Here we are at the most important trading week of the entire year. You’ll never hear about this on the business channels, but Gann designated the March change of season as the most pivotal cycle point for markets of the entire year. Longtime readers of this column know I’ve come up with all kinds of names for it through the years.
U.S. markets started where they left off for 2017. Initially, it didn’t look like this would happen. For the week between Christmas and New Year’s, the action was very questionable and by Friday they started selling.
Markets dodged another bullet as Irma was bad but not as bad as it could’ve been. That’s not to make light of the situation, it was a category 6 just the other day. But before any of you get excited Jesse Colombo @thebubblebubble tweeted a report from calculatedriskblog.com that Harvey could result in 300,000 new mortgage delinquencies.
We’ve reached the moment of truth. Many moments of truth; something is going to happen this month. The only question is whether the stock market crowd is going to keep their heads in the sand. With everything swirling around I can’t imagine how that’s possible.
Here’s the good news, 8,000 jobs were attributed to mining and any jobs in that beaten down arena is welcome. But 37,000 jobs were attributed to health care. Why isn’t that good? Some of you will recall the only reason Obamacare exists is that Fannie Mae and Freddie Mac have been looted to the tune of billions. It is called “Net Worth Sweep.” It was first reported months ago by Jerome Corsi but confirmed several weeks ago by Mnuchin on the Maria Bartiromo show.
It was a decent week for the stock market. Why? It could be because President Donald Trump was out of the country and the dialogue shifted away from scandal to geopolitics. The stock market didn’t have a chance to get upset as everyone took a breather from the growth agenda being interrupted. But he’s back and the domestic problems have not gone away. Who knows what they’ll come up with next.