In sections due to rather intense storms in East Texas.
3-inches of rain in gauge. Moderate wind and non-stop lightning overnight. On solar driven battery backup. Will set up the genset after first light.
Early futures were about flat, which means our decision not to hold a short postion over the weekend was a good one.
The Chicago Fed National Activity Indicator is just out. We were especially impressed with the return of the (idiotic) phrase “negative contributions.”
“The Chicago Fed National Activity Index (CFNAI) decreased to –0.16 in August from +0.07 in July. Two of the four broad categories of indicators used to construct the index decreased from July, and all four categories made negative contributions in August. The index’s three-month moving average, CFNAI-MA3, ticked up to –0.14
in August from –0.15 in July.”
Maybe we’re just cranky fr0m a weekend of storms, no power, no phones, and barely Internet, but a contribution to use mean a “giving of something” and so isn’t it logical that a “negative contribution is a taking of something given?” With policymakers swimming in gibberish, it’s little wonder no one knows what time it is with the economy.
Here’s what a chart with “negative contributions” looks like:
Some damn-fool in the woods might remarket “This looks like shit. Tell Powell to get on the stick and tell Joe CLOSE THE BORDERS (no more Venezuelans, thanks) so we can fix America first!”
That, brothers and sisters would be a “positive contribution.”
Thanks in part to this, the Dow and S&P are ready to slide at the open.
Meantime, Ure – hoaxed into a two-part security access notion in his trading account – is now locked out until the phones come back up. See the profits sailing away?
Yeah, complexity will bite you on the ass every time. Off to light off the genset. Too early for a shot of Cuervo, is it?
Weakness in the US last week has carried onto global markets ahead of the U.S. open. European bourses are down more than 1/2-pecent. In Asia Japan was up more than 275 points, but the Hang Seng dropped more than 300 points (1.8 percent).
In the virtual lands, BTC has been bouncing off $26,000.
We’d like to go into a pre-open short, but honestly, trading on a generator powered platform is a risk we don’t really need to take, so why?
This could be the week that U.S. corporate media has to come clean and admit Ukraine is all but lost. Which will be very emotional and accompanied by much hand-wringing, we’re sure. But the data lines up that way as Larry Johnson: The US has now accepted the defeat of the Ukrainians – You can’t keep putting lipstick on a pig.
Just in the nick of time, to help out crafting updated propaganda: Hollywood screenwriters and studios reach tentative agreement to end prolonged strike.
The “playing the corporate agenda’s angle” problem of modern media is not only noticed here in the woods: Donald Trump Demands Investigation Into NBC News: ‘Enemy of the People’. the particular connections we would like to see aired would be all communications between news managers and assignment editors and the three-letter crowd: FBI CIA NSA and let’s toss in the neocon job at State, for good measure. News is when the editor or reporter makes the call on a given topic. When agencies initiate the comms channel, well that is called propaganda. As in vax and so forth.
(both satcoms down, switching to a DSL line)
Speaking of Trump, he’s now able to beat Biden in ’24, at least on paper: US Reporter Says New Trump-Biden Poll Is ‘Tough One To Spin’. Of course, there are lots of “future cut-outs” in the wings. For one, elections have to be held. And Donald Trump may be in jail, depending on a truckload of pending litigation. We’re reminded that Trump has a kind of messianic hold over his followers. Very much, as our consigliere experience a vibe of the same energy early Hitler speeches held. If he’s in jail, will he pen “My Deal”? It is possible his last words in jail could be “Pardon ME.”
The 1 Percent may have something else (besides which party to buy) to worry about: Breaking News: IRS Announces Game-Changer Group To Catch The 1% (forbes.com).
A First for organized labor, if we’re not mistaken: Wrapping a strike up in “climate” to see who salutes? A UAW Win is a Win for Working People and the Climate | Atmos. It only makes sense if we’d been underwater in NYC by now, or sand dunes were marching across the breadbasket. Normal climate oscillations from the ENSO? Not so much.
(checking satcoms again)
We’ll be back when the power is on, or I set up the genset. Expect this to be a busy day. Back with Chicago Fed report at 7:45 AM Central obstacles permitting.
Write when the power is on, phones work, and I get rich,