Thursday, February 2nd, 2017

Just one day after Financial Refrom Bill got signed

Horrible numbers are hitting the market this morning, yet the stock market is up 200 points with major indexes posting 2% gains all around. Just one day after the Financial reform Bill is signed into the law of the land. Existing home sales dropped 5.1% tanking the real estate recovery,and the Labor department showed initial claims for jobless benefits rose  to 37,000.

“It’s still a horrible number. It’s just not as horrible as what people were looking for. Do you really view that as good news? Apparently the stock market does,” said Mary Ann Hurley, vice president of fixed-income trading at D.A. Davidson & Co in Seattle.

Despite the slew of these horrible numbers that would tank any market to new lows SPX is emerging above its downward moving trend line and above its 50 day moving average. I think Vinney the market is also sick of making next to nothing during this last 3 months when the bill was dragged around in the Congress. Now since many  traders have  left the playground, incomes in the trading firms have hit rock bottom as well and  profits have largely disappeared. He is hungry, unfed and wants to make money and Vinney the market maker now wants to play. Is it safe to say?

Let me put this straight without sarcasm. With the signing of Financial Reform Bill Wall Street’s fate is sealed. There isn’t much anyone can do. Its now the law of the land. The defeat is total and absolute. There is little or no point in producing long ugly red candles and crushing the market with both feet. All those silly Temper Tantrums and lobbying did nothing to impress the will of the American people and supporters of Financial reform Bill and the Lawmakers. They give a hoot what you do with it. Like a wayward kid  Wall Street is picking up the toys and starting to play..

With that said, its time to let go of the horse from the barn and the market takes off despite some horrible numbers out there. Its sickening to see how this  all works out.

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