Let's Do Popcorn! News & Markets for 2-5-18
SOTU
President Trump delivered his first State of the Union address this week. The speech was received favorably by 75 percent of those who watched, and according to a CBS poll, there were still those who disapproved.
Campus Reform's Cabot Phillips went to John Jay College in NYC to talk to students who disapproved of the speech by asking them to react to a few select quotations.
Almost unanimously, the students found each of the quotes to be “warmongering”, “aggressive,” and “immature.”
What the students didn’t know was that all the quotes given to them were taken from President Obama’s State of the Union addresses.
How would they react when they found out it was President Obama, not Trump, who had spoken each of the quotes they disapproved of? For your viewing pleasure!
It doesn't matter which side of the coin you are on, if you acknowledge it then you have invited it into your world and you will experience it. If you acknowledge it, it's your baby. No one makes you. You choose to.
So when white people say how hateful and awful white people are, bless their hearts, it is pretty apparent that person does not love themselves at all and are living in a victim mentality. They will be victimized in some way.
Can't be a victim without a bully. They call them and then cry when they are bullied. It's ok. They will learn their lesson. We all do. It's silly.
Too bad we have to wait for some Archie Bunker ala black man tv show or a film like They Call Me Mr. Tibbs with some white actor telling some black sheriff what an ignoramus he is since he is only trying to help.
LOL seriously boring to me. There is only one race, the human race. You can divide and conquer or you can unite.
Everyone is uniting and those who try to divide and conquer are laughed at and then told we love you but we are not going to give you any attention on this anymore.
They will change or fade away. It's all good.
Bless his heart! He has cancer because he is eaten up with maligning someone. Can you guess who? Yes our leader. I pray his cancer goes and look forward to the good news all is well.
Love the actor, dislike the role.
Senators John McCain (R-AZ) and Christopher Coons (D-DE) will roll out an immigration bill which has no funding for a southern border wall, provides a path to citizenship for more "Dreamers" than President Trump has agreed to, and calls for a study to determine whether additional border security measures are needed, according to the Wall St. Journal.
It's a starting place. No more studies are needed. Those who live there know. It's needed. People are paying thousands and left in the back of tractor trailers to die and it doesn't matter if they are children or women or men. The coyotes leave them and they either get help and deported back or they die. So that will be resolved in the end. No money for studies. Money for a wall. LOL It's not rocket science. For a bunch of people who claim they are concerned about others lives they need to show it.
Otherwise, like this, I must assume you do not really care if they live or die. Only if you get what you desire. McCain is ignoring 69 million Americans. All those that voted for any way but the old way. Tsk, tsk, tsk, bless his heart. His days are over as a politician. No one really listens to him. That's what happens when one is filled with maligning others. They get malignant tumors that eat them up. It's not rocket science.
You can say it was something on the outside that made him ill all you want. That's not it at all. You make you ill and you make you well. Science has proven it. You control your genes they do not control you. Up to you what you believe.
Hillary made the claim Trump would go down in a Watergate type scenario before the election. At the time I said she will be the one who will go down in a Watergate type scenario.
Here it is.
Watergate - Republican administration used spy agency resources to try to swing the election in their favor. It worked he was found out and left in disgrace.
Watergate II - Democratic administration used spy agency resources to try to swing the election in their favor. It failed, he was found out and Obama and Clinton will go down in disgrace.
We know from the Church Committee reports that the FBI and CIA broke numerous federal laws and violated every constitutional limit on their powers as a matter of daily policy. The abuses of power were not the work of rogue agents; they were the work of rogue agencies, from the top down.
We will find out the same thing here.
Repeats are boring. But ok. At least we are learning. How many times do you have to see this happen before you get rid of the spy agencies? I mean seriously. Do you really think we need 17 spy agencies and agencies within agencies?
I don't. That's overkill and indicates a projection we do not believe we are safe and all are out to get us and then we cry when others want to get us and say we need more spies.
Until we change the thinking they will continue to be around.
At the very least let go of every FBI employee and make them all reapply. Then go agency by agency and do the same thing.
LOL That's just me though.
Bloomberg reported that Senate Judiciary Chairman Chuck Grassley criticized the FBI for blocking the release of key portions of a memo he wrote calling for a criminal investigation of Christopher Steele, the former British spy who compiled a dossier of unverified allegations on Donald Trump.
Grassley released the memo in its redacted form to the press.
"Seeking transparency and cooperation should not be this challenging," Grassley said in a statement after posting a heavily redacted version of the criminal referral that he and GOP Senator Lindsey Graham of South Carolina sent to the Justice Department last month. "The government should not be blotting out information that it admits isn’t secret."
LOL
He hit the nail on the head!
Deputy Press Secretary Raj Shah said that President Trump's attorneys have already approved the idea of appointing a second special counsel to investigate the FBI and Justice Department's actions during the 2016 presidential campaign, according to White House pool reports.
Cryptocurrencies - Bitcoin
5820 looks to be strong enough support. Still looking for that low to come in and confirm.
Up to you of course but putting a toe there would be ok for a trade.
India and China are cracking down on this asset class. They want no part of it. South Korea is going to work with it. We'll see.
Such a dramatic day in the markets!
This is a bull market. A pullback was in order.
Jay Powell was sworn in as the new Fed chairman at 9 am and the former banker issued a video statement on the Fed's website in which he reiterated that the Fed will support continued growth and price stability:
"Today, unemployment is low, the economy is growing, and inflation is low," Powell said, adding that "Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability."
Dennis Gartman is scared so this pullback is likely over. He goes short at the lows and goes long at the highs basically. He's a good barometer. Bless his heart!
You will hear it is this or that or whatever. Doesn't matter. You can go ahead and listen to them and scare yourself or not. Up to you of course1
We hit a high of 37.20 on the VIX which hasn't been seen since 2012 so we are close to done. A lower low or a test of the lows today and a lower VIX reading will give us that signal and we will probably see that tomorrow since we went out about 10 points above the low of the day. The down volume spike observed on the NYSE signaled "climax" selling. So we are done or darn close to it.
Stay focused. No panic. Panic will kill you. Does it to Gartman every time. Grab that dry powder and wait for it. Then look to jump in and not before. Relax. It's all good. Targets remain. The bull is just bucking around.
S&P 500 Resistance – 2785, 2811, 2842, 2876, 2905
S&P 500 Support – 2759, 2750, 2730, 2715, 2682, 2655, 2638, 2607, 2575
Short term target - 2580 I believe this support will hold. That would give us the 10% drop we have been needing to the scare back in there and shake the speculators out. Gotta have those doom and gloomers so we can rally!
Target 3200 remains
Take care,
Rita
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