In hindsight we could have expected it. Set our watch by it.
Putting aside the fact that the Mexico tariff threat never should have been an overly negative input for the US stock market or a bullish one for gold, the err… adjustments – stocks up, gold (and silver) hammered – were probably in the bag the whole time. The stock market has a very viable alternate plan as it pushed the bounce limits last week and the precious metals well, as noted yesterday in NFTRH 555…
Of more importance than the Mexico angst/relief squall would be the China trade war and whatever resolutions or lack thereof are out on the horizon. Oh and let’s not forget our friendly Federal Reserve, having gone into full dove mode, and the May Payrolls flop.
In short, it’s the economy stupid. Always was, always will be. If today’s burst of Twitter-fueled joy pumps the stock market short-term, we have a scenario in waiting, and it is and has been quite viable.
Okay, let’s let this bond guy have the last tweet.
It’ll pay to remember that unless you are a day trader any given day, week or even month in the stock market can be an emotional twitch as opposed to a trend.
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