Over-Confident Republicans Poised For Disappointment – Ep. 238

* On Monday the market got its first opportunity to react to President Trump and the Republican Congress' failure to repeal and replace Obamacare

* With something more palatable

* And as a result, the market declined

* At the lows, the Dow was down approximately 200 points

* Although the "Buy the Dippers" came out, and by the end of the day, the Dow was UP about 150 points

* But it was the 8th consecutive down day for the Dow

* Which I think was a tie for the longest losing streak since 2011

* Had the Dow been down again today, it would have been the longest losing streak since sometime in the 1970's

* So it wasn't that surprising that the Dow rallied

* We were up about 150 points, so we more than wiped out yesterday's losses

* On the other hand, the dollar sold off yesterday and actually traded with a 98 handle

* For the first time since just after the election

* Almost all of the Trump-related dollar rally has been eviscerated

* The dollar rallied back today closing at 99.71 today

* The pound was weak; the Scottish are getting ready to have another referendum

* Whether or not they want to leave the U.K.

* Remember, the Scots did not want to leave the EU

* They narrowly rejected an independence referendum before and now that there is going to be another vote, the market is nervous

* Maybe that helped push the dollar down, but we're below 100 on the dollar index right now

* Gold got back up to $1260 yesterday; at one point it was up about $17

* I didn't see it hit $1261

* That was about the high for the year

* Gold still closed today above $1250

* Silver was actually up again

* Adding to yesterday's gain, we're now holding above $18

* So gold and silver going up; the dollar going down

* We did get a rally in the bond market yesterday; gave back some of that today

* I think today's rally was more of a technical bounce on the "Buy the dip" mentality


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