Ep. 215: Irrational Exuberance Trumps All

* The Dow 20,000 party is going to have to wait - at least for another day * The Dow was down a little bit today - 23 to 19,918 * The broader market was a bit weaker than the Dow * The markets continue to shrug off very weak economic news that came out throughout the day * We got bombarded with all sorts of negative pieces of news that ordinarily, maybe before the election of Donald Trump, would have weighed down the market * Certainly it would have weighed on the currency markets * The dollar would have been very weak and gold would have had a big rally * Instead, gold was down a little bit, and the dollar rose a little bit despite very weak economic data that I will get to * I want to start off by focusing on the stock market and the optimism which is really quite ridiculous and unfounded * Part of the reason for the rally, though, is a lack of selling * We have a lot of people mindlessly buying the markets, but you don't have a lot of selling * One of the reasons is that people would rather sell in January than in December * People are enthusiastic about Trump's presidency because he will cut taxes * If you have a gain in the stock market, why realize that gain now in the waning trading days of 2016 * If you sell now, not only do you have to get your check into the IRS by April of next year * But also, you've got to pay the current tax rate * If you wait until the firs week of January, you don't have to pay taxes until a year from this coming April * You have all that time to use the money and the tax rates may be a lot lower * So why sell now? A lot of people are being given that advice; don't sell now - wait until January * Who knows - this market could ring in the new year with a major sell-offOur Sponsors:* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com* Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai* Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com* Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy