Yet another day of gratuitous, grueling ups and downs, punctuated around mid-session by a swoon that had been nearly recouped by the time we went to press. If traders are thinking what I think they are thinking, they are expecting the stock market to find direction — possibly with a vengeance — once Trump’s inauguration is behind us. But suppose not? That would certainly seem paradoxical, since the transition from Obama to Trump arguably will represent the most radical political shift in American politics since the Civil War. For the moment, and perhaps for the next four years, it would appear that a quite sizable number of Americans still can’t believe November’s election results, let alone accept them. So how will Wall Street react now that the feel-good period is about to run out of bravado? The good news is that it hardly matters, since the bull market has been fueled not by decision makers, but by a torrent of digital money created out of thin air by the central bank. The bad news is that there is no such thing as a perpetual motion machine, and sooner or later a stock market that has seemed to defy this immutable law will succumb to cyclical forces that lie not only beyond the control of hedge funds and money managers, but beyond all understanding. If you don’t subscribe,click herefor instant access and a free two-week trial to the room, to Rick’s daily trading ‘touts’, and to all features of the service. It's geared to traders of stocks, mini-futures, ETFs, options and commodities.
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