Biden Dropout
Does the market front-run election seasonality?
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Last Week: I did not do much trading during opex. I lost a small bet on NFLX earnings.
Challenge Account: Currently running a swing trade in this account
2k to 4.6k
Relevant Topics, News, and Data:
Sunday, Biden drops out of election race
Tuesday: Existing Home Sales
Wednesday: PMIs and New Home Sales
Thursday: Durable Goods Orders
Friday: PCE
I want to highlight something from last Monday where Powell decided to address the weakening labor market. He said he will use monetary policy to address it. To me, that is a big deal to announce on a Monday morning during a “non-event” speaking event.
Also something to note greatly, Biden dropped out of the election race today. My big question is- Does the market front-run election seasonality now that Trump’s odds of winning has exponentially increased with a failed assassination on his life and opponent dropping out?
If we do get a multi week pullback, I think sometime in late august or september we could see markets bottom and rally.