Socialist US President, Donald Trump, is begging congress to hand out $2,000 to every man, woman, and child in the country. This is an extraordinary thing to witness from a so-called Republican President, who, by core party value, should be both socially, and fiscally conservative. The question I keep asking myself is this: If $2,000 is going to be better than $600, then why not make it $1 Million? Why not pass a $25 Trillion stimulus proposal, then there's no need to worry about GDP next year, right? Why tax anyone ever again? Why should anyone look for a job? Why should any money flow back to the government if it grows on trees? *Pulls out a chunk of hair*
This morning's data was mixed with personal spending, and personal income coming in weaker than expected, while jobless claims beat expectations, but remains elevated at over 800k. We still have over 20 Million Americans on some form of unemployment. Continuing claims stand at 5.34MM, and later on this morning, we'll see new home sales, consumer sentiment, and crude and NG inventory prints.
As we discussed yesterday, there was a strong possibility (you know with all the fraud and ponzi behavior by centrals banks and governments alike), that we might gap up this morning. So said, so done. They gapped us up to the key 368 level, where the 50MA on the hourly is sitting, possibly to induce a last minute 'Santa Rally.' At the moment, it appears the bulls are getting yet another rejection at this resistance level. We'll see how the day progresses - I assume investors are feeling great about how much Trump loves them. Mean while, his properties all over the globe are doubling in value, along with all the rest of his assets, and all he has to do is perpetually dilute your hard earned cash.
I appreciate your time today guys. If you enjoyed the analysis, please hit the Like button and subscribe to our profile. The information and analysis shared in this post is not financial advice. Always conduct your own analysis and research. Cheers, Michael.
This morning's data was mixed with personal spending, and personal income coming in weaker than expected, while jobless claims beat expectations, but remains elevated at over 800k. We still have over 20 Million Americans on some form of unemployment. Continuing claims stand at 5.34MM, and later on this morning, we'll see new home sales, consumer sentiment, and crude and NG inventory prints.
As we discussed yesterday, there was a strong possibility (you know with all the fraud and ponzi behavior by centrals banks and governments alike), that we might gap up this morning. So said, so done. They gapped us up to the key 368 level, where the 50MA on the hourly is sitting, possibly to induce a last minute 'Santa Rally.' At the moment, it appears the bulls are getting yet another rejection at this resistance level. We'll see how the day progresses - I assume investors are feeling great about how much Trump loves them. Mean while, his properties all over the globe are doubling in value, along with all the rest of his assets, and all he has to do is perpetually dilute your hard earned cash.
I appreciate your time today guys. If you enjoyed the analysis, please hit the Like button and subscribe to our profile. The information and analysis shared in this post is not financial advice. Always conduct your own analysis and research. Cheers, Michael.
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Bears just showed up to smack the bulls back below the 50MA on the hourly:
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New home sales are in and it's ugly. 841k vs 990k exp. Confidence is high though, so that's something...
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Vix is back to a 22 handle, but looking resilient:
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10Y yield is up notably today, and looking ripe for a breakout. We're sitting just north of the 50MA on the weekly, and in arms reach of 1%:
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Seeing strong resistance around 369. Several tests without success. The bulls have captured the 50MA on the hourly, though, and are happy Santa is coming:
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View from the 1m. I'm looking for a spike in volume here as we potantially see a break above the greenline, or a strong rejection:
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Got to take off early today folks, I have some errands to run. I should be back by the close hopefully, but I might not make it. I hope you guys have a great rest of the day, and thanks for your time. Cheers! Michael.
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I'm back! Looks like 369 is still holding up as resistance, and is creating some pressure here for the bulls into the close:
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If the 50MA on the hourly (368.70), breaks, we're going to see a very bearish close...
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Wowzers. That was an ugly close! Once we lost the 368 level it was a cliff side. Time to drink whiskey, and day dream of a limit down market soon. I appreciate the awesome conversations today, and thanks for all the love. We live to fight another day. Cheers! Michael.
Comment:
Trump apparently veto'd the defense bill. That's something he's been talking (threatening) about lately. Markets clearly didn't like the news.
