The big story today was that President Trump fired FBI Director James Comey, and the market didn't care. The bears were hoping the political distraction would make the market less optimistic about how fast the Trump administration would move on tax policy. While it is a logical argument, it didn't happen. The market shrugged and continued acting the same way it has been for a few weeks.
The bears keep hoping there will be some headline that upsets the market, but it has been a futile endeavor to try to time this market based on news flow. There hasn't been any correlation at all between news flow and market movement. If you try to approach the market on that basis, you will be very frustrated.
The market is all about gaming the price action and the competition is so intense that it results in nearly no movement in the indices. The bulls and bears are offsetting each other as they battle back and forth for trivial gains.
The good news is that there have been a few big movers every day. Nvidia (NVDA) and Coherent (COHR) are good examples of the big winners that are popping up, but overall market volatility is abysmal. If it wasn't for a few good individual movers, this market would be comatose. The closes in the S&P 500 for the last four days are 2399, 2399, 2396 and 2399. If the S&P was a human, it would be declared dead.
The stage is set for some drama one of these days, but who knows when.
Have a good evening. I'll see you tomorrow.
Cocktails & Cramer
Join Jim Cramer on May 23 for an exclusive party at Bar San Miguel, his Brooklyn tavern.
You'll get to watch a screening of Mad Money, after which Jim will arrive fresh off the CNBC set to mingle, pose for photos and answer your investing questions.
Participants will enjoy dinner, drinks, an autographed copy of Jim's book Get Rich Carefully and a free one-year membership to Action Alerts PLUS, Cramer's VIP club for investors. (Current AAP members will receive one extra year of membership for free.)
When: Tuesday, May 23, 6-9 p.m. EDT
Where: Bar San Miguel, 307 Smith St., Brooklyn, N.Y.
Cost: $375 per person
Space is very limited, so click here to reserve your ticket to this exclusive event today.