Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market is soaring to start the month of March on the back of what has to be considered a much better than expected speech from our new President and more solid economic data around the globe. The record tying 12 consecutive new highs came to an end yesterday. A new streak has begun. DOW hit 21K this morning, a level never before reached. It hit 20K just 24 trading days ago. The only thing that has changed really is perhaps psychology. If we can actually see some bipartisan action, there’s no stopping this Market. But realistically, there was little detail in Trump’s address to Congress last night and the likelihood of Republicans and Democrats working together is still very small. But the tone felt much better.
Donald Trump seemed very Presidential last night. Perhaps that is what mattered most. Interest rates are jumping off increasing expectations of a rate hike this month. The Dollar is stronger too. Crude Oil is higher while Gold is lower. There is a great deal of movement under the surface. It all suggests growth.
Have a great day.