THE MARKET/PRE MARKET

The market is again approaching the key levels of longer-term support. Markets used to forecast the future but in the  past few years, it had to react to every word and every move of the Fed and now it has to react to everything out of  the Trump machine. Friday was the talk of another $100 billion of tariffs. Over the weekend, they tried to calm markets by saying they were just proposals. Leave no doubt, the Trump administration (maybe not Trump) is worried about markets. We just don’t know from day to day what Trump will say or do

But when everything is  said and done, we try not to rationalize and go back to the tried and true…IT’S NOT THE NEWS. IT’S HOW MARKETS REACT TO THE NEWS.

There are just a ton of POTENTIAL bearish flags  made underneath the recent shorter-term breakdowns below the 50 day average. Of course, this occurs because this is what the major indices look like. Maybe they won’t break  but major indices are back on or near that ledge. If the long term levels get taken out, thinking it is going to get very ugly as you would be breaking below  November, February and recent weeks of back and forth. On the other end, any rally fits into our theme that it cannot go too far because too many charts are in bad shape. BUT the good news is that the lows still have not been taken out.
After last week’s late nausea, we walk into another gap to the upside…thus our other motto DON’T BLINK.
A few things going on this week that are potentially market movers:
Any Trump tweet on China, trade deals, Amazon, whatever!
Facebook’s Mark Zuckerberg on the hill- While you are watching him get ripped apart, remember those people ripping him, in part, are responsible for all the spying on us by our government, the $21 trillion debt and our yearly $1 trillion deficits. We all should be on the hill ripping them.
Earnings on Friday…C, JPM, WFC, PNC kick off the next few weeks of earnings reports.
Lastly, the Mets are 7-1. Stop the season!
4 replies
  1. Johnzuk says:

    Gary,
    As usual your insight into the market’s movements and gyrations are spot-on! I wish some of your reasoning and incite would be absorbed by DJT. Just my “2-cents” worth.

  2. PENNY SHANDREW says:

    THANKS GARY FOR BEING A VOICE OF RATIONAL SARCASTIC COMMENTS.
    I JUST WISH TRUMP WOULD SIT ON HIS TWEETER FINGERS FOR AWHILE. I AM GETTING TIRED OF ALL THE ATTENTION HE NEEDS.
    THANKS FOR ALL.

  3. Doug Burkizer says:

    remember those people ripping him, in part, are responsible for all the spying on us by our government, the $21 trillion debt and our yearly $1 trillion deficits. We all should be on the hill ripping them.

    Gary you are exactly right on this and if they really cared they would have never let it get to this point.
    I’ve given up hope it will ever be rectified and accept that at some point the house of cards will collapse but of course it will never be their fault. Politics allows corruption to be legalized and running this amount of debt is criminal if you ask me.

  4. Newbie Bob says:

    Market went back down today cause the Zuke will get reamed tomorrow by political bs’rs.. as Facebook goes, so goes FANGS, so goes market.. anyone holding into that is a hero , a poorer hero, but a hero just the same. Lol.

Comments are closed.