FYI: Trump has basically turned into the new Ben Bernanke – whatever he whispers the market takes as face value as bullish and runs up. We saw that Wednesday after the address to Congress where there was a big spike the following day.
In what many saw as a rather reserved speech, the U.S. president said he would push for around $1 trillion in infrastructure spending, and promised “massive tax relief” for the middle class and tax cuts for corporations. Otherwise, the speech was lacking in firm details about his economic plans.
However, with averages SO extended over any moving average it was very difficult for bulls to build on that push up as we have the “rubber band effect” where indexes can only go so far from their trend.
Regards,
Ted
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