In addition, after the rally next week in support of Clinton, his rating may be close to 70 per cent or higher, making it even more difficult for the full House (no matter what evidence and feelings the Representatives have, or, further, no matter how correct and compelling the evidence against Clinton is) to vote for impeachment.
Larry, I appreciate the confidence with which you speak, however, I think you are very wrong about a rally next week & very likely wrong about the House vote. Americans were fooled by the media and their own sense of how democracy works (majority gets what it wants) after the last election into believing this matter was essentially over. If you watched C-Span last night you could see the Repubs & Dems locked in some kind of b-movie Godzilla/Aradzilla death match. The public is largely irrelevant to what is going on. The world is waking up to the impeachment headlines this morning (remember impeachment is the name of the process not the outcome of the process -- Clinton is being impeached!). After the 4th vote this morning, Godzilla & Aradzilla have just moved their fight from a remote village to Tokyo itself.
IMO, next week is going to be extremely public & extremely nasty -- both in politics and the markets. A wave of selling is likely to start Sunday night in Asia, spread to Europe, and reach our shores in the pre-market S&P futures trading (I'm not talking crash, but simply selling. However, the markets are fragile here and who knows where things could end up). No "Clinton-support" rally is going to start in the face of the House vote on Thursday. It is time to tuck in one's gut and pray these mindless beasts don't wipe out the whole damn town before sanity can be restored.
As for EGGS pop on Friday, I don't see it anything more than MMs moving money. EGGS is still technically weak & moving in response to its recent spike...(as RobL's TA says, "it's hopefully consolidating"). A break below 17 3/8 (yesterday's low) would suggest a further move to 10-12 and above 22 3/4 (Tuesday high) would suggest a up move to 24-28. My bet is on a break down. I've been both long and short EGGS. At the moment, I'm short but I'll jump aside if my bet is wrong.
Good luck to all. I think we're really going to need it next week.
Kip |
