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The Mania Rolls On


Overnight equity markets were all higher, while most bond markets were lower, and that form held true here in America. In fact, the frenzy seemed to accelerate somewhat, as our market gained 0.5%, plus or minus, in the first couple of hours of trading today.

As Good a Reason As Any There was once again no particular reason for the surge, other than the fact that the market was open, and therefore it was headed higher -- which is a tongue-in-cheek way I used to answer questions about what the market was doing back in the 1999-2000 mania. That is, if someone asked, "What's the marketing doing?" I'd say, "It's open, therefore, it's higher."

Of course, there continue to be all sorts of potential problems, whether they are emanating from the bond or currency markets or missteps by the Trump administration. But for all the hand-wringing by the mainstream media, Democratic party, and most other people, apparently the market continues to be focused on all the good things Trump will supposedly do rather than the machinations he sets in motion.

This Is Not a Reality Show I only bring up Trump because I am sure some people keep scratching their heads and wondering how the stock market can keep going up given (make up whatever you want as a reason). The fact of the matter is, once these manias get rolling, nothing ends them until they exhaust themselves and it really matters very little what the news is.

In any case, in the afternoon the indices pushed a bit higher, gaining nearly 0.75% with an hour to go, when I had to leave. Away from stocks, green paper was quite strong, bonds were very weak, oil lost a couple of percent, and the metals declined 0.5% apiece. The miners, however, were selectively very firm given the action in the metals themselves.