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Only days after hitting an all-time high of 28,090.21, the Dow Jones Industrials Average slipped 1.15%, closing Thursday, November 21, 2019, at 27,766.29.
That’s a small loss considering that the U.S. is threatening China over its control of Hong Kong.
With Congress passing the Hong Kong Human Rights and Democracy Act this week, which now goes to the White House for the president to sign or veto, markets could see more profit taking, or they could do what they’ve been doing: ignoring bad news and moving steadily higher.
I’ve been playing the market game for some time now. Along the way, I’ve made all kinds of trades, called out the market’s mayhem, and pocketed life-changing profits along the way.
I wasn’t always rich. I did all I could to make ends meet until I got a one-in-a-million break to start at the very bottom of a hot New York hedge fund – and you can bet I jumped on it.
Within a year, because of my hard work, I ran my first hedge fund from my very own seat on the Chicago Board of Options Exchange, and then another, leading to my life-changing wealth that I enjoy every day.
Today I get to do whatever I want whenever I want, and I want the same for you.
Last Friday here I told you that timing markets isn’t only possible, but it’s very, very profitable, and I ticked off lots of household names who’ve proven it works by making billions of dollars timing markets successfully.
But there’s a trick to it.
Today I’m going to reveal what it is.
Because a lot of people think this bull market’s going to end, maybe very soon, maybe spectacularly, and they either haven’t gotten fully invested out of fear, or they’re going to sell early, maybe very early, because they’re afraid they won’t see the end coming.
Even worse, investors who don’t see the end coming could ride the market all the way down and lose, maybe everything.
Good timing allows you to load up in the right direction and gets you out of the way when things turn.
The kind of timing that I’m talking about that’s going to make you a lot of money, in bull markets and bear markets, isn’t the kind of clockwork timing that traders employ.
Last week proved that stocks want to go up, which is something that sounds silly, but makes sense.
On the heels of the previous week’s rally, and the week before that, and the week before that, and so on, last week had the benefit of likely momentum. But the week didn’t play out quite that way.
Stocks essentially meandered most of the week shrugging off everything: bad industrial production numbers, good consumer data, President Trump’s speech to the economic Club of New York, and Fed Chairman Powell’s Congressional testimony.
Then Friday came along, as it always does and as has been happening, stocks decided, kind of on their own, which sounds silly, that they wanted to go up.
And they did.
The Dow Jones Industrials broke through the 28,000-barrier ending at 28,004.89, up 1.2% for the week. Stocks in the S&P 500 wanted to go up and they ended the week at 3,120.46, up .9%. Not to be left out, the Nasdaq Composite ended up .8% at 8,540.83. All three were new record highs.
Markets are keeping to the status quo. News of impeachment hearing will have no impact on market. News of Fed announcement probably won’t have much grit to have long lasting effects. Essentially, these movements aren’t unprecedented, and markets will move past it all. What actually does have power to move markets and move money for investors is the streaming war. When Varney asked me which streaming stock I would buy, I gave one clear winner, among the ever growing and overcrowding choices. Watch here for which one, it could surprise you… Click here to watch.
Lots of bears and perma-bears warning that the nation’s debt will sink the economy and markets might be right, maybe inevitably right.
The U.S. could default on its national debt and the economy could nosedive taking markets down with it.
Just don’t bet on it.
Because if you do, if you’ve been scared to jump into the stock market any time since 2009, because of fearmongering about the nation’s debt, imbalances in the economy, or the pumped up stock market, you are going to be on the wrong side of ever becoming rich.
I’ve talked a lot recently about money on the sidelines, and Charles Payne brought it up again in our discussion yesterday. As I’ve already been saying, eventually it will need to get to work. Professional money managers have kept it to themselves for too long, and they need to get it going. With the Federal Reserve continuing to set rates lower for longer, the managers are behind the curve. We’re starting to see money coming off from the last quarter, but they’re still following so far behind the benchmarks. Get ahead of the game by watching here and I’ll tell you where to find the millions of dollars… Click here to watch.
Looking back, it was another record week on Wall Street, with all the major indexes hitting all-time highs even though the hoped-for cool down in the U.S. China trade war got some cold water thrown on it.
Markets sure were feeling their oats as news circulated that the U.S. and China might roll-back tariffs, as a sign they were optimistic and they were on a mutually agreed to path towards at least some partial agreements.
Then, just as markets were looking good and about to draw in some of the huge piles of sidelined money, President Trump poured cold water on the prospect of the U.S. repealing any tariffs.
But still stocks forged forward marking gains on an otherwise dull Friday session.
For the week, the S&P 500, the institutional index, closed at 3093.08, up .8%. That marked 5 weeks in a row of straight up gains for the money managers’ mainline benchmark.
The Dow Jones Industrials Average closed at 27,681.24, up 1.2% for the week.
And the Nasdaq Composite closed at 8475.31, up a tidy 1.1% for the week.
It’s the institutional index, the S&P 500, that investors are watching closest.
That’s because so many money managers and mutual funds are measured against it. And it’s those professionals wielding hundreds of billions of dollars, by some measures more than a trillion dollars, of cold hard underperforming cash that could quickly and for a good quarter be the fuel to keep markets flying higher.
Because Bitcoin was the first cryptocurrency, because it’s a household name, because it garners headlines, including being quoted regularly by financial news outlets, because what underlies Bitcoin, blockchain, is the technology of the future, a lot of people think Bitcoin conveys legitimacy on other cryptocurrencies
Nothing could be further from the truth.
Bitcoin is nothing more than an experiment that proves a blockchain cryptocurrency is possible.
It isn’t real currency. It isn’t a store of value. It isn’t a widely accepted means of exchange. It isn’t any of the things that it’s supposed to be, including proof that cryptocurrencies are the future of money.
Bitcoin is a false prophet of cryptocurrencies, with one exception, which will make you sick.