The market is grappling with a confluence of issues today from China trade to statements made by Robert Mueller.  The Dow Jones Industrial Average was down 200 points when Mueller began speaking then drifted when it was clear he left the door open for Congress to consider impeachment, since indicting President Trump on obstruction was never an option or under the purview of his office.

Several democrats running for the presidential nomination are chiming in calling for impeachment, which would create the kind of turmoil investors abhor. 

I’m no lawyer, but it does seem to me going down the impeachment road would be a mistake.  It’s a political decision.  Nancy Pelosi along with other senior democrat leadership must make the determination if the gambit would help or hurt their efforts to win the White House.

Stocks began the session under pressure from worries over the next steps in the China trade battle. Early into the session, there was an intriguing spurt off the lows that saw deeply oversold names, and a lot of China-related names, climb into the plus column including:

• Apple (AAPL)
• Caterpillar (CAT)
• Xilinx (XLNX)
• Cheniere (LNG)
• Tesla (TSLA)

I think smart investors have begun to nibble on these names in particular because the fundamentals really haven’t changed despite potential near- term interruptions that could have short term impacts.   All this sets up for major intrigue for today’s close.

Obviously, we don’t need to force the issue here, but there are some hugely enticing stocks.  On the other hand, please make sure not to sell stocks in a panic that have great businesses that include pricing power, market share gains and solid execution.  I’ve been there many times over the past three decades, and I regretted it every single time.