Trump's big mouth and Twitter account did him in. Court says because campaigner Trump said he would ban Muslims from entering the country, that is the real intent of the travel ban which is unconstitutional. Traders are wondering if Trump can get any part of his agenda done.
One of the biggest failures of Trump was not labeling China a currency manipulator "on day one" of his Presidency. The Yuan was up +1% to the US dollar in 2017, making US products more competitive against Chinese products. China will hold the peg awhile and then release it which will cause the Yuan to fall harder and faster against the US dollar, effectively giving Chinese products a big advantage over US products.
XAU was the biggest industry gainer today up 1.2%. Rising rates push the US dollar up which pushes gold down. More traders are betting that the pace of rate hikes will slow after June and so gold will move higher.
What about the insider trading that took place recently in the Moody's downgrade of China? MOMO had a great earnings report but fell about -5% hours before the Moody's downgrade of China was announced. I bought MOMO to take advantage of the price and fundamental divergence only to get stopped out for a loss. Will the SEC go after Moody's for leaking the information before it went public? I doubt it. Be careful. There is rampant insider trading going on now.
PJM’s first capacity auction that requires new year-round availability per Capacity Performance requirements saw prices drop by one-quarter. Select energy related names showing weakness in early market trading.
China in full propaganda damage control... Claims Moody's overstated China's debt problem. China says that Moody's downgrade isn't fair and that countries in Europe and the United States are treated better. Moody's should have downgraded China years ago after the China-fraud story broke about "Ghost Cities" IMO.
Hedge funds using quants are more than 27% of all market activity. Hedge funds buying dips means quant AIs are buying the dips. When the programming code is triggered that stops these algo traders from buying the dips, look out below.
Instead of doing what's right from a financial point of view, Republicans are primarily interested in preserving their control on power in the 2018 midterms. When both parties are too afraid to do what's financially right for fear of losing power, a country is destined for a bankruptcy.