from Jesse’s Café Américain:
Interesting divergence in stocks today as the tech sector led the way to new highs there, but the SP 500 was lower on the day, and the Dow Industrials, industrial in name only these days, once again not only failed to close above that 20,000 level, but actually gave up some additional ground.
This is bubble action. Whether it is late stage or not remains to be seen, but I keep thinking that the Wall Street wiseguys are just executing the same gameplan they would have followed regardless of who won the election, with perhaps some variation on the sectors they pushed.
So, in other words, can we expect them to ‘buy the election, and sell the inauguration?’
That would be an appropriately cynical outcome for very cynical times.
Gold and silver managed to inch higher after the December drubbing they took into deeply oversold territory.
I suspect that was an ‘end of year’ thing.
The Comex warehouses and deliveries were the usual snooze. The real metals action is taking place in points East.
Yesterday marked the end of the Christmas season with the feast of the Magi, or the Three Kings.
But hopefully the Christmas spirit will live in our hearts throughout the year.
Have a pleasant evening.