THE LEFT SHOULD BE THRILLED WITH TRUMP!

As a huge environmentalist, bigger than Al Gore, bigger than Leo…why am I not having fits that Trump left the Paris accord? Why? Because I do not believe the bull crap being spewed by the rest. The world is ending…cities will be under water…hurricanes will be worse, more fires, more tornadoes, more extreme weather…blah blah blah! I am not left. I am not right. I am logical.  Has anyone even asked how we ever got along without this agreement which was signed just a couple of years ago?

Throughout the history of this great planet, we have had ice ages, heat waves, hurricanes, tornadoes, floods, rain, sleet, snow , hail, droughts. You name it, this planet has had it…all before the dreaded fossil fuels were put into the air. What makes these people think we can change that? But that’s not my point. 11 years ago, famed scientist Al Gore said that in 10 years we would reach a tipping point of no return. Why has the media not asked him about this? Timing off Al?

My point is that nothing is going to change because Trump exited the Paris accord. In fact, it will only galvanize those who say we must do better to save the planet. Terrific! I am all for it. The fact is as I travel the globe in the U.S. and outside it, there is already a huge move afoot to get off of the “bad” fossil fuels and get onto the green. Everywhere I travel, there are more and more electric everything, buses, taxis, cars, trucks…you name it. Walk into all the new buildings. Lights do not go on until someone walks in…saving energy. Many places are working off of solar. I love it. All of this is happening Paris agreement or not.

So relax! I am in France where CNN International is having fits. “Trump tells the world drop dead!” Trump is ignorant!” “Trump caused the bubonic plague, the Chicago fire and the San Francisco earthquake!” “America and Trump abdicate its leadership role around the world!” Oh yeah….who the hell just took action against Syria? We did. Not one other country lifted a finger.

I say we don’t need no stinking fake agreement that held no one to nothing. Seriously, the Paris agreement not only did not have any teeth, it did not even have any gums. There are no laws. There are no measures. There are no checks and balances. Just promises, but many with the dreaded tie-ins. I say if any country, any business, any individual want to do something about the environment…HAVE AT IT. Just do it. I am right there with you. I don’t need another bureaucratic agreement and no country, no state, no city and no person should need one either in order to do better on the environment…especially a toothless agreement. Regardless of what you are hearing, the U.S. has decreased its carbon footprint more than any other country in the accord. Regardless of what you are hearing, we will continue to lead in the environmental friendly space. Regardless of what you are hearing, I put all faith in the great innovators, businesses and entrepreneurs to solve this “supposed” crisis and not these bureaucratic dolts who have put the world into trillions of dollars of debt. It is quite amazing that unless you bow down to the power of these bureaucratic dolts, you are a bad person. Why must the U.S. (the taxpayer) pay reparations to other countries? (in the agreement)

The left should be thrilled with Trump. It puts the environment front and center and for whatever reason, it pisses people off and galvanizes them. Already, cities and states are saying they will move forward to lower their carbon. Already, countries are “promising” to do better. (Think Missouri!) I say now shut up and have at it.

THE VERY GOOD CLOSE

Just to get it out of the way:

The 40-45% of the market that has not been participating bounced on Thursday. We do not think things changed there. Maybe GM and F turned the corner with the worst being over but that’s about it.

But lots of good out of Thursday’s action. We’ll just report the news.

The S&P broke out of range.

The DOW is close to breaking out of range.

The Industrials (XLI) broke out of range.

The Materials (XLB) broke out of range.

The Consumer Staples (XLP) moved out of range.

The Utilities (XLU) continued out of range.

The NYSE is moving above range.

The Health Care (XLV) is moving out of range.

Foreign markets continue their move out of range.

New highs are again expanding in areas like gaming, cruise lines, hotels, managed care and restaurants.

All this while the world is ending because of Trump!

 

THE OPEN

Futures up…but do not forget financials.

Good ADP number.

DE paying cash for someone…lots of bucks…DE up 3%.

PANW, CIEN gapping up. WYNN also up on Macau numbers.

Would rather see weaker opens and stronger closes…but take what we can get.

THE CLOSE

The major indices, by the close, ignored the carnage in the big financials. This is good news. As we have harped on, almost 50% of the market not participating and now we get many financials taking another leg down. This is to be kept in the file manager and remembered. BUT…WE CONTINUE TO SEE VERY LITTLE DISTRIBUTION IN THE AREAS THAT ARE WORKING. We will continue to accentuate those areas…namely semis, internet, tech, fiberoptics and the like. We will accentuate large over small as the small caps continue to lag. And that’s that.

Just keep in mind that market tops come from a narrowing of leadership until they finally come after leadership. Narrowing can last a good while though and until that occurs, one must stay with the good side. Have we ever seen a narrowing market that did NOT lead to a good correction. Of course…narrowing can start to broaden out again but after yesterday, the narrowing worsened and must be watched. If things changed to the good on the broad market, we will let you know. JUST STAY WITH THOSE AREAS THAT CONTINUE TO WORK AS WE ARE ACTUALLY SEEING SOME NEWER NAMES EMERGE.