Some people never seem to hear the warning bells clanging. We are speaking, of course, of the Wall Street day traders and robo-machines that managed a modest rip higher in the stock averages yesterday on the alleged good news of the Donald’s midnight-hour trade deal with Canada.
We realize that was just the meme of the moment—-and what really drove the market higher was the fact that it was day #1 of a new month, which set the chart monkeys clambering to tag the previous highs.
As it happened, however, the casino’s screeching banshees apparently checked out at the 9:30 AM cash open—so the overnight futures’ excitement barely survived the day: Two Dow stocks accounted for half of the day’s gain and the median S&P 500 stock appreciated by exactly zero.
But, still, at some point the excuses become so threadbare and stupid that you really need to call a foul ball.