With the China deal Phase One and articles of impeachment being signed yesterday, I wrote in the MORNING COFFEE REPORT, “opening lower”. I had no idea how the day would go after the open, but after a huge run higher and the events for the day, I felt we would open slightly lower.
The market opened slightly lower, but within minutes we were into positive territory. Larry Kudlow came on television and played up the China deal, which sent the SPX to its high of +15.60 on the day.
After the long process of the signing of the China deal paperwork, Nancy Pelosi was on television unable to contain her joy while talking about the sad and somber historical event sending the letters of impeachment to the Senate would be. Handing out about 25 souvenir pens, she held a parade walking the articles to the Senate later in the night.
After the impeachment news and China deal, the market ran out of energy the rest of the day with the SPX 3,300 ceiling having been missed by $1.34. The market eventually wafted lower to where the SPX cash was down -2.37 but minis were $5 points lower.
A last minute closing market rally saw the SPX climb 8 points off the lows to close higher by $6.14, and close just 11 points below 3,300.