Last week, the Dow notched its third record-setting session; big winners include material and industrial names I’ve been pounding the table on. Make sure you have exposure. Of course, Amazon (AMZN) was the biggest winner while brick-and-mortar retail along with food companies were huge losers.
Thus far, all the economic data has come in below estimates as an ugly theme, and it’s rearing its ugly head. President Trump even hit on it with an early morning tweet last Friday.
Donald J. Trump
Despite the phony Witch Hunt going on in America, the economic & jobs numbers are great. Regulations way down, jobs and enthusiasm way up!
President Trump’s tweet on the economy and jobs were spot-on, but they are in danger from the unrelenting battle to delegitimize the election. The swamp is fighting back and our economy is losing.
Their dark clouds are beginning to hurt our economic revival. Last week saw a string of economic data come up short, mostly putting the economy and underlying enthusiasm back to pre-election levels.
Friday’s Consumer Sentiment Survey came in significantly below Wall Street consensus to the lowest level since last November.
The big turn began after June 8th when millions watched former FBI director James Comey testify before the Senate Intelligence Committee:
What’s disheartening is that there are signs of self-identified Republicans who are losing faith that the swamp can be drained.
Despite the strong turn in the economy and its clear traction – it’s proven via hard data- and President Trump’s strong social media platform the fact remains; the deluge of negative press, coupled with investigations and constant innuendo in Washington, D.C. is taming down on optimism.
Call it a: “Death by a thousand cuts.”
Experts tell me this could drag on for years - our economy cannot afford it, and this means it’s urgent that all the Intelligence committees along with the Special Counsel bring some closure to their investigations immediately.
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