President Trump ventured into the global elite establishment confab via satellite yesterday and commenced laying down the law. In case they hadn’t heard, they now know a new sheriff is in town.

This contemptuous crowd of hypocrites got a comeuppance they will not soon forget – if ever.

Stock Market Salutes

It was a middling session until Trump appeared on screens and began aiming at everyone in the room:

• The Organization of Petroleum Exporting Countries (OPEC) – Bring down the cost of oil
• Canada – We can make cars and drill for oil in America
• Big Banks – Stop discriminating against conservatives
• Central Banks – Lower rates now

The ‘animal spirits’ were really stirring going into the closing bell, and every sector finished the day higher.

Broadening Rally

I’m digging the composition of this week’s move in the market. Bottom fishing is supplanting momentum chasing.

Advancers were as eclectic as possible, with Moderna (MRNA) on top because of Norovirus worries.

Today’s session

Major indices are mostly moving higher at the start of the session. Earnings results continue to spark with strong results from Verizon (VZ) and American Express (AXP).

The US Dollar Index is showing some weakness, currently down 0.36%.

Several economic data points are coming out later this morning.