I get the definite sense from the tape of the SP 500 futures trading that stocks are being slowly and carefully ‘walked higher’ from the recent lows.
This could be effective as long as the markets remain relatively quiet and no exogenous macro events intrude.
So from the bearish standpoint, now is a time to stand aside and wait for this to play itself out. It is not likely to be sustainable, but in the short run it is folly to fight the Plunge Protection Team. They are, after all, playing against you with your own money.
An interesting mix of Wall Street denizens, from felons to High Frequency traders to mom and pop retail firms are looking to start a new stock exchange to rival the NYSE. Here is what Wall Street On Parade has to say about it: Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange.
Gold and silver moved higher today on the back of a weaker Dollar.
Trumpolini’s address to the nation last night was toothless and odd. He seems to be running a little short, on what exactly I am not quite sure. His meeting with his equally unattractive political counterparts, Schumer and Pelosi, was exceptionally fruitless and juvenile.
Life imitates high school.
The Uber and Lyft IPOs seem to be stalled by the government shutdown. There is a window for these pigs to attempt to fly, and it may be closing quickly if they do not hurry themselves along.
Brexit is a risk factor that seems to be underweighted for now. We’ll know how that may play out in about eighty days or less.
I have a bad feeling about this year. Maybe it is just the after effects of this wretched cold, but I am concerned now in a way that I have not been before.
Have a pleasant evening.