SPX 3360.95 -47.68
In the MORNING COFFEE REPORT yesterday, I stated we were going higher, but might test 3400 (-8 points lower) along the way. That is EXACTLY what we did, even with Powell speaking. That alone is a miracle as he has a tenancy to destroy markets when he talks off script. It is not his fault. He just doesn't toss around the MBA terms to confuse people, forcing them to assume he knows what he is talking about, that previous chairmen did.
Then a funny thing happened on the way higher. As the Minis were running to hit the highs of 3369.50, President Trump had enough of Pelosi's games. I am not sure what she does, or what she has accomplished since it is legal to defecate on the streets of her district, drop hypodermic syringes in playgrounds, and they have the worst homeless situation in the nation.
For the last two weeks, Mnuchin has offered a $1.6 TRILLION dollar corona relief package. Pelosi keeps rejecting it and insisted on it being $2.2 TRILLION. The extra $600 Billion has been reported (though no one knows for sure) all fluff for her constituents. It is being described as holding Trump hostage to get what he wants, and the cost is $600B. I want to emphasize that I can't confirm this, and have no way of knowing for sure, but........I kind of have no reason to doubt it. Apparently, we have to pass the bill to see what is in the bill. This is a woman who is Speaker of the House and has refused to see the President for 10 months. You don't have to like the guy, but he is the President and you have a job to do. Jeez.
President Trump called her bluff, and said no package until after the election. This took Minis from +28 to -48 in a very short period of time, and that is where we closed.