TODAY – Hostage Situation – Hard to negotiate the markets in these situations.
NO – that is not Bernie and Joe Biden above holding Carrot Top hostage. The markets are being held hostage by everything that is artificial. It is earning season and no one is watching earnings because they mean little compared to the artificial saccharine sweetening this market.
When news comes out, the market moves 500 points before you can react. That is not trading – that is roller coaster rides where you are strapped in or on the platform.
There is a hostage situation over the elections. I don't know who is going to win. It is rare for an incumbent to lose. I do know that Biden is not up 16 points above Trump like the media reports. If Biden's camp thought that, they would not be talking about a contested election. With no accurate and unbiased way to judge the outcome, we are held hostage to the outcome for 2 weeks more.
This has been holding the market hostage for months. And as people needlessly suffer, games are being played by members of congress who get $174k a year no matter how bad the economy is. When you make over $14k a month, you lose perspective on how much a waiter needs his tips, and worry about re-election more.
For months the market has been in the waiting room for the surgeon to come out and tell us the results. Everyone is exhausted, read the TIME magazines that are 2 years old, and can't get the 19-inch TV remote in the corner to work.
The market is now held hostage to permanent Fed stimulus, though at the last meeting, the Fed put much of the onus of responsibility on Congress for relief.