Dow Jones pulls back to our sell zone

Orlando Gutierrez

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The Dow Jones closed negative -0.22% yesterday after rallying +0.75% to all time highs around 30590 amid the possibility of more fiscal aid being approved by Congress. The new relief bill has been signed into law and the $600 stimulus checks are now being distributed to American citizens.

Senate Majority Leader Mitch McConnell blocked yesterday an attempt by Democrats to force a quick action to increase the direct stimulus from $600 to $2000. In response senator Bernie Sanders plans to block a vote on Pentagon (Defense) funding by filibustering the override vote for as long as he can in order to make Majority Leader Mitch McConnell call a vote on those $2,000 Covid relief checks.

Market hate uncertainty and chaos. Here is where our short idea on the Dow come into play.

It is unlikely an increase in the direct stimulus is going to a vote early today (US time) and this should bring sellers as well as end of year profit taking given the current uncertain political reality on the injection of extra liquidity.

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