Market Confirms ‘No Smoking Gun’ In Comey Testimony – Stocks Up, Gold Down

It would appear – despite the media bluster – that markets are quickly convinced that Comey’s prepared remarks have no “smoking gun” and nothing new to warrant concerns about President Trump’s presidency…

This is the statement that appears to have defused the concerns…

I immediately prepared an unclassified memo of the conversation about Flynn and discussed the matter with FBI senior leadership. I had understood the President to be requesting that we drop any investigation of Flynn in connection with false statements about his conversations with the Russian ambassador in December.

I did not understand the President to be talking about the broader investigation into Russia or possible links to his campaign. I could be wrong, but I took him to be focusing on what had just happened with Flynn’s departure and the controversy around his account of his phone calls. Regardless, it was very concerning, given the FBI’s role as an independent investigative agency.

Stocks surge and Gold “safe-haven” is offered…

And The Dollar is well bid…adding to the confidence after Intel Officials confirmed Trump did not pressure them…

This seemed to sum it up nicely…

Market’s take: stupid but not impeachable

— Ed Bradford (@Fullcarry) June 7, 2017