Nothing to see here, please go buy some FANGs

The British voters threw PM Theresa May a big curve ball Thursday in the general election by not giving her Conservative Party the majority she sought, forcing her to seek to form a new government with minority political parties.

Also on Thursday we had ex-FBI Director James Comey testify before the Senate on his firing and the probe into Russia’s influence into the US presidential election.

Neither of these events had an effect on the markets, which is puzzling in the brief and troubling in the longer term.

To say the possible beginning of a presidential impeachment occurring in Washington and equities give you a day where as traders say “was a waste of a clean shirt and car fare,” is astounding.

As I wrote yesterday, market participants that I speak with see Friday as a possible tipping point for equities, looking at the futures market then the tipping point maybe the markets building support instead of falling.

Not to get into high weirdness, but how does the British, US  and global investors see a government crisis in London and Washington as a buying opportunity unless there are bigger buyers to buoy prices?

So let’s see how US markets close today and then we may get an idea of what is to come.

Advertisements

One thought on “Nothing to see here, please go buy some FANGs

  1. Pingback: Fangs may lead marts south; BTC heads north of $3K | Gray's Economy

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s