As noted previously, stocks are wafting along on a cloud, anticipating some hefty new era tech IPOs.
I expect the market to correct shortly thereafter, based on the perspective that it is utterly mispricing certain risks, for a number of reasons.
But it may do so sooner, if The Donald stumbles over something essential while doing his Presidential imitation of Rodney Dangerfield in Caddy Shack. He is certainly capable of better, even while pursuing his political objectives of 'draining the swamp.' I am not sure his supporters expected him to bring a swamp of his own.
Gold and silver had a nice rally today, having passed the test of the Non-Farm Payrolls report, and the pull of the overhead resistance from which it broke and ran today. There is still more to go. Both in terms of resistance, and the struggles to overcome them and assert the dynamics of the physical markets in a highly leveraged and overly financialized casino.
Have a pleasant evening.
