Wall Street is quieter than usual today, as the NYSE is closed in observance of President’s Day. On the other hand, the forex, cryptocurrency, and futures markets remain open for business. However, forex liquidity is limited and many of the CME’s leading futures markets are scheduled for an early halt.

Due to the holiday, there were no U.S. economic reports due out today. However, over the weekend, the United States Senate cleared former POTUS Donald Trump of all impeachment charges. The Democrat-majority Senate voted 57-43 in favour of convicting Trump of “inciting an insurrection” during the 6 January Capitol breach. Of course, a super-majority of 67 votes is needed to convict, so the vote fell well short of bearing any fruit. Notably, seven Republican Senators voted to convict Trump, bucking traditional party lines.

In response to the acquittal, Trump issued a comprehensive statement. Here are a few of the quotes:

• “I want to first thank my team of dedicated lawyers and others for their tireless work upholding justice and defending truth.”
• “This has been yet another phase of the greatest witch hunt in the history of our Country.”
• “Our historic, patriotic and beautiful movement to Make America Great Again has only just begun. In the months ahead I have much to share with you, and I look forward to continuing our incredible journey together to achieve American greatness for all of our people.”

As of now, it looks like the only thing last week’s trial accomplished was delaying the first issue of Biden-era COVID-19 stimulus. With President’s Day today, it will be interesting to see if stocks rally Tuesday as investors prepare for another massive injection of U.S. government stimulus.

NYSE Closed For President’s Day

Below is a look at the monthly chart for the Dow Jones Industrial Average DOW. As you can see, values are at all-time highs and ready to drive higher.

Overview: The President’s Day market closure is always a good time to reevaluate where the markets are positioned. For the DJIA, the post-March 2020 bullish trend is intact and strong. In fact, it will be a surprise if 32,500 or even 35,000 is not tested in the coming months. As things stand, Fed QE and stimulus are poised to drive stocks higher. How high? Only time will give us the answer to that question.