Absent two pieces of news the day would have been slow and boring, even with Nancy Pelosi's news conference after the House decided to write articles of impeachment. I was actually concerned for her, but the stock market didn't budge.
Sure, Joe Biden was speaking to a room of 30 (not 30,000) and challenging people to IQ and push up contests before calling them “fat”. That is not a big deal, and we expect that from Uncle Joe. As long as he isn't having little kids play with the hair on his legs, the news doesn't pay any attention to him.
While the political circus continued throughout the day, the stock market ignored the main tent. They have seen the dancing elephants and donkeys too many times. The two moves were both lower, before snapping right back.
The first move lower came 30 minutes after the open when Factory Orders contracted for the 3rd straight month, though coming out in line with expectations. This set the lows for the day at SPX 3,103.76 before bouncing right back.
An hour before the close, the E-minis took a $7 point fast drop, before working its way back to the starting point. This second drop was the result of the Wall Street Journal stating “US officials are less optimistic about a deal (with China)”. I don't know who was interviewed, or if it was even just made up news. I think everyone is less optimistic about a deal being done. I don't know why people are surprised, as China is the worst country to negotiate with. Even if we have a deal, they will be violating the terms in 5 minutes.
- AAPL was the big mover yesterday. After briefly falling -$8 on Tuesday. The stock has been running higher Wednesday and Thursday. Yesterday, the stock was up $3.84 (1.4%) to close at 265.5. This is less than $3 from the all-time highs.
- Crude Oil and Bonds/TLT have been volatile this week; however, they were quiet yesterday.
- The Dow closed up 28.01 and SPX closed up 4.67.