Stocks Close at 1 PM, Bonds 2
Dow futures were up about 55 points with 2-hours to the open.
Today’s limited hours trading may offer a few insights into how investors are feeling, since we are headed into 3+ days of no trading.
What could go wrong?
- President Trump may wait until to let some “shoes drop” until after the market closes. So a check of White House press releases this afternoon may be scheduled. He’s been busy, though: Trump pardons Paul Manafort, Roger Stone and Charles Kushner.
- Likewise, we can safely predict more virus Fear! Fear! Fear! Especially with stories like COVID-19 financial crisis could see 40 million Americans evicted in 2021. Rental owners are on the rack.
- Meantime, Tennessee declared ‘ground zero’ for a US surge in COVID-19 cases, after it recorded the nation’s highest rate of new coronavirus infections.
- Also, not to be missed: Fall fire season out west continued into winter this week as Creek Fire Map, Update As Rapidly Spreading California Blaze Prompts Mandatory Evacuations.
On the plus side: Democrats will try to approve $2,000 direct checks Thursday. But will they toss in more pork to keep the money flowing from our pockets in order to keep those gender study programs in Pakistan and the like? It’s a given (says Zeus the Cat) that there will be no deal until after the close of markets. “Hype springs eternal in the hearts of Wall Street,” purrs Zeke.
Why would ANYONE vote for clowns sending money for any reason to Pakistan? Especially after Pakistan Court Orders Release Of Mastermind Behind Daniel Pearl Murder? YGTBFKM. Poppy season ahead in the rock box?
What’s not so clear are the bunch of “unresolved news events” likely to lead to “paybacks” and “big moves.”
Joy and Peace? Not Hardly…
While China may be waiting for the “transition gap” – when Trump leaves office but before Joe and Kam program speed dialers – the stakes keep rising in the Western Pacific: Get Ready, China: Taiwan is Building Its Very Own Attack Submarines.
Then there’s Iranian payback. For the assassination of a key nuclear scientist. Was it all done with the rocket attack on the U.S. embassy in Iraq? Nope: Iran foreign minister dismisses Trump’s tweet that Tehran behind attack on U.S. Embassy in Baghdad.
Seems to us that Iran may sense Israel (suspect in the Iranian scientist hit) is weak at the moment, having been unable to form a new government. A Country in Turmoil: Why Netanyahu is a Symptom, Not Cause of Israel’s Political Crisis. Hopefully, Tehran doesn’t see “opportunity in crisis.”
Overall, other than Dow futures being up 50-something early, we don’t see much reason for bulls to remain long over three days. Odds of Covid disappearing and “Whirled Peas” breaking out seem – as always – just out of reach.
What could go wrong?
One of these days, all the money the Fed has been “making up” to “paper over” the CV-19 debacle (and pending economic calamity as a result) will put in a definitive bottom. When it does, expect to see rising rates and then screaming price inflation.
But is it time for this yet? Turkey Hikes By 200bps, More Than Expected. But is the Turkish move a kindling event for rates? I wouldn’t think so, but an interesting move.
We used to dread the holidays – back in the news-chasing days. Seemed like there was always five-minutes an hour of “news” to fill. Easy when politics are rolling, planes are crashing and life’s rolling along at full-tilt boogie speed.
Nowadays, we don’t worry: Just write a shorter column.
A few places – like the biz section of the NY Times are almost “gushy” about how grand 2021 will be. What We’re Looking Forward to in 2021. While Bill Gates is optimistic on Covid and Europe is peddling climate, we’re a lot more “seasoned” in our expectations.
Soft stories like Test drive: The 2021 Ram 1500 TRX pickup is the most powerful pickup … ever promise to make up much of the “news” flow.
When in doubt, says newsroom tradition, fall back on weather stories! Blizzards slam Midwest as large winter storm threatens to cause flooding in Northeast.
Around the Ranch
We cooked our long-delayed turkey Wednesday. Came out quite good. Yum!
Lest you think a 20-pound bird is a bit much for two, I would normally agree. But, remember our plans include not just traditional turkey and fixings (including half a dozen cans of Ocean Spray) but also that SST Sandwich recipe we natter-on about every year. See the 7th Annual Turkey Leftovers Column.
Super-Antenna Rules on 20-Meters
That “super-antenna” project continues to pay dividends in ham radio enjoyment. Had a near pile-up with it on 14.055 CW Wednesday.
Wrote it up in Ham Radio Super Antenna – Plans, Build, Results. Even at the suggestion of some, sent it in to the American Radio Relay League as a DIY article. Fortunately, it wasn’t the first rejection letter I’ve received. But, published in one of the anointed ham journals, or not, it really works well. Maybe CQ will be a little more open to it….
3D Printing Projects
I’m planning (when the shop warms up a bit – it’s 37F out there this morning) to take pictures of the Creality CR10 build. The Ender3 has been busily cranking out antenna parts and doo-dads including things like this pencil holder for Elaine:
We both like “tiki-look” (*goes with the Trader Vic’s motif in the dining room). The “headless dog” in background is my reminder to “Make sure you have enough filament loaded to actually finish a print, you nit-wit!”
That metal-look bronze PLA prints really well at about 210C on the nozzle and 60C on the bed.
On that note…
Back to stuffing. And gravy. And some turkey meat, too, if you insist.
The biggest decision today looks to be whether to have a glass of bubbly for breakfast. “In OJ!” you say?
Eventually, we’ll tire of turkey, SST sandwiches and such. Always planning, though – frozen Chinese at the ready. See how “preparedness” works?
Write when you get rich,