Financials on Monday responded positively, as expected, to the prospect of tax reform legislation, with names like Bank of America Corporation (BAC), Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) all gapping up on the open, following by higher closes of between 2 and 3.5 percent.
The Financial Select Sector SPDR ETF (XLF) surged 1.5% to close at 28.00, after gaining nearly 5% last week.
The main drag here in Palo Alto is University Avenue, which is lined with pricey restaurants and retail. One city to the south of us, Mountain View, has their own main drag, and it’s called Castro Street (not to be confused with the gay mecca in San Francisco, half an hour’s drive north).
I’ve walked Castro many times (again, let’s not confuse the two), and I would often pass a very nice building which was neither a restaurant nor a retail store; on the front was a large sign, QUIXEY, and inside the building were dozens of young engineers, all of whom I’m certain were earning great six-figure salaries, working away at their keyboards. Beneath the “Quixey” name was the tag line: “The Search Engine for Apps”
Now in its seventh year of its own bear market, gold remains a complete piece of crap, as trendlines break and gold bugs pull out their hair looking at Bitcoin charts.
So much of what has happened over the past eight years – – and the past year in particular – – defies logic, good sense, and history. Yet trumping them all, literally, is the unvarnished and endless hubris that keeps spouting from the POTUS which is answered by the fates with nothing more than daily lifetime highs to keep feeding him: