President Trump’s Policies Have Investors In a Happy Frame

President Trump’s Policies Have Investors In a Happy Frame

President Trump’s Policies Have Investors In a Happy Frame

$DIA, $SPY, $QQQ, $VXX

Iconic investor, Carl Icahn said the market’s rise to record highs shows signs of euphoria, when investors think they can do no wrong and they have been right since 8 November 2016 when Donald J. Trump was elected President.

“I really think even though earnings are going to be very good … I just think this thing has gotten into a euphoric state. “It’s run away and there might be a big correction but I can’t say it’s insane.”

Investors bid up shares on optimism that Congress would approve tax cuts.

President Trump said in a message on Twitter that had the Democrats won the Presidential election the market would be down 50% from when their election happened.

Recall that Mr. Icahn was an adviser to President Trump on regulation until stepping down in August.

Mr. Icahn said President Trump’s pro-business agenda will boost economic growth.

President Trump, a political outsider who never held a public office, ran on a platform of creating jobs, boosting wages and spending $1-T to rebuild roads, bridges and airports.

“I really thought Trump was really going to change the landscape, and he certainly has gone far to do that,” Mr. Icahn said.

Of Note:

The Senate will likely vote on its version of a tax reform bill either late Thursday night or early Friday morning. The chances of the bill passing has increased after Senator John McCain (R-AZ) came out in favor of the piece of legislation, however, there are still a handful of GOP Senators sitting on the fence, expect them to fall in line.

Financial issues were Bullish following Senator McCain’s announcement, but weakened notably in the afternoon. Nonetheless, the S&P 500’s financial sector finished with a solid gain of 0.6%, extending its WTD advance to 4.9%.

In total, 11 of 11 S&P groups finished Thursday in the Green, with gainers ranging from 0.1% to 1.6%

Thursday, the US major stock market indexes finished at: DJIA+331.67 at 24272.35, NAS Comp +49.58 at 6873.96, S&P 500 +21.51 at 2647.58

Volume: Trade on the NYSE came in heavy at: 1.51-B/shares exchanged.

  • NAS Comp +27.7% YTD
  • DJIA +22.8% YTD
  • S&P 500 +18.3% YTD
  • Russell 2000 +13.8% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Very Bullish (0.60) Bullish (0.46) Very Bullish (0.67) Very Bullish (0.67)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Very Bullish (0.51) Bullish (0.40) Bullish (0.48) Very Bullish (0.67)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Very Bullish (0.57) Bullish (0.45) Very Bullish (0.60) Very Bullish (0.67)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.36) Bearish (-0.33) Bearish (-0.47) Bearish (-0.29)

Stay tuned…

 

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