Today was the first day The Option Addict joined Exodus for live trading commentary. As a whole, the session was uneventful, as people remain transfixed on the political soap opera that is Trump vs the world.
Both gold and silver outperformed, while mostly everything else sunk lower. There was notable underperformance in auto dealership stocks like $KMX, $AN and $GPI — accentuating a long downward spiral in just about everything retail.
Disappointing auto sales dragged U.S. stocks lower Monday https://t.co/BQwGi81LhJ #WDYM http://pic.twitter.com/BhlXSfZRmn
— Bloomberg (@business) April 3, 2017
Meanwhile, Fed’s Harker made comments today about another two rate hikes. The juxtaposition of hiking rates against a feeble economic backdrop can only be viewed as deleterious to the American economy. Moreover, such policies begin to take on an air of political activism, especially when considering that 8 long years of Obamanomics and how the Fed never dared to inject such hawkish rhetoric whilst he was in power.
Copper was markedly weaker, off by 1.7%, furthering the notion that the global economy isn’t humming along as robustly as previously thought. The brand new smell of Trumpism has worn off, for now — amidst political hand-wringing.
Democrats intend to misuse the filibuster to stop Gorsuch from being appointed to the Supreme Court and the United States, as a government, takes on the characteristics of a banana republic more and more, with each passing day.
Nevertheless, I feel any notable weakness is reason to buy. If the elections of 2016 didn’t bring down this market, nothing can.
For now, I am still 100% long $WLK.
The post Defensive Stocks Outperform in an Otherwise Uneventful Day appeared first on Trading with The Fly.
April 04, 2017 at 01:15AM
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from Dr. Fly
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