Loading ...Yesterday the expected happened. The markets had solid gains throughout the day on the back of good economic news from China and the Syria agreement. Traders enjoyed those rare days that all ten sectors finish to the up side. Only three investment types did not perform well; gold, oil and US treasuries.
Gold dropped 1.6% to $1364.90 per troy ounce. Oil flopped 2.0% to $107.29 per barrel. Treasuries sold off, which took the benchmark 10-yr yield higher by four basis points to 2.96%.
Last night Obama spoke to the nation in regards to Syria. Although he gave what we felt was a compelling argument, the facts why majority of the free world don’t support the war has not changed. The world believes that the Syria war has nothing to do with chemical weapons. It has to do with replacing a non-compliant leader for one that’s compliant, resulting in control of oil and natural gas supplies. US credibility was destroyed when we invaded Iraq the second time. The fact that Obama keeps mentioning North Korea and Iran as we debate Syria only undermines his objective.
If the US and global elites wish to replace the leaders of Syria, North Korea, and Iran, they have to change their strategy. It cannot be the US initiating and instigating the regime change, it has to happen naturally. If these leaders are bad people, as Obama claims, then let them be bad. Let their true colors come out before executing judgment. Besides, we have criminals at home to take care of.
Today, the market is flat digesting multiple days of gain. We are expecting today to be a day of profit taking. However, any news out of Syria can and will affect the markets.
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