As we noted in NFTRH 448…
SPX and Dow did some gap filling as man and machine used the word “Impeachment” blared throughout the media as an excuse to sell. Fundamentally, we noted that impeachment could have little effect, as the agenda of the party in power would remain largely the same and the fiscal process might run smoother.
In other words, the hysterics bear-horned throughout the media that day were utter bullshit as far as the market should have been concerned.
Ah, but the markets are what they are these days and in my opinion that would be an interconnected, hyper-driven, cross-talking amalgam of man, machine, casino patron, substance abuser, day trader and Ma & Pa, all trying to make coin but instead, creating dysfunction and knee-jerk reactions. Remember when Trump said “Pharma” at his first press conference and they tanked Medical Devices? Ha ha ha, you’ve got to love the market.
Anyway, the little sentiment reset that came courtesy of Trump-Gate is now a thing of the past as SPX rises to fill the gap today… on declining volume, no less. This after having used the mini-hysteria to almost fill the gap up from April 24.
I took a short on the SPY to go with one in general commodities and an individual commodity that looks about done, per an NFTRH+ update yesterday. Still very much long and cash, as opposed to short. But I guess you’ve got to give it a shot somewhere and I am trying a short here.
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