Stocks are down a little this morning, easing off the record levels. I wouldn’t get too frayed around the edges over it, even if your stupid stocks are selling off.
Most of my stocks are off by 1-3%, and I’m 160% lunatic long. There are a lot of narratives playing out now, with most of which coming from the political arena. No one has ever seen so much division, even amongst the republitards. This has been building for 8 years and the differences between people are only getting more extreme.
Over in France, Le Pen’s chief of staff and bodyguard was arrested for misappropriating funds. She’s calling it a politically motivated ‘dirty trick.’
What we want to focus on, with regards to markets, are FX crosses, stability in crude, and any progress, or lack thereof, in Trump’s proposed policies. We know the crazy Fed wants to hikes rates. If it weren’t for the specter of lower taxes and a gigantic infrastructure bill, markets would be selling off by the hundreds now. Bear that in mind.
Crude is off by 1.4% and the all important Dr. Copper -0.7%.
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$CLF is somehow shaking off the weakness though. Pretty cool.
Dr. Fly, has there ever been a time you can remember in which CNBC spent close to half the time discussing politics as they do today? Granted, I take most of what they say with a grain of salt, but still, it was an outlet for people who actually wanted to hear about finance, markets and business (whether the content was insightful or mere entertainment). I’ve been an avid market participant for over ten years, and I cannot recall a time where so much of the financial media has focused on the political spectrum.
Yes, when Larry Kudlow was spending 20 hrs/day explaining the Bush Goldilocks Miracle Economy in 2005-2007.