With Dow futures up almost another hunsky before the open, the economic news is not so interesting as the “wave of the mob” so let’s till that ground for breakfast…
Wrong picture, Drudge: Today’s DrudgeReport shamefully puts up a picture of Donald Trump on a $20-bill to draw attention to a story about the Federal Deficit. In fact, all spending bills start in the House, and are passed along from there. If anyone should be pictured, it should be the clown posse called “speakers of the house” (past and present) who should appear as a three-ring corporative-captive circus. We were mightily disappointed by the bash.
Ah, but who needs facts? Eyeballs are what matters. Tragically.
…are just out. See what you make of this:
“The Producer Price Index for final demand advanced 0.1 percent in June, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices moved up 0.1 percent in May and 0.2 percent in April. (See table A.) On an unadjusted basis, the final demand index rose 1.7 percent for the 12 months ended in June, the lowest rate of increase since advancing 1.7 percent in January 2017.
In June, the rise in final demand prices is attributable to a 0.4-percent increase in the index for final demand services. Conversely, prices for final demand goods fell 0.4 percent.
The index for final demand less foods, energy, and trade services was unchanged in June following advances of 0.4 percent in both April and May. For the 12 months ended in June, prices for final demand less foods, energy, and trade services climbed 2.1 percent.
Now, flip over to your favorite market tracking site and see how it gets hyped.
Doesn’t Change Our Outlook which is for a market high water mark in the late August to early fall. A decline is likely this fall, but that may just be a Wave 1 down. A rally near year-end, for a Wave 2 bounce, but then a Wave 3 down and an S&P a thousand points lower would maker sense next spring. Especially with the democrat’s circular firing squad. And American leadership mostly in exile from the Hill.
Epstein’s a Democrat…
…but you wouldn’t know it from the bash stories that are trying to connect Trump. Vanity Fair is out with “Just “Him and Epstein” and “28 Girls”: Florida Man Drops a Dime on Trump…” On the other hand, a story a couple of days back in the Washington Examiner offered this on Bill Clinton’s “four flights” on Epstein’s so-called Lolita Express:
“But a Washington Examiner review of flight manifest records contradicts these claims. It shows Clinton took 27 flights on Epstein’s private jet during at least six different trips…”
We will be intrigued to see who’s on what flights when all’s “sad” and done, but our money’s on big names. Lots of ’em, mostly dems…
Ma Nature Shakes It
Phone rang early this morning as one of my children called from Seattle to announce she was OK. But, she didn’t sleep well with the Seattle earthquake overnight.
4.6 temblor near Monroe, Washington at 4:51 AM local out there. Looking at the maps, I figure the daughter was about 9-miles from the epi.
Her hubster being from Los Angeles wasn’t concerned. On the other hand, the daughter is worried this could be a fore-shock like L.A. had… She got up, made a strong pot of bean and checked their prep inventory.
Barry Coming Ashore, Too
Other than media trying to top one-another for total rainfall totals expected (we’ve heard 25-inches as the high so far):
This will likely give us rain, but we’ll fill up the propane jugs today and crank down 60-feet of ham radio tower, just in case.
The problem here is “forecast drift.” In one outlook, we are going to have a clean miss here in Sahara, Texas. Previous forecast warned us to put Noah’s number on speed-dial.
Typical mainstream coverage includes headlines like In vulnerable La. town , some flee storm and others “party it up”.
We’re almost tempted to drive down to Nawlins to see reporters bending into wind…
Important Moving Pieces
There are a few stories that, while they may not be huge audience builders, are nevertheless important in the longer term:
China To Sanction American Defense Contractors Who Sell Arms To Taiwan, for example. We consider it a given that China will be the owners of the RoC by 2026.
Also in Asia: “I Thought The Numbers Would Be Bad, But This Is Ugly” – Singapore Economy Unexpectedly Tumbles; Chinese Exports Slide. Is this related? China copper imports in June fall 27% from a year earlier. China’s economy is changing…keep an eye on it. China’s June exports, imports fall as trade war takes heavier toll.
Iran warns UK tanker seizure ‘dangerous game’ heads the BBC. We’re wondering if the Iranians were able to figure this out without help?
If you like Money (and who doesn’t?) the NY Times Business section has a good educational read on Long-Short Funds: Long on Complexity, Short on Returns.
More crypto hype is rolling out: Facebook’s Digital Money Could Mean Fabulous Wealth. Or Not. One other Digital Mob Rule Note: ‘Fake’ charges fly as Trump rips social media for bias, dishonesty. We’re working on a fart-backed currency which would at least have a tangible…
And , if you are ‘lighting up breakfast’ A look inside the black market for weed shows the huge threat to legal businesses. Then toke on CannTrust’s cannabis regulatory woes, Florida MMJ caps, push for Congress’ support of STATES Act & more.”
Grist for the Digital Mob: “How rich people could help save the planet from climate change” But, they won’t, of course. It’s a privilege of the rich to live by rules not applied to ‘us little people.’ Look to the corporate jets used by Epstein, Gore, and the rest. My, ain’t they special?
Hmm…my cynicism pill is wearing off early. Time to roll down to the propane dispensary and load up. Not a proper storm-watch without ribs down he’ah.
Drop for moron the ‘morrow.