“Because power corrupts, society’s demands for moral authority and character increase as the importance of the position increases.”
John Adams
Today was an interesting day for US equities.
This is the biggest move we have had in stocks since December 7 of last year.
Financials, which have been riding high on the Trump rally, helped lead the major indices lower.
Still, this is just a much needed correction from a highly overbought short term condition. We won’t know if this is the start of a bigger correction until we break some downside supports.
Gold and silver caught a bid in the paper assets sell-off. They are still beneath the breakout levels which we are watching.
The US dollar continued moving lower according to the DX index. This was a boost for the metals priced in Dollars.
Let’s see how the rest of the week goes, and if we see any signs of an intermediate trend change.
There was intraday commentary about ‘About Fake News.’
Below there is a video re-enactment of Trump discussing his budget proposal with his key advisors. Trump is played by Peter Ustinov, Bannon by Leo Glenn, and Ryan by Nicholas Hannen.
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