Morning Market Thoughts
Good morning. First, don’t forget about the training session at 9 am Pacific Time (Noon Eastern). We’ll be looking at the market as well as some key sectors and stocks that should be an important part of your trading day.
The news of the day is the renewed interest by President Trump of getting a tax reform deal done after Congress comes back to work from their latest vacation. Boy, I’ve gotta say that Congress has a LOT of pressure. Imagine how difficult it is to get to 130 days per year of work when you’ve got so much vacation? That’s something that they deal with constantly. “Gotta get back to work! Gotta get back to work! OMG. Gotta get back to work. I think I’m going to cut my 6th vacation this year a little short. There’s work to be done.”
And is the tax reform deal going to lower taxes? No. It’s going to raise them on high income tax payers. That was the campaign promise…well, not really.
Harvey continues to take its toll on Houston. We were watching some of the carnage last night and trying to imagine all of the challenges and tragedies that these people are facing. It’s truly unimaginable. So many things we take for granted can be taken away in the blink of an eye. My prayers are going out to all of the people who are affected by Harvey, and that they come through this safely and with a deep respect for each other. Disasters don’t differentiate between political affiliation. It’s inspiring to see people come together to help each other.
The open is pretty flat today, with the Chinese internet stocks ($TEDU, $MOMO, $TAL, $EDU, $NTES, $WB) being the top performers on my list.
See you in the trading forum.