In case you’re wondering, the market this morning was flirting with gains until the headline hit that the President is likely to do a 180 and now veto a stopgap measure that would keep the government open at the end of this week.
I wondered last evening — as I noticed a number of headlines suggesting that the President’s own political allies (or once political allies) we’re highly critical of his giving in on the border wall — if we wouldn’t see something like this come this morning. Make no mistake, these folks know how to get under the President’s skin.
Per the 250+-point plunge in the Dow on the news, the market still has no stomach for political uncertainty. Which, in my view — as I continue to stress — explains the present mess we find ourselves in…
Small consolation would be that partial U.S. government shutdowns (and threats thereof) are nothing new in recent times, and they don’t tend to have lasting negative market implications…
For more pertinent — to present conditions — commentary, be sure to read my early morning post and watch last evening’s video..
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