Postcards: That Pesky First Rule in America

Well, it's Groundhog Day again on the First Amendment. It's fitting because we didn't have anything else going on. For the people in the back... again... "Congress shall make no law..."

Market Update: I offered everyone a free review of the Republic Risk Letter this morning. So, you have plenty of insight into the reversal after yesterday’s retaliation by Israel. It’s been quiet in the first hour of trading, but it is a major options expiration day for the financial markets. The S&P 500 ETF (SPY) has pushed to near oversold territory on the Relative Strength Index and the Money Flow Index. It is time to start looking for bargains and considering a few trades on stocks you want to own for the long term. I expect that we’ll see a rebound next week, followed by some additional weakness in the Fed meeting. A proper bulltrap would take us back to the 510 level on the SPY. Given that the valuations are comparatively low, I’d start in the energy sector.