Trump Turmoil Drives The Market Lower

The market opened sharply lower today as turmoil around President Trump has increased. Reports of a leaked memo by former FBI chief James Comey spooked traders and is raising questions about whether President Trump tried to interfere with a federal investigation which is only adding fire to news that Trump disclosed classified information to Russia's foreign minister about a planned Islamic State operation. Interesting times indeed!

MarketClub's Mid-day Market Report

Both The S&P 500 and the DOW have issued new red weekly Trade Triangles signaling a move to the sidelines while the NASDAQ remains in a long position.

Key levels to watch this week:
S&P 500 (CME:SP500): 2,403.87
Dow (INDEX:DJI): 21,070.90
NASDAQ (NASDAQ:COMP): 5,970.25
Gold (NYMEX:GC.M17.E): 1,280.00
Crude Oil (NYMEX:CL.M17.E): 50.22
U.S. Dollar (NYBOT:DX.M17.E): 99.76

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

4 thoughts on “Trump Turmoil Drives The Market Lower

  1. Again, thanks Jeremy! (Haven't heard rom Adam lately, hope he's OK)

    So far we're flying on a load of accusations that I'll bet all come to nothing, but there are people who would gladly crash the markets in order to blame Trump for that, and their mindless followers will buy into it. But the middle is listening and they hear a people that appear to have lost their minds along with the election and have come to the point that if Trump wears the wrong socks they want a special investigator.
    Trump for his' part doesn't help by reacting like a juvenile instead of like a president.

    Separate comment: The president has a right to declassify information therefore he ___cannot possibly___ have committed a crime in sharing information - which may have been totally appropriate if we wanted to be sure not to accidentally hit Russian resources.

    1. Hi Frank,

      It certainly seems like it's much ado about nothing. As for Adam, he's doing great and taking some time for himself. He'll be posting when something catches his eye.

      Cheers,
      Jeremy

  2. My thoughts are the decline is not so much a Trump decline but more profit taking and the sour outlook by Ford. I pulled profits on Monday and am ready to get back in as soon as the climb starts. The Ford news to me is indicative of US manufacturing as a whole. We are still not as nimble and flexible as we need to be to compete in the world market which is a real drag on both the economy and the markets.

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