So nice of you to come back from the weekend.
You’re just in time for the MMBD – Monthly Metals Beat-Down – that seems to come 3-4 trading days either side of the month end.
Rumor is that the big (metal price fixers) have a club that drops the price of metals so they can scarf up enough to meet month-end deliveries and typically, the price zips back up to previous levels within a week, or so, after hitting the low. But you can’t believe everything you read on the internet.
The equity futures were bright earlier this morning, but whether it’s just a holiday relief rally finishing up won’t become clear until tomorrow, or so.
In the meantime this morning we have Big News on the economic calendar.
Car sales and the ADP jobs report tomorrow but the biggie is the Employment Situation Report come Friday. If the market rallies that long, I might be ready to fade the report. Rallies like the one we’re in are hard to judge, although the S&P 2,080 range is possible.
The most depressing economic news out of last week came from the Gallup organization that discovered the mythical 40-hour work-week in ‘Merica is now running closer to 47-hours. And this wouldn’t be such a bad thing except when we’re short a day due to the holiday it likely means a bunch of people will be busting hump for 11+ hours a day this week just to stay even.
The futures were up fractionally in the pre-open, but that means next to nothing when the big chess pieces are starting to move.
Russia Eyes Doctrine Change
How stupid is the US State Department and have we learned nothing from the failed PNAC militarism? Pretty damn is a decent answer.
Thanks to backing the far-right in Ukraine, pissing off Russia, and goading them into seizing the eastern ports region of Ukraine, we now see how president Obama is planning a trip to the region while the Russians have announced they are retooling military policy in response to the Western blundering.
The NY Times has a pretty good summary of what’s going on. The main thing to be aware of it that Vlad Putin is using the “N” word (as in nuclear, not the other N-word).
More in this morning’s Coping section, but to say (as headlines did last week) that American business has lost confidence in the Changer in Chief may have only been a warm-up to a lot more people losing faith.
President Obama may talk the Peace Game, but he’s walking the War Game. And listening to ill-advised counsel after a military house-cleaning that should have been more than matched at State.
Still, it’s a fine example of how leverage works: Convert cookies in Kiev to 6-months later having Vlad Putin step up his game to include threats to “take Kiev in two weeks” if he feels like it.
We need to be a lot more careful about who we let pass out cookies….
More after this…
Note to self: Send Shane at KI4U a note and suggest those stick-on dosimeters be marked in rare, medium rare, medium well, and well done to aid interpretation of readings.
Other Man of Peace Issues
Nobel thought, huh? How’s he living up to the medal? Now that you ask…
- Operations in Somalia
- More drones in Saharan Africa
- ISIS is picking up more support in Indonesia
- And Pakistan is descending into (yet another) crisis.
Seems like a great day to get an early tee time, doesn’t it? But maybe not: No public schedule today.
No fault of USA Today, mind you. They simply report that more than 30-teens have escaped a detention center in Tennessee. fine.
Except what about the thousands that have escaped Mexico in the USA? Poof! Swept under the rug by the corporate press to make way for the presidential unilateral abrogation of immigration laws.
Yah see? Presto! Change-O!
Subtle Economic Marker
National Restaurant Association July restaurant data just out this morning:
Good news (I mean such as it is…) Less trouble getting a reservation?
Maybe I’ve been reading one-too-many statistics, books lately, but when I read a headline line this:
So the glaring data hole (er, so to speak) is WHAT?
Maybe I missed it, but with numbers this low, might men have been able to help ‘em find it? Just saying…