Can’t say about right this second, because there is a gap between when I write and you read, but the market signals before the open today were very mixed. On the one hand the S&P and the NASDAQ were up a bit, but on the other, the Dow as indicating a 150-point drop at the open.
That was before today’s “breaking economic news.”
One of the big factors in the Dow is Boeing. A crash in Ethiopia this weekend involving one of their 737-Max 8 jets killed 157 and Boeing stock was trading in the pre-market about $382 per share. It has closed Friday over $422, so that crash, and reports of airlines grounding some of Boeing’s newer product (like this one) will no doubt weigh on the market until we find out what the cause of the Ethiopian crash was. It’s an almost 10 percent hit on one Dow 30 stock.
Also to Impact Markets:
The retail sales for January have just been released by the Census Bureau. Late because of GovDown: You want words or pictures?
U.S. retail and food services sales for January 2019, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $504.4 billion, an increase of 0.2 percent (±0.5 percent)* from the previous month, and 2.3 percent (±0.7 percent) above January 2018. Total sales for the November 2018 through January 2019 period were up 2.6 percent (±0.5 percent) from the same period a year ago. The November 2018 to December 2018 percent change was revised from down 1.2 percent (±0.5 percent) to down 1.6 percent (±0.3 percent). Retail trade sales were up 0.2 percent (±0.5 percent)* from December 2018, and 1.9 percent (±0.5 percent) above last year.
Not to rain on the parade but with sales up 1.9% over a year while inflation was in the 3 percent range just doesn’t scream “Success!” to me.
And elsewhere today, business inventories will pop about 10 AM Eastern so that could move the markets around a bit.
Lurching Toward the Abyss
Much is being made of the internet outage in Venezuela over the weekend. As we have been advising for years, any country that loses the Internet which is now the backbone of economic exchange, can be totally screwed. Depends on how fast the lights can get turned back on, backbone routers come up, and fiber gateways powered.
Reader Linda spied a good description over on PJ Media about what it’s like when the Net Hard Down comes calling. And, my buddy JB asked for an in-depth report (coming next Saturday) on using ham radio as a back-up to the web.
While we’ll answer all his questions about equipment and so forth, do remember that there’s no gateway between ham radio and banks of financial institutions if the net goes down, so sure, ham radio is great for health and welfare messaging, but in terms of paying down a credit card or keeping a home from be repossessed? No, bubba, we don’t have an answer for that part.
Which is why for YEARS UrbanSurvival has been urging people to live below their income, get rid of debt and live below your means and invest in that which sustains life:” Food, Water, Seeds and the means to defend all the above.
It’s a terribly simple concept, yet there it is.
Laughably, at least to us and lots of other tech-savvy people, Bitcoin is still holding in the $3,850 range, but we have no idea how it’s faring in Venezuela with the net down. But you DO know what we’ve been saying there, right? E-currencies are worthless without power and infrastructure. But, not to repeat or offend. If you want your life savings on a hard drive in a Faraday garbage can, have at it. Although, we have it on good authority that “hash code” is real low-calorie…
It’s Like a Bad Hangover Monday
That’s one way to look at the sleep deprivation hangover from this damn switch over to Daylight Sheep Time. Idiotic delusion, but as always, we won’t rub the facts in your face more than superficially…
Tomorrow some real data to sink our teeth into: Consumer prices and the NFIB Small Business Outlook.
Small Pieces in Motion
An assortment of items that could impact your life in unexpected ways:
Take for example “FTC will soon decide if Americans get to keep their freedoms, or cede them to China.” In the details we read about how the FTC is still following marching order from the Obama administration which was NOT supportive of American intellectual property as part of their war on American Exceptionalism. So this gets us to how this plays out on the 5G battlespace and it’s a doozy.
Levi Strauss IPO to raise as much as $587 million, but we have a simple question: What offload the company to the public and why now? They’ve been in business since 1873, so after 46-years they go public? Like the old Hollywood acting school line, we have to ask “What the motivation?”
Although they sometimes take an editorial bent we don’t appreciate, there’s a good article in Time on this whole global climate silliness that just drip with wryrony: Want to Stop Climate Change? Then It’s Time to Fall Back in Love With Nuclear Energy, Soon, everyone will be fighting with everyone else over Everything and the Tower of Babel (the modern internet) will be self-collapsing again.
Meantime, Amsterdam’s First National Climate Change March Draws 40,000 People. Maybe if they’d call it a “Weather March” (which would be more honest….) we could get excited about it.
Speaking of end times, our 72-year cycle wars are just ahead so keep an eye on past columns. Indo-Pak war is due to light off this year so reading Pakistani, Indian troops trade fire in Kashmir, killing 1 is no surprise.
Neither, a few years further along is seeing the Russian defense ministry boasts about revived military power.
Up? No, down…No, Up at Tesla: Russian defense ministry boasts about revived military power. (I want to get on the Joe Rogan show so I can light up nationally, lol…)
OK, Dow’s set to drop almost 200 now, again largely due to the Boeing crash (Ethiopia) but other segments seem solid, so we shall see…
Write when you get rich (or on this first DST day, when you wake up…)