We had a sneaking suspicion it was best to wait before telling you our thoughts because there was something called a preliminary French election. We had a sneaking suspicion it would be a market mover even though we really don’t know why. As we write this, Dow futures are up 150 points. Keep in mind, that is about 3/4%. Without going to deep, a lot is changing in Europe. The best way I can put it is that the people have had enough of the old guard lefties and their open door immigration policies as well as their kowtowing to a bunch of bureaucrats in Brussels. As we have told you many times, immigration is fantastic. Out of control immigration? Maybe not so fantastic.
We are going to leave it at that. There is a ton of earnings to come out this week but more importantly, interested in seeing how things open tomorrow and whether it stays up if opens strong. Also, do not forget that President Trump has some sort of announcement on tax reform on Wednesday. This was announced Friday, a day after the administration would wait until August for tax proposals. Things changed overnight.
We will be back tomorrow throughout the day and after the close with the radio show and a report on how things finished. We make note that most recent intraday strength has been sold. Maybe a French election can change the dynamic.