There are two notable events in particular this week that may affect the markets.
The first will be President's Trump address to the joint session of the Congress tomorrow night.
Since this is his first term, it will not be called a 'State of the Union.' And I doubt he will start with the traditional opening phrase, 'the state of the union is strong.'
But he has expressed the intention to make a 'big announcement,' so we'll have to see if anything of substance falls on the table with regard to infrastructure spending and tax cuts, not to mention healthcare.
The second event will be the IPO of Snapchat, in the form of SNAP, which is likely to be coming out to market on Wednesday. I am going to be watching the aftermarket action closely, as well as the ability of the wiseguys to sustain these lofty levels in equities.
As you know I am leaning towards a suspicion of the usual shenanigans and antics by the money men, but still keeping an open mind. It is hard to tell exactly what flavor of scam they may be weaving.
Next week we will get the February Non-Farm Payrolls report.
Gold and silver were attempting to rally higher today, but gave up their gains and went negative, even as stocks rallied. Interestingly enough the VIX finished higher.
AngloGold Ashanti (AU) has indicated it will begin to pay a dividend again today. The stock is troubled by speculation about its South African holdings and some share sales by its CEO.
The US Dollar did not show much in the way of gains. That chart is included below.
The warehouses at the Comex were relatively quiet.
Have a pleasant evening.
