Everyone asking why markets are not hit today with all the supposed trade trouble around the globe. It is simple…right now, this second, the market does not want to get hit. Simple as that. Remember, it is not the news. It is how things react to the news.
Right now, the tape is healthy with little ability to be hit. We still count about 50% of the market not in shape but that leaves 50% working. Some of that 50% has a big influence on the indices, thus the continued action.
Hardly any earnings this week but we have the maniacal Fed. Expect another rate hike but remember, the last time we were at 3.8% unemployment, fed funds was at 6%. Currently, 1.7%…so easy money continues to pervade…especially in other areas around the globe.
Will have a bigger report tonight. Have a great day. Now on to watch events out of Singapore.