Gary Cohn Resigns And Many Stocks Go Up Instead of Down! – Mike Swanson (03/08/2018)

On Tuesday Gary Cohn resigned as Trump’s top economics advisor and the futures were down big time that night. But yesterday the Nasdaq managed to go green as many stocks went up instead of down despite the news! Let me tell you why.

I think right now we are in a drifting and dull market when it comes to stocks and not much is actually happening at the moment.

I really don’t trade news and do not think that daily news items have a meaningful impact on the market.

Sure news can come out and make the market go up and down for a few hours, but I really have never seen news change the overall trend ever.

Take a look at the chart of the S&P 500.

The chart tells a simple story.

The stock market went straight up into the end of January and dumped and is now drifting sideways.

It’s in a dull drift and there isn’t going to be a meaningful move until it breaks one way or the other out of the trading range it is now in, which I’ve circled.

Which way will it move?

Well I’m watching several indicators in the private Power Investor group that can serve as warnings if the move is going to be a bust to the downside and am prepared to act on them.

But either way nothing is probably going to happen for 2-3 weeks.

I think the real meaningful moves are actually not happening in the stock market, but with bonds where the biggest bubble in human history now seems to be just starting to unwind.

And no one is thinking of it that way.

I talked about the Trump tariffs and market action in this interview with Jim Goddard.

I also did a comprehensive interview about the bond bubble on the Ochelli Effect Tuesday that you can listen to here.

If you have not grabbed my brank new book detailing my number on trading pattern go here now.

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