it comes to gun legislation. so, instead of beginning this hour with what s happening in congress today, we thought we d start with what s not happening, which is a bigger story. so, first senate republicans are expected to block a bill creating a commission to investigate the attack on the u.s. capitol on january 6th. this is their workplace. not just the centerpiece of american democracy but this is where they and their staffers go to do the work of the people. the attack led to the deaths of five and injured more than 160 capitol police officers. congress has also not reached any agreement on police reform. they missed president biden s tuesday deadline for a deal, even though most lawmakers say they are disturbed by what we ve all seen with our own eyes in case after case captured on video of black americans killed at the hands of police. the family of one of those killed, ronald greene, will stage their own march for justice this hour. and we will see at half sta
Happy Juneteenth! The US markets are closed on Monday and that could be a good thing because they certainly suck when they are open. On June 3rd we finished at 4,100 on the S&P 500 (/ES) and June 10th found us at 3,900, which was down 4.87%, but close enough and now, on June 17th, we re down another 200 points to 3,700 and that s now pretty much 5% on the nose.
That s the song we ve been singing since late last month as, again and again, the S&P and the other indexes fail to break over their weak bounce lines. HOPEFULLY (not a valid trading strategy), we are consolidating for a move higher but, as I warned back on May 13th in "Flip Flop Friday – Stocks Cheer Up for no Particular Reason".
2.9%. That s the new World Bank forecast for Global GDP growth and it s down 1.2% (29%) from their January estimate. Even worse, the World Bank does not expect growth to come back in 2023 – or 2024.
Back on May 5th, the day before I left for Vegas, I reminded our Members on "Federally Fueled Thursday – Don’t Get Excited!" – as we were coming off a Powell-fuled rally – that coming back to S&P 4,300 at the time – was nothing to celebrate and, in fact, we took that opportunity to press our hedges.