Author: David Mitchell
Date: January 12, 2017
Trump knocked a home run in the press conference. And sure enough the market went up afterwards.
This morning the biggest news event is that futures are down "because of Trump's disappointing news conference."
That proves it. I have always been correct in saying if the S & P 500 needs to retrace down, they make up "fake news" (as Trump called CNN) to blame the normal technical move down on. It is so funny.
Yes, futures are down, S & P 500 -5.25; Dow -38; Nasdaq -13.5. There is zero news to explain it. In fact the only true news is that jobless claims was a great report. So, the market just needs to move from resistance down to support and reset all the stocks into new great patterns. That is what is happening.
Here is the news:
Weekly jobless claims rise less than expected
The number of Americans filing for unemployment benefits rose less than expected last week and the underlying trend remained consistent with a
tightening labor market that is starting to spur faster wage growth.
Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 247,000 for the week ended Jan. 7, the Labor Department said on Thursday. Claims for the prior week were revised to show 2,000 more applications received than previously reported.
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