Tuesday, July 18, 2017

The Energy And Market Page, T+179 -- July 18, 2017

Nasdaq: hit new intra-day record high. Closed at a new record close. Nasdaq -- eight (8) days in a row for new records. One word: Netflix.

Markets: as suggested on the blog Sunday, the market is disconnected from both a) ObamaCare repair; and, b) tax reform.

Markets: outside of the tech sectors, market moves are connected to -- short-term and mid-term --
  • earnings (or perception of earnings)
  • the Fed rate
  • the anticipated Fed rate
  • the strength of the dollar
  • the price of gasoline (not the price of crude)
Markets: outside of the tech sectors, the US market long-term is going to benefit more than anyone has discussed from the US energy revolution.

Markets: today's Dow simply reflected one thing -- Goldman Sachs earnings; it gave the big boys a reason to take their profits; that's why the Nasdaq went in the opposite direction -- during VP Mike Pence's speech, the Dow hit its low for the day, down almost 150 points; by the end of the day, his speech was forgotten, and closed down a minuscule 50 points.

Tomorrow: T+180 -- six months of Trump's presidency.

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