Comey and the markets collide
Ultimately, I don’t expect much from this testimony. Comey prepared with the special counsel, Robert Mueller. For one, I don’t think he wants Comey’s testimony blowing up his investigation, and much of what could hurt Trump is already out there in the remarks yesterday. Politics aside, the market is only going to see what was in the remarks some sloppy conversations and awkward moments from Trump in his dealings with Comey. Nothing there that warrants obstruction, and if anything Trump is vindicated by the fact that CNN and WaPo has been been wrong all along about ties between Russia and Trump.
As a result, I think those looking for an end to the Trump presidency is going to walk away from today distraught and grumpy unless the questioning reveals something that is totally unexpected, but if there was something like that out there, it would be in the opening statement.
So don’t get too worked up by today. Once the hearin is over, I think there is a good chance the market will rally some and then start looking forward to next week’s FOMC meeting.
This too shall pass.
As for the stock market, the bulls are currently in a 3-day bull flag pattern. It looks nice, and there’s a good chance the bulls will break out of it.
Meanwhile, myself and members of the Splash Zone woke up to a nice big gap up (+10%) in our Alibaba trade – I’m not complaining 🙂
Ya’ll have a great day today.
S&P 500 Chart
Current Stock Trading Portfolio Balance:
- 6 Long Positions
Recent Stock Trade Notables:
- Starbucks (SBUX): Long at $61.78, closed at $63.68 for a 3.1% profit.
- Western Digital (WDC): Long at $91.24, closed at $89.29 for a 2.1% loss.
- Broadcom (AVGO): Long at $236.65, closed at $241.15 for a 2% profit.
- SPXU: Long at 16.60, closed at $16.98 for a 2.3% profit.
- JP Morgan Chase (JPM): Long at $87.84, closed at $85.98 for a 2.1% loss.
- Micron Technology (MU): Long at $29.00, closed at $28.04 for a 3.3% loss.
- Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit.
- Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.
- Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit.
- Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit.
- Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
- Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit.
- Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit.
- Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss.
- Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
- Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
- UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit.
