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.”
The Dow Jones industrial average had its best day of the year Thursday, rising 1.4% to pass 24,000 for the 1st time.
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.
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)|