Thursday, April 20, 2017

4/20/17 Thursday

 The trade is easy today: chase high.

  • Nasdaq Composite +9.9% YTD
  • S&P 500 +5.2% YTD
  • Dow Jones Industrial Average +4.1% YTD
  • Russell 2000 +2.0% YTD

"Thursday's bullish mentality was helped by the latest reports from Washington, which suggested that the Freedom Caucus, the group credited with blocking the GOP's first attempt at health care reform, is now on the same page with Republican leadership in repealing and replacing the Affordable Care Act. This is positive news for investors as progress on health care reform equates to progress on tax reform with President Trump making it clear that the two pieces of legislation will be done in that order. In addition, Treasury Secretary Steven Mnuchin said that the White House will release a major tax reform plan "very soon.""

I would expect that ES close above 2350 tomorrow.
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