Friends
Stocks were overwhelmed by Congressional testimonies today. At once we had Michael Cohen testifying in front of the House Oversight Committee, Fed Chair Powell in front of the House Finance Committee, and Trade Representative Robert Lighthizer in front of the House Ways and Means Committee. While I was watching the Fed Chair deal with the rather uninformed folks on the Finance Committee, it appears the rest of the country was watching the Michael Cohen show in front of the contentious Oversight Committee. I felt like I was watching a documentary on the History Channel while the rest of the country was watching the new Star Wars release. Oh, and by the way, though no one was paying any attention, the President was in Vietnam sitting down with the North Koreans. Whatever the case, no one was buying stocks.
For the day, the Dow Jones Industrial was down 72 points to finish the day at 25,985. The S&P 500 was down 1 point to close at 2,792. Gold was down $6 to trade at $1,321 per ounce, while oil was up $1.48 to trade at $56.98 per barrel WTI.
Yes, it was headlines overload today, but it appears that the bulls are less anxious to get involved at the moment. It’s hard to blame them given all the noise that they have to deal with. The bears, on the other hand, are hoping that one of these headwinds actually starts to wear down the bulls. Let’s catch our breath and see how the rest of the week plays out.
Have a nice evening everyone.
