Friday wrap

market vibes

February 21…)

“February:… This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and October.” Mark Twain

Trump news during the session

… was about average today. One item said several judges are complaining that Trump is not complying with their rulings compelling him to resume funding USAID NGOs with billions of dollars. His reply? I paraphrase: “So sue me.”

In other Trump news, he doesn't think Zelensky needs to be present at US Russian peace negotiations: "I don't think he's very important to be in meetings. He makes it very hard to make deals." Feb. 21 (AFP) That is the Ukraine story in a nutshell.

Returning to my theme in the vibe yesterday that the Mag 7s are vulnerable to a stock bust, Apple said Friday it would no longer be able to offer full end-to-end encryption for British customers, following reports by US media that the UK government had asked for data access. In other words … as the US strives to liberate its citizens restoring rights to privcy and free speech, the UK is moving aggressively to limit them. Feb. 21 (AFP)

In the markets

S&Ps fell 100+ handles in a classic trend-day-down. But surprisingly, the index remains 100 handles above its February low. NDX fell 450 and the Dow fell 780.

Gold fell $7 dollars or 2 basis pts.

Newmont Mining fell 5% following superb earnings yeterday.

Next up silver and the SLV expiration, WTI and Gasoline, Bitcoin, Yen futures and Bonds and a hat tip for Scott Rubner in the vibe.