It was quite a week on Capitol Hill, and that really dominated the news coverage. But if you were just looking at the stock market, it might be difficult to tell there was such unrest in the executive branch.
Sans the sell-off that ended the Dow's four-day win streak, and a subsequent dip on Friday, the markets continue to trade around record highs. Will the bottom completely fall out from under us? It's tough to tell, though TheStreet was hard at work determining the buy and sell signals you need to know. We also sat down with veteran forecaster Peter Schiff who weighed in on his key indicators for a bear market and his comments may surprise you.
- Market Selloff Strategies: Cramer's 'Mad Money' Recap (Friday 8/18/17)
- An Epic Stock Market Crash Is Coming, Veteran Forecaster Peter Schiff Warns
Not to get you down but there are more troubles facing Washington than the dismantling of Trump's support groups and staffers.
Federal regulators are playing a game of catch-up when it comes to monitoring the legal and tax effects stemming from the explosion of investment in cryptocurrencies such as Bitcoin, which has more than doubled in price in the last three months to more than $4,000.
It wasn't all doom and gloom out there today.
Remember Fisker Automotive, that electric car maker that went bankrupt in 2013? Well, Henrik Fisker, the company's founder, has finally set a date for his comeback car. The ultra luxury, all-electric, fully autonomous EMotion sedan, will make its world debut. TheStreet has the exclusive on the launch that will look to disrupt the lead that Elon Musk's Tesla Inc. (TSLA) continues to hold on the eelectric car market, at least from a luxury standpoint.
TheStreet also managed to sit down with an early Uber Technologies investor, who said that despite the company's recent woes, he is still very bullish on the company. Not to say that will change the prospects of an IPO for the ride sharing company, but it does make you realize that despite the governance issues the company is still raking in money hand over fist.
In a way it's like the stock market during all of this turmoil in Washington. Despite all the noise, fundamentals still appear strong and investor confidence hasn't quite waned.
Photo of the day: A (much) younger Stephen Bannon
White House chief strategist Stephen Bannon is out. Chief of Staff John Kelly and Bannon "mutually agreed" that Friday would be his last day, according a statement from White House Press Secretary Sarah Huckabee Sanders. "We are grateful for his service and wish him the best," she said. Bannon is a former Goldman Sachs & Co. (GS) banker and executive chair of Breitbart News. Bannon grew up in Richmond, Va., where he attended Benedictine High School before attending Harvard Business School. Above is a photo from the Bannon's senior year at Benedictine, circa 1972.
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