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Ep. 238 Over Confident Republicans Poise…d for disappointment

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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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