Well… you got me. Not what I was expecting.
Trumps acceptance speech was exactly what he needed, humble and respectful; purposefully appreciative and the best he could do to call for unity and attempt to encourage those vehemently opposed to him that he does care about them as well. He steered away from mocking his opponent, in fact quite the opposite. He didn’t bring up the repeal of Obamacare, although I’m sure that’s still fairly high on his to do list. Instead he talked about growth, infrastructure, veteran care, poor communities and uniting the parties. It was what needed to be said, no more no less. Hillary Clinton’s belated speech this morning was as classy and respectful as you could hope for.
My father did a good job of instilling a few pieces of advice in me. One I repeat often he learned after decades of managing and owning businesses. “Hire people who are better than you, and then get out of their way.” For this reason, two things stood out most to me; first his line that he will “call on the best and brightest to leverage their tremendous talent for the benefit of all.” And second, the list of leaders who were on stage with him. Love or hate guys like Ben Carson or Mike Huckabee for their religious fervor, their staunch religious morality is a healthy compliment to Trump’s boarish, New York attitude. The next few months, as we find out who else he will choose to surround himself with will tell us a lot about what to expect for the next 4 or 8 years.
Well, I said it yesterday and I stand by it, the markets don’t like change. Although there was some serious volatility today, all in all, the markets moved on from that change pretty quickly, and most everything in the US ended the day up. Perhaps I was wrong?
The DXY (dollar index) was volatile today, moving up and down in about a 3% range. At one point the Mexican Peso was down 12% against the dollar, and looks to be dropping again.
The S&P cleaned out a lot of orders. Up about 1.5% on the day, and nearing what I think would, in normal markets be a heck of an entry point for a short. It bounced one solid level, and may move up to the next where I am considering a short entry. If RSI holds below 70, It’ll be hard for me to not take a small short here.
Gold jumped up last night over $50, but settled back down this morning, finishing the day pretty much where it started yesterday. HOWEVER, it failed to post a lower low. The big move up also took out a lot of sell orders at the above level, indicated by how hard it bounced that price. There’s nothing to stop it until at least 1346 or higher. If the S&P continues down as suggested above, then I think we’re in for a $75-100 move in gold spot.
Looking forward to see how the week closes out, the panic should mostly be over… well, at least the market panic. Socially… that’s a different story. My Twitter and Facebook feeds are loaded with devastated onlookers, terrified as to what the new “Hitler” will do. Funny, 8 years ago that same group was full of hope, while the other half felt as they do now. Relax guys, it’ll “probably” be ok. Trump isn’t the antichrist, nor the savior of our country.