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Trump impeachment? Who cares? US stocks score another record rise

Written By | Dec 19, 2019
Trump impeachment, US stocks

Cartoon by Branco. Reproduced with permission and by arrangement with Legal Insurrection. (See link below article)*

WASHINGTON –Wall Street stock market futures pointed slightly down in the wee hours of Thursday morning. And stocks opened feeling a bit of downside wobbliness. But then, trading got started in earnest. Pessimistic analysts soon watched in amazement as US stocks scored another record rise. As of the noon hour ET, the averages are either flirting with new records or making them. As if to say, “That Trump impeachment nonsense? Who cares?” Orange man not so bad.

More on the market’s contrary Trump impeachment action

Even CNBC, which constantly endures political pressure from its NBC mother ship #NeverTrumpers, acknowledged the market’s seemingly contrary action with regard to what the discredited media trumpeted the house impeachment vote as some kind of earth-shattering event.

“Stocks rose to all-time highs on Thursday as investors looked past the news of President Donald Trump’s impeachment as well as mixed U.S. economic data.

“The S&P 500 advanced 0.3% to break above 3,200 for the first time. The Dow Jones Industrial Average climbed 111 points, or 0.4%. The Nasal Composite also reached an all-time high, trading 0.5% higher.




“Cisco Systems (trading symbol: SCSO) and Walgreens (WBA) were the best-performing Dow components, rising more than 2% each. The real estate and materials led the S&P 500 higher, gaining 0.4% each. Micron Technology (MU) shares also contributed to Thursday’s move higher. Conagra (CAG) shares surged more than 18% and were on pace for their biggest one-day gain since Nov. 5, 1984.”

Mr Market could apparently care less about the Seditionists’ lawless Trump impeachment ploy

Despite the media’s perverse “Laetare Alleluia!” chorus cheering on the Lawfare corrupted House Democrat seditionists, it seems that Mr Market could care less. Traders already know that the eventual outcome of Nancy Pelosi’s Impeachment Circus will have the opposite of its intended effect. Again, via CNBC…

“Wall Street has largely shrugged off impeachment news as the chances of a trial conviction in the Senate are low. Because of this, the market’s performance during Trump’s impeachment process is tracking that of the time when former President Bill Clinton was impeached.

“The S&P 500 is up nearly 7% since House Speaker Nancy Pelosi launched a formal impeachment inquiry in September.”

Zero Hedge’s Tylers piled on.

“Anyone who expected an adverse reaction to the historic Trump impeachment vote on Wednesday night was disappointed as Wall Street futures suggested the S&P 500 would barely budge, after rising to a fifth consecutive record high on Wednesday despite closing lower just fractionally by -0.04%. Market reaction was limited, since the Republican-controlled Senate is guaranteed not to convict Trump and remove him from office.”


Also read: Trump nails Pelosi, House Democrats in scorching 6-page letter. (Full text)

Caution: Let’s watch out for those scheming, Soros-funded Lawfare crooks

But we also have some cautionary words via Summit News, which relies on some inside dope from the ever-reliable Sundance over at Conservative Treehouse.

Nancy Pelosi has suggested she will delay sending the articles of impeachment to the Senate in order for Democrats to build up more evidence against Trump and delay a swift acquittal.

“Last night, the House voted along party lines to impeach Trump, a partisan move that enables Democrats to continually undermine and discredit Trump as the ‘impeached President.’

“However, with the effort virtually guaranteed to fall flat in the Senate, Democrats are planning to delay and drag the process in yet another underhanded stunt.”



Namely, refusing to formally hand the impeachment farce case off to the GOP-controlled Senate. Unless Senate Majority Leader Mitch McConnell effectively lets the lawless House run the Senate trial. Back to Summit.

“The Conservative Tree house blog describes this as ‘a cunning Lawfare ploy’ that was a ‘pre-planned procedural process by design.'”

The GOP-controlled Senate is not bound by Pelosi’s Lawfare script

However, what neither Pelosi nor her seditious Lawfare consultants seem to realize is that Cocaine Mitch can simply launch the Senate trial anyway. After all, there’s absolutely nothing in the Constitution that forbids him from taking over the case from the House in its current form and summarily throwing it out and exonerating the President in the process. Just House and Senate procedural rules that the Democrats have thrown out the window anyway. So why should the GOP bother to uphold such outdated customs and courtesies. The Dems, of course, never think of any other possible outcomes than what they’ve written in their utopian script.

It’s always been clear that this impeachment nonsense has been part of a 24/7 Deep State / Globalist coup – or a virtual civil war. America’s Hugo Chavez admiring left has long waged a guerilla insurrection, heretofore underground, to transform  America into a one-party socialist utopia. So whatever happens here will continue until and unless the now partially Trump-controlled Justice Department (DOJ) starts handing out indictments.

Unexpected downsides to the Trump Impeachment Circus

The Trump impeachment circus seems to have stiffened the spines of all but the most milquetoasty Republican acquiescers. And, in the process, he and the GOP continue to reap the glories of working class American voter support. It’s another logical conclusion. And it’s been easy to see since Obama and his Flying Monkeys openly dropped courting their longtime allies. Unfortunately for them, their former allies have finally noticed. And these guys and gals are used to fighting.

In the meantime, Mr Market, under the direction of Wall Street’s savvier traders and high-speed trading algorithms, are simply ignoring this non-story lest it interfere with the full-speed-ahead stock market action that continues to be inspired by President Trump’s policies, including the ongoing mass-slaughter of Obama Era rules and regulations designed, apparently, to destroy businesses and employment in this country.

It’s a weird, darkly comic, and yet unsettling situation that promises to go on, perhaps until the left forces things to a violent conclusion. We shall see. But right now, the money is on Trump in this market. So the Santa Claus Rally continues, even though, as we observed in Wednesday’s column, stocks are ripe for at least a mini-correction here before the final push to the top.

So what’s an investor to do?

If that’s the way things play out, it might be a good idea for all of us to collect some winnings before December 31 so we have some cash to take advantage of a potential delayed correction in January. In the meantime, politics will continue to have an outsized effect on stocks and bonds. This will continue, BTW, likely for another decade, as America’s — and the world’s  —  Fourth Turning battle proceeds to a likely unpleasant but decisive conclusion.

But right now, the market says “Full speed ahead!” So let’s do that and stay invested. But let’s also keep our eyes on the sky for any suggestion of storm clouds, both on the political and monetary fronts. The one certainty we have today is uncertainty. As all Trump-hating investors discovered yet again Thursday morning.

– Headline image:  Cartoon by Branco. Reproduced with permission and by arrangement with Legal Insurrection

 

Terry Ponick

Biographical Note: Dateline Award-winning music and theater critic for The Connection Newspapers and the Reston-Fairfax Times, Terry was the music critic for the Washington Times print edition (1994-2010) and online Communities (2010-2014). Since 2014, he has been the Senior Business and Entertainment Editor for Communities Digital News (CDN). A former stockbroker and a writer and editor with many interests, he served as editor under contract from the White House Office of Science and Technology Policy (OSTP) and continues to write on science and business topics. He is a graduate of Georgetown University (BA, MA) and the University of South Carolina where he was awarded a Ph.D. in English and American Literature and co-founded one of the earliest Writing Labs in the country. Twitter: @terryp17