|Data for week commencing 13 February|
Wall Street might have done enough for now, with market news services citing French election fears starting to spook stock players. And let’s face it, the more short-term trader has to be thinking “is it time to take profit?” Banks in the US have lost their momentum and the bears look like they’re winning their battle with the bulls in the oil pit, with 200 rigs starting to pump the black stuff’s supply over the past 12 months.
One CNBC headline explained the slowdown in stock price rises and it went like this: “Border adjustment tax is on ‘life support’ and tax reform may come later… and with less punch.”
Remember, this rally has been premised on presidential promises and any adjustment to these by Congress, for example, could easily de-vibe the current market excitement. You can also throw in the fact that US market indices have been at record levels, with the Dow, S&P 500 as well as the Nasdaq beating their best levels five times in a row, which generally poses the question for many: “is it time to take profit?”