We’d rather not venture upon politics at all.
But sometimes politics stinks things up so badly, we have to hold our nose and wade on in.
Now that we’ve cleared some swampy underbrush, let’s see how the market took to yesterday’s shellacking…
Stocks stormed out of their foxholes today.
And after yesterday’s 373-point rout, the Dow charged 56 points ahead.
The Nasdaq lost 159 points yesterday. But today it countered with a 44-point advance.
The S&P returned with an eight-point gain of its own.
Greg “Gunner” Guenthner, he of our trading desk, says don’t make overmuch of yesterday’s fireworks:
A quiet market lulled investors to sleep. Now we’re seeing psychotic traders setting their hair on fire over a 2% market drop that’s taken the S&P 500 back to levels we haven’t seen since… April 20.
Perhaps all is peace again…
But revisiting yesterday’s question… will Trump really be impeached?
Jim Rickards weighs in thus:
Trump will not be impeached. That will never happen in a Republican-controlled House of Representatives. Democrat dreams of regaining the House in 2018 are mostly wishful thinking (because of the way congressional districts are established), and even if they win, the investigations will mostly be over by then and Trump will be exonerated, if not unscathed.
Jim’s nailed plenty of recent calls — Brexit, Trump’s November win, this month’s French election — to cite a few.
Now Jim says Trump won’t be impeached.
And with his rock-solid record, don’t put us down for a bet against him.
SOURCE: BRIAN MAHER
The Daily Reckoning