fast becoming much larger than Brexit or Trump. It might just be the early days of a massive worldwide blowback against authoritarianism and its easy money enablers: "non-political" central banks.
We're about to see just how political they really are. Have you noticed Yellen suddenly sounds like a hawk?
Then there's this stunning graphic. This is why the founding fathers created an electoral college, and why you rarely see a protest outside of a large city: Soros knows that's where the guns are.
|Over 90% of the legally owned firearms reside in the red areas.|
As much as I dislike politics, geopolitics may be an increasingly important factor for markets to consider as time goes by.
USD weaker, CHF & JPY stronger. 99.43 key level USD.
Rallying as USD weakens.
WTI crude and NG flushing.
Consider this: speculative oil positioning back to 2014 highs. Didn't work so well back then.
|Source: ZeroHedge (both charts)|
Gold, silver, platinum, and copper higher. Now palladium's turn to wear the red dress.
Continuing to wait for 2300 sell area or 2240 possible buy area.
Sorry so brief, but not seeing an edge in the middle of yet another trading range.
Make that 9 months of trading range in the past year.
Somehow I think the Fed and the SEC love high-frequency trading because it can be used to "box" markets.
All I know is that when it ends, it will be violent. Record VIX shorts. An all-in bet . . . long.