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JD Vance Brilliant Choice, Our Next President After Trump, & The Fed...Tuesday Premarket 7/16/24
Good Morning Team,
The Market:
The great mini rotation I mentioned last week continued on Monday as small and mid caps led the market higher.
The number of high breakouts grew nicely and that illustrates the changing of the guard as new leadership shows up on Wall Street.
The Fed:
The Federal Reserve won't wait until inflation hits 2% before cutting interest rates. At the Economic Club of Washington D.C., Fed Chair Jerome Powell said they need more confidence that inflation is on track to reach 2% but he will not wait until inflation hits the 2% target. He said that waiting might be too late because the effects of their policies could push inflation below that level. Powell also mentioned that a "hard landing" for the U.S. economy is unlikely.
RNC:
In other news, Trump announced that JD Vance will be his VP and the market rallied on the news.
JD Vance is a brilliant choice.
1. He's a great guy, he's young, and in 2016, he was in the I don't like Trump camp but "converted" and now loves Trump. That will "convert" a lot of other swing voters/other politicians too.
2. He's a money guy. Former venture capitalist and he's a big free market guy.
3. He's married to an Indian lady who will bring a lot of minority voters that typically vote blue (democrat).
4. He will likely turn Ohio red and that is a very important swing state
5. He served in the military after 9/11 and both Main Street and Wall Street like him.
This is my opinion, barring some major unforeseen screw up that occurs in the future, JD Vance will be the next president after Trump.
Here's a tweet from a big venture capitalist when the news broke and Elon Musk was the first person to comment on this tweet...
I'll be back after the open with today's breakouts report.
Enjoy your day!
Adam
