Gartman did it again – as we warned pre-open – Which means one thing: both Goldman and Gartman are now short stocks, and expecting further selling – perhaps just the catalyst bulls were waiting for to step in and BTFD…
The machines were working over time to keep stocks up today to prove confidence in Trump and the economic hope remains…
But by the close, they failed to hold The Dow green…Nasdaq surged (AAPL helped)
NOTE the massive pairs trade unwind at the open (blue rectangle) – buying back Utes and Selling Financials…
And the media worked hard too…
Video length:00:00:20
No big bounce back after yesterday’s dump BUT between terror turmoil and Trump headlines over healthcare, investors sought safety and some BTFD cheapness…
Bank stocks bounced off their 100DMA…
Gold prices rose above $1250… (up 5 days in a row)
And The Long Bond rallied for the 6th day of the last 7, breaking above its 100DMA…
Biotech stocks stumbled a littel as Trump said “we’re going to bid out drug prices“…but ended higher but it seemed the big tech names saved the Nasdaq
De minimus bounce in the big bank stocks…
Trannies and Small Caps remain in the red for 2017…
High yield bonds bounced modestly once again off their 200-day moving average…
Bonds rallied on the day…notably, flatter post-Fed rate hike…
…with 30Y yields dropping below 3.00% intraday and erasing March losses…
The Dollar Index has erased 75% of its gains post-election…
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