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Another Day Stuck At 2,400

05-16-2017

The market was modestly green through midday, with the Nasdaq the (marginally) strongest of the indices. The S&P continues to mill around 2,400, as it prepares either to blast off or fail.

We Stan Corrected On the subject of failure, my comments in Friday's column regarding Stan Druckenmiller were incorrect. The transcript I saw from the Ira Sohn Conference included Stan's 2016 comments with those from 2017. I could tell that the statements attributed to him in that transcript were old, but there was a summary that was included in the version I was relying on and which referred to what he had done since the election. Thus, the confusion.

I'm still not sure why these two different excerpts from different timeframes were combined, but fortunately a Rap reader was at the conference and told me via email that Druckenmiller did not say what I thought he said. So I apologize if anyone got excited about those comments. I try to be diligent about checking my sources, but I obviously failed in this instance. [The Rap for May 12, 2017, has been corrected. - Ed.]

Turning back to the (non) action, in the afternoon, with an hour to go, when I had to leave, the indices were mixed with small changes.

Because Markets Are Inherently Rationalized Away from stocks, green paper was weaker, as the euro is now breaking out, which will weigh heavily on the dollar index. Of course, the stock market treats everything as a bullish development. Thus, a rising dollar was good for stocks, and now a falling dollar is, too, because it will help corporate profits. Just like lower rates are good, but so are higher ones.

As for fixed income, it was slightly higher, as were the metals, led by silver, which gained 1% to gold's 0.5%.