Fall back
market vibes
November 4 …)
“Once you’re in, there’s no gettin out.” Tony Soprano, season 1- episode 7 "Down Neck"
Data this morning looks benign. Friday’s 12k NFP went by without a ripple despite a very hot ADP employment number earlier in the week. The Fed and its policies have been sidelined until further notice so, data is obviously switched off as well.
In the news
The usual from overseas. It is Iran’s turn to aim and fire. Israel’s turn to stand and receive. I wonder if BiBi and the Knesset trade stocks like our politicians do here.
Did you know during the Napoleonic wars the Rothchilds had banks in Frankfurt, London, Paris, Vienna, and Naples that loaned European depositors' money to Napoleon and Banks in London that loaned English (and European) depositors (royalty mostly) money to the English army and navy betting both against each other? Same old same old, friends. We don’t win wars. We never have. We vote on them.
In finance and markets a fusillade of commentary about Jeff Bezos selling a 3-billion-dollar chunk of AMZN since Friday and the inclusion of NVDA to the Dow (+ a can of paint) has done little to lift or lower the stock markets this morning.
In gold, a see -saw of bull bear items imply its “too high too fast” trepidations are beginning to catch up to prices. Hmmm. Maybe.
In politics Betfair has Trump up 12 pts. Most savvy voices say it’s going to be a long time before we have a certifiable president. Every vote will be scrutinized but the the lawyers will decide it in the courts.
In the markets
Oil, once upon a time the filet mignon of futures, is day old 80/20 hamburger these days. Grind me a pound.
In other markets bitcoin, gold and silver are dead, copper back to the top of the range. I saw that prices of luxury goods in China are still steep decline so, the wealthy are far from frothy overseas. Is AI going to go it alone globally? You decide. At any rate, let’s keep going.
