Markets sell off today picking up steam… No tax reform today
Chris Temple and I focus on the sell off today in the US markets. With tax reform staling in the Senate, investors are bailing and markets are down 1%. Money is not flowing into the safe havens of gold and treasuries as much as we would like to see. What will be interesting is if the drop today will be another buy the dip move tomorrow.
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Interesting comments on this company over at ceo.ca:
For those that do not know me I discovered Purdys and Comet Well and signed an agreement with Novo resources to purchase my interest.
My leases have started a gold rush, is the only way to explain it.
I’ve watched as companys in the area doubled in price and I cannot believe that Pioneer has not tripled.
I’m no geologist but Pioneer holds very solid leases in between Novo and De Grey with the geology and history that tells me there is a lot more to come from this company.
https://hotcopper.com.au/threads/kangan-gold.3763539/?post_id=27991785
Avi Gilbert writes often how the news doesn’t have any impact on markets. Much of the time it’s true I suppose but I agree with Chris that today’s swoon has a lot to do with the news that the Senate tax bill is considering postponing the corporate rate cut. Likewise, if that news is the reason, then the swoon should continue over into tomorrow’s market. JMO
I have to disagree since it was technically/cyclically time.
Monday:
On November 6, 2017 at 5:34 pm,
Matthew says:
The Dow is ready for a break…
http://stockcharts.com/h-sc/ui?s=DIA&p=D&yr=1&mn=0&dy=11&id=p30365386484&a=540071516
Stocks haven’t been so overbought in nearly two decades.
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=5&mn=0&dy=0&id=p89912138979&a=421704680
Certainly no one can argue with your statement and this chart. I guess the old quest to find what does move markets is still being sought by most of us.
More interesting all the time, Bob could end up a billionaire.
No chance of tax reform happening by the end of the year. It is probably a one year job.
Tax reform : REPUB congressmen from high income tax states [ ny, cal, nj, conn ] well have a hard time voting for a package that does not give them deducs on thier taxpayers but insteadsharpley increases voters taxes. But if they do give back the deducs how are they going to do this without vastly increasing FED debt ?? S
Answer: F the phony fed debt! Erase it with one silver coin.
For those following the Novo Resources, Artemis, and De Grey mining action in the Pilbara area play, here is another company that just found visible Gold in their conglomerate beds that is on the move today Kairos Minerals (KAI.AX) (MPJFF)
http://cdn.ceo.ca.s3-us-west-2.amazonaws.com/1d074kn-43p2xv3bbnkj57.pdf