President Trump Fires FBI Director Comey, Markets Rally, Media Shocked!

Photo of the Charging Bull in New York City's Financial District by Sam valadi (CC BY 2.0)

UPDATE  May 15, 2017:  Trump's Bulls Charge, Bears Trapped!  The S&P 500 and the Nasdaq both closed at records Monday and the Dow industrials snapped a four-session losing streak to finish higher, the TRUMP Rally continues:

See  also Trump agenda getting delayed would be biggest risk to the market | CNBC.com.

Original post:

S&P 500 (5 day chart as of May 10, 2017)

Opinion and Analysis

Let’s look at the way US equity markets responded on Wednesday [May 10] to the Tuesday [May 9] news of President Trump firing FBI Director James Comey:

On Wednesday, the next day, the S&P 500 rallied 0.11% (see above chart), the NASDAQ was up 0.14%, and the CBOE VIX Index barely moved back over 10, to close at 10.2. In the words of one seasoned Wall Street analyst: "If you hadn’t read the headlines for 24 hours, you wouldn’t have known anything unusual had happened in Washington or anywhere else."

Conclusion: The media's 'Trump Derangement Syndrome'  so prevalent within the reality distortion field known as "Washington, D.C.," hasn't infected Wall Street (nor Main Street). Most Americans, thankfully, are immune and are either ignoring or laughing at the mainstream media circus which has now reached unprecedented proportions.

Bottomline: Comey should have been fired by Obama last year after the stunt Comey pulled in connection with the Clinton email investigation. The last thing the U.S. needs is another rogue FBI director like J. Edgar Hoover. Trump did the right thing in following the advice and recommendation (pdf) of the Deputy Attorney General and the Attorney General of the United States, respectively.

To the disbelief and dismay of the liberal media, the Dems and elitists, Trump owns this market and the Trump Bull Rally is still running on Wall Street:

The TRUMP Rally

Photo courtesy of WhiteHouse.gov

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LIVE Video Stream: Donald Trump's First Press Conference Since Election

LIVE Stream Replay: Donald Trump Press Conference Jan 11, 2017:

Video above scheduled for:  Wednesday, Jan 11, 2017, 11:00am EST. President-elect Donald J. Trump 's News Conference, his first since winning the 2016 election. 

Fortunately ABC's Cecilia Vega asked my question about whether any Trump associates contacted Russians. Trump said no.

— Jim Acosta (@Acosta) January 11, 2017

Also on Wednesday, Secretary State Nominee, Exxon Mobil CEO Rex Tillerson testifies at his confirmation hearing before the Senate Foreign Relations Committee:

Video above: Rex Tillerson confirmation hearing Wednesday, Jan 11, 9:15am EST.

Why is Trump's Press Conference important?

1. Dow Jones (DJIA) Futures Reverse Gains Ahead of Trump News Conference | EconomicCalendar.com: "Dow industrials reversed course to finish lower on Tuesday [Jan 10], as jittery investors awaited a press conference from President-elect Donald Trump on Wednesday. The Dow Jones Industrial Average settled down 31.85 points, or 0.2%, at 19,855.53, its lowest since December 30. The benchmark drifted between gains and losses, and at one point looked poised to make another attempt at the 20,000 milestone."
2. Nasdaq closes at 4th straight record—marks best such streak since 1999 | MarketWatch.com: "The Nasdaq Composite notched its fourth record close in a row Tuesday [Jan 10], representing the longest stretch of record closes for the tech-heavy index since 1999. Fresh all-time highs for the Nasdaq came as the Dow industrials failed to reach the psychologically significant level of 20,000 again, amid otherwise tepid enthusiasm for equities ahead of a news conference from President-elect Donald Trump set for Wednesday—his first since being elected on Nov. 8."

“If Donald Trump succeeds to cheer up investors at this week’s conference, we could see a fresh rally in the U.S. stocks and the U.S. dollar. Therefore, the upside risks prevail in the U.S. markets”--Ipek Ozkardeskaya, senior market analyst, London Capital Group, note to investors.

DJIA January 10, 2017 (source: google.com)

Trump's Cabinet picks appear to be much stronger than Clinton's would have been, even Sarah Jones of the liberal New Republic seems to agree:

Hillary Clinton's cabinet would have sucked and no one should be surprised https://t.co/9zBjqP7X1i

— Sarah Jones (@onesarahjones) January 10, 2017

"Clinton had a team in waiting. By Election Day, her roster was so refined that most jobs just had one name. Here's her prospective Cabinet and West Wing staff, based on interviews with numerous Clinton insiders."--Mike Allen, Axios.com. See also: Consortiumnews.com: "... the think tank run by Michele Flournoy, the former Defense Department official considered to be most likely to be Clinton’s choice to be Secretary of Defense, explicitly called for “limited military strikes” against the Assad regime." Here's a partial listing of what Hillary's Cabinet would have looked like:

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Trump Rally Day 2: Asian Markets Rebound, Dow Jones Hits Record High

Dow Jones Industrial Average (DJIA) Hits Record High:

FindTheCompany | Graphiq

Trump Rally Day 2--Dow hits record high Nov 10, 2016--The Dow Jones Industrial Average (DJIA) surged more than 200 points, blasting to new record highs, marking Day 2 of the "Trump Bounce" as Wall Street fears related to Donald Trump’s stunning election win gave way to hopes that the President-elect's policies could boost the economy. --read more at USAtoday.com.

Stan Druckenmiller: "I'm optimistic about the future"--Billionaire investor Stanley Druckenmiller told CNBC.com on Thursday he's "quite, quite optimistic" about the U.S. economy following the election of Donald Trump. "I sold all my gold on the night of the election," the founder and former chairman of Duquesne Capital said in a "Squawk Box" interview. He said he's betting on growth by shorting bonds globally and he likes stocks that respond to growth. He also likes prospects for the U.S. dollar, especially against the euro stating "... hopeful as I've been in a long time ... I would not be surprised if we're not looking at the peak of the divisiveness."

Druckenmiller's new outlook is in stark contrast to what he said at the Sohn Investment Conference in New York, May, 2016. At that time he told attendees they should sell their stock holdings and that gold was his "largest currency allocation."

Asian Markets Rebound as Trump Victory Sinks In:

Video above published Nov 10, 2016: Financial markets bounced back across Asia on Thursday as investors digested the news that Donald Trump will be the next President of the United States.

In Washington, a new domain name, greatagain.gov, marks the transition website of the President-elect: Help Wanted: 4,000 Presidential Appointees | President-elect Donald J. Trump: "More than 4,000 political appointees, many of whom hold important leadership and policymaking positions, will be heading out the door next year with the change in administrations."

Senate Majority Leader Mitch McConnell (R-KY) on the Election and Next Steps:

Video above published Nov 10, 2016: Senate Majority Leader Mitch McConnell spoke to the press the day after Donald Trump's electoral victory about what he expects to transpire in the coming weeks and months.

See also:

• Tech CEOs Look Ahead After Trump Victory | WSJ.com: "Let’s move forward—together!"--Tim Cook, Apple CEO
• Huffington Post Continues Campaigning for Hillary Clinton | WashingtonsBlog.com
• Lefsetz.com: "... He defeated Hillary fair and square. How did the intelligentsia get it so WRONG? First, the mainstream press thought people were listening to it. To these holier-than-thou talking heads who are paid millions to bloviate in a world where we get our news from the internet, not television… If you’re still watching TV for the answers, you ain’t got a clue ..."

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