Thursday July 28 2022
There is no such thing as a Centrist Democrat. When they need 60 votes they get them.
Laura Ingraham on Dems getting the 60 senate votes needed to pass Obamacare
After resisting Build Back Better, out of the blue, and negotiated privately says the WSJ, Schumer gets Manchin to go along witih a $730 billion bill which iincludes $36 B for climate and energy. You can bet that does not include anything for coal mining West Virginia, so what did Manchin get out of this? One wonders after all the guff he took from Dems for ruining the future of America.
Now add the $280 B Chip bill and the total is $1,019 billion or 1.019 Trillion. Now here is the funny part, this is supposed to fight inflation by including a 15% minum corporate tax. Sigh, tax and spend Democrats.
But the Wave One down ended in June so now Wave Two up is underway regardless, and how.
32,500 - 29,750 = 2,750 points up from the June Low.
Our 33,250 looks like an easy vault from here at 32,530, we are up 1,000 or so in the last two days. One has to wonder if 35,000-35,500 is possible by Sept if even half this momentum keeps up.
teh 75 bsp was baked into the cake so bonds have showed little to no movement. However our closed end municipals did great, our exit was ore-mature but we can buy back. Let's see how they respond the tomorrow and open Monday. One can see they are at the 50% re reraement level already. IF this is counter trend and it is, an A B C second wave may have already formed.
Another big story was a jump in gold 34.30 and silver 1.39. We have been looking for a low in silver and it came in at 18.12, so already to 19.99. I suspect a target of 21.50 is low. Too many Central Banks want digital currencies and gold and silver are in the way, the battle begins.
Yes CDE has moved from 2.5 to 3.00 but iit is still cheap compared to the last two years. HL had a bigger move but same thing.
We now have two quarters of negative GDP which the White House says does not matter citing job stats. Well the FED funds rate at 2.5% is still way below the inflation rate of 9.1% . After Wave Two up in stocks ends we will see what the market says in November.
Comments