Over-Confident Republicans Poised For Disappointment Ep. 238

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

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\\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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