Over-Confident Republicans Poised For Disappointment Ep. 238

Published: March 29, 2017, 12:26 a.m.


\n \t* On Monday the market got its first opportunity to react to President Trump and the Republican Congress' failure to repeal and replace Obamacare
\n \t* With something more palatable
\n \t* And as a result, the market declined
\n \t* At the lows, the Dow was down approximately 200 points
\n \t* Although the "Buy the Dippers" came out, and by the end of the day, the Dow was UP about 150 points
\n \t* But it was the 8th consecutive down day for the Dow
\n \t* Which I think was a tie for the longest losing streak since 2011
\n \t* Had the Dow been down again today, it would have been the longest losing streak since sometime in the 1970's
\n \t* So it wasn't that surprising that the Dow rallied
\n \t* We were up about 150 points, so we more than wiped out yesterday's losses
\n \t* On the other hand, the dollar sold off yesterday and actually traded with a 98 handle
\n \t* For the first time since just after the election
\n \t* Almost all of the Trump-related dollar rally has been eviscerated
\n \t* The dollar rallied back today closing at 99.71 today
\n \t* The pound was weak; the Scottish are getting ready to have another referendum
\n \t* Whether or not they want to leave the U.K.
\n \t* Remember, the Scots did not want to leave the EU
\n \t* They narrowly rejected an independence referendum before and now that there is going to be another vote, the market is nervous
\n \t* Maybe that helped push the dollar down, but we're below 100 on the dollar index right now
\n \t* Gold got back up to $1260 yesterday; at one point it was up about $17
\n \t* I didn't see it hit $1261
\n \t* That was about the high for the year
\n \t* Gold still closed today above $1250
\n \t* Silver was actually up again
\n \t* Adding to yesterday's gain, we're now holding above $18
\n \t* So gold and silver going up; the dollar going down
\n \t* We did get a rally in the bond market yesterday; gave back some of that today
\n \t* I think today's rally was more of a technical bounce on the "Buy the dip" mentality
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