“One of the common failings among honorable people is a failure to appreciate how thoroughly dishonorable some other people can be, and how dangerous it is to trust them.”
Thomas Sowell
Today was an option expiration, and we had an additional pop in stocks in order to complete the routing of the bears who piled on to the ‘Trump dump.’
The putative reason for today’s rally was a statement by the Fed’s Bullard about the role that additional QE may play. I am not sure if this was ‘real’ or just another reasons to wash and rinse the public.
Next week will be the June option expiration for precious metals on the Comex.
Stocks are at a bit of a crossroads here. The SP 500 futures and big cap tech in the NDX, for example, have retraced approximately fifty percent of the recent drop, and are both at the midpoint of their respective bull trend channels.
This post was published at Jesses Crossroads Cafe on 19 MAY 2017.
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