I don’t like to be a Conspiracy believer, but we all know that the President uses his Bully Pulpit and his cohorts to manipulate and back up his premise that the stock market, not the economy will determine the 2020 election results.
Is it a surprise that today on the first day of the Democratic Convention, that we see markets pushing all time highs?
It is Sad on so many levels, the pandemic grows and a lot of younger investor/traders are being drawn into stock positions that will probably be under water for years if they don’t bail out now.
Market is at an Epi-Center
We are sitting at an epicenter, “the focus of an earthquake”. In the coming period an S&P close below 3277, the July 31 close, I believe, sets up a 70 % chance of taking out the March lows.
At some point the market will come to the realization that a Trump victory is not going to happen. That is when the stock market manipulation will come to an end, as all the T-Followers rush for the exits.
Fed Influence Chart Updated on Close Today
Here is the Fed Influence Chart we use. We have added a little background showing the February top action numbers. Hammer time for this episode is coming, probably in the next two days, so we have used the caption 8/??/20.