Sure, I made a couple of bucks on the short side (man’s gotta have his gambling addiction, right?). But, it was an in-and-out because…how to put this?… Didn’t seem big enough or real enough.
In fact, when we look at the data, it’s like this double top in our Aggregate Index is about the slowest change in markets in a good long while.
Despite the Dow being down, the action in the NASDAQ kept it a positive day (far as the Aggregate goes). So, as a result, when the all-time high came in (Aggregate, remember) on April 29th at 37,752.95, we closed Monday at 37,712.13…about 40-points shy of equal.
As you can see, there was a nice low around May 12.
Where next? The Futures are pointing down again this morning; sort of. Early on, though, the NASDAQ was up while the S&P and Dow were down. What this tells me is what? Gee – lack of real conviction? Color us skeptical. Save some lunch-money day trades, let’s see whether the bears of bulls stampede first.
Fewer calories than a Danish, but potentially tastier: Got the NFIB Small Business Optimism to begin with since? A record-high 48% of owners have unfilled job openings:
WASHINGTON, D.C. (June 8, 2021) – The NFIB Small Business Optimism Index fell 0.2 points in May to 99.6. May saw a slight pause in the recovery of small business optimism after steadily increasing each month in 2021. As reported in NFIB’s monthly jobs report, a record-high 48% of owners reported unfilled job openings.
“The labor shortage is holding back growth for small businesses across the country,” said NFIB Chief Economist Bill Dunkelberg. “If small business owners could hire more workers to take care of customers, sales would be higher and getting closer to pre-COVID levels. In addition, inflation on Main Street is rampant and small business owners are uncertain about future business conditions.”
The problem? Two forks to it: One is that with enough gov’t money handed out, why go back to that “work” stuff? The other is that as people do return – at higher wages – it will begin to drive wage inflation generally and then the rotating round thing and the brown smelly stuff collide.
Also just out is international trade data:
Good – very good, actually:
We have some minor this-n-that’s ahead, too. But the KEY NUMBER comes Thursday with the Consumer Prices report.
We’re going to rip the large deck off the front of the house, one of these days. And when we replace it, not sure what it will be. I think about a dumb-waiter down to the car. But if we go that far, why not an elevator? Hmm…
Thing is, the decision (grandiosity) depends on lumber prices. On FinViz this morning lumber was around $1,220 and change. Obvious 1 down, a 2 up…but are we going higher or lower from here?
My dart toss figures it as a short-term high, then a 1 down – and we may be in an a-b-c for a 2 up. That might lead to a lumber top in a month, or three. Which would be neat. Because then, Ure fave home handy-bastard (of the genus drools at tools) would be buying new deck lumber for a fall construction blitz around here at lower prices.
Crypto Suckah! Listen Up!
Not ONLY was Bitcoin /con down to $32,866 early on. Thus clearing the road to the $27,00o region I’ve been yammering about.
I don’t trade cryptos, drink hemlock, or chase around, either. Any of which can dramatically reduce your enjoyment of Life. Ah, but who listens to an old nutjob in the woods?
Familiar old harangue? No. Not actually. Because the story that REALLY matters on planet Crypto-con is what? “U.S. officials recover $2.3 million in crypto used to pay ransom in Colonial Pipeline hack (reported msn.com).”
So all that hype and bullshit about safe storage, when came down to it, could be tracked and found. We won’t relish the rest of the Crypto con falling apart. (Hard caps were one of the few saving virtues, but stake holding? Pah-leeze!
Frankly, all leaves me with mixed emo’s: colleague who tried to get me walletized when BTC was under a dime I hear made a fortune. Mega-mansion money. On my side? Never had to check the IRS “Did you own crypto currencies?” box on the tax forms.
Like driving no more than 3-4 over the posted speed limit, I don’t have to put any effort into looking in the rear-view for cops, either. Yes, fast and loose is exciting.
Speaking of crime, did you read the story in the Daily Mail? “Huge AFP bust sees bikies, criminals and gangsters arrested in Australia wide raids.” More than 100 bosses busted. Which leaves us wondering if the capo-tuti-de-crypto was among ’em?
That Sketchy Web
Once again, our short hop to fiber on our own VPS has paid off with high reliability and availability of Urban. No cloud for us, thanks. As for others? Websites globally hit by major internet outage | reported Reuters.
This should be interesting when the trading firms wake up for the open.
Longs and Shorts
Good news on gun rights (spelled out plainly in America’s founding docx): Federal judge overturns California’s ban on assault weapons and likens AR-15 to Swiss Army knife.” But oh my, here come the ever-so-thinly-disguised personal attacks: Who’s the San Diego judge upending California’s gun laws?” To us, a judge upholding patriotism and gun rights is just doing his job…and damn well. Rights shouldn’t blow around in political winds.
Higher up the Courts chain: Supreme Court Unanimously Rules Against Immigrants With Temporary Status. Bottom line is illegal aliens who snuck in can’t go the green card route to citizenship. Feels almost like a new planet, huh? And is this where feminists wanted equality? Supreme Court Turns Away Challenge To The Rule That Only Men Register For The Draft.
Selling the Climate scam? Laughable to see how Kamala “Harris staff says climate, economy among ‘main drivers’ of migration after Guatemala president blames US.” What? People in Guatemala don’t like the weather? Who are these people and have they all been brainwashed?
A story I keep forgetting to mention: The First Treatment for Alzheimer’s Disease Could Get Its Long-Awaited FDA Approval Today. Or Not.
Summit News is (again) saying what we’ve been alleging for over a year: Yet Another Scientific Study Concludes COVID Is Likely Lab Engineered. Which part of “surprised” do you want me to pretend?
Taiwan may not pop until after the Japan Games, figures my consigliere. But we’re watching a couple of stories, anyway: Covid Outbreak at Taiwan Factory May Worsen Chip Supply Shortage. And Blinken and Nod are at it again: Biden to launch trade talks with Taiwan despite Chinese protests.
As the government report on UFO’s closes in: UFO expert says aliens may or may not be out there but ‘technological artifacts exist way beyond our comprehension’ (yahoo.com) More on Peoplenomics tomorrow.
Around the Ranch
Elaine continues her remarkable recovery from glitch-free Hip Replacement #2. Last week at physical therapy, her balance was so good they had her on a balance board even (semi-normal) me/I would have a tough time with. Pain free most of the time now, as well. Even the medical types are quite amazed by how well she’s doing. Just 3 weeks today from knife-point. Walking (no limp, walker, or cane) and getting back to her previous chipper self.
Summer comes to Texas: Quite amazingly, we still haven’t hit 90F yet. But that’s about to change. Might get to 90 today, but tomorrow almost for sure. Still, 9-days out we’re supposed to be back down around 84 as a high. Which is amazing, wonderful. And no need to water the garden – yet.
Climate Woes? Still – one of the best spring-into-summer periods in almost 20-years in the Outback is not without its downsides. Ticks are popping out like mad all over the Midwest this year. And that’s despite the cold snap back in February. Article in the Milwaukee Journal-Sentinel is educational: “Wisconsin deer ticks: Watch for Lyme, Anaplasmosis, other diseases.” Our postal carryette will be delivering two more gallons on spray and two more big containers of granules today.
Ticks or not, the garden work earlier this year is paying off. Nothing like fresh veggies a half-hour (and 2 ticks) away from their home plants.
Write when you get rich,