A sell off in tech but still not a lot fear
Half way through the day we started to see the tech sector sell off. At one point the NASDAQ was down over 3% and the VIX was moving up. However instead of investors panicking across the board it was a more level headed rotation. Chris Temple joins me to discuss these moves as well as touch on gold having its first down week in over a month.
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Did you hear that irate caller on LBC radio about the election? Corbyn offered sweeties to everybody. He said that May was so sure she would win that she actually started to tell the truth and that was deadly for her: i.e. there is no money left for govt to spend. It was a classic rant.
Actually I may have posted it before but it is amusing to say the least:
http://www.lbc.co.uk/radio/presenters/iain-dale/livid-conservative-epic-theresa-may-rant-watch/
Farage says May may go sooner.
Tebbitt doesn’t think too much of it either.
http://www.lbc.co.uk/radio/presenters/andrew-castle/thatcher-cabinet-minister-rips-apart-election/
He won’t be pleased that Sinn Fein actually holds the balance of power, in reality.
He is so right about voting age. It should be 21 and taxpayers only. Givers not takers.
The financial alchemy is pushing money into the economy. Right now access to money is going to the top 0.1% who “put the money to work” in real assets……thereby blowing bubbles in stocks, real estate, art and other things tangible. Once the easy money flow stops prices will collapse.
At the same time the interest on the debt will cripple all borrowers; the Fed/Government, Corporations and individuals who have borrowed to excess, unless they can decrease indebtedness. But to decrease indebtedness liquidation of assets will occur. Liquidation of assets will cause a decrease in prices and collateral will suddenly disappear. This adverse feedback effect could collapse the system.
On the other hand the Fed could continue to pump along with other countries, kicking the can down the road until economies are strangled by excess debt; more and more central drag and inefficiencies until little works anywhere.
Well, May shot herself in both feet by issuing a manifesto that promises to force people to sell their homes to pay for medical care in their old age; the core conservative ‘grey’ voter.The last £100K will be left alone for them to leave to their kids, but the rest of the value of the family home can be used (and the home sold) in order to pay for their care…….. Probably to crooked privately owned care homes. TOTAL DISASTER!
Had a majority. Declared an election to get a bigger one. Lost the majority. Cretinous.
Looking at the demographics, Tad, the “older” voters did not decrease; it was an increase in younger voters that appears to change things. (In England)
Young vote swinging towards labour, could be free University (This is what BBC claimed)
Or it could be the large influx of refugees (I suspect this is significant, but cannot back it with data)
Either way the Conservative Prime Minister has been and will be a disaster, if she is not replaced. (Unfortunately no obvious good replacement)
Definitely a surge in young voters; the campaign to sign up students to leftist politics through social media was a major plus point for Labour… as was a revitalised Corbyn, who seemed to finally ‘find himself’ while preaching “change”. Sounded good, but would a disaster in office: Playground politics.
May doesn’t ‘read’ well in public. She’s awkward. And the policies her team announced were ill judged and aimed at her core voters. That was stupid.
However, she’s a pro when it comes to the nuts & bolts of running a department/government. Frankly, I doubt there’s anyone else better who can take on the wooly mammoth of a task we have before us.…
Labour did an excellent job on social media campaigning, especially Facebook.
epstein metals:
Saudi is going too turn Qatar into a province and take over the world’s biggest supply of natural gas. Might even begin this weekend.
Not going to happen.
Turkey and Iran will defend Qatar.
I’m not sure Qatar has the best field.
I suspect Abu Dhabi does.
Epstein end of week:
https://youtu.be/fPp5YOi2k8M?t=33
Yes, interesting market close…nasdaq down 1.8% yet dow up .42%. Good comment by Chris.
Off topic…Here’s a great interview with Stockman…he puts the wood to the global warming hysteria…and the mic…but I think he’s wrong about his prediction Trump will be gone in ’18. I think he’s right eventually…but as with his market the market his timing is wrong. My guess is Trump serves out his term but just doesn’t get re-elected.
And the article…http://davidstockmanscontracorner.com/the-undrainable-swamp-why-the-donald-is-going-down-part-1/ Interesting picture of Melania…dang, she’s got ginormous hair…
Yes, interesting market close…nasdaq down 1.8% yet dow up .42%. Good comment by Chris.
Off topic…Here’s a great interview with Stockman…he puts the wood to the global warming hysteria…and the mic…but I think he’s wrong about his prediction Trump will be gone in ’18. I think he’s right eventually…but as with his market the market his timing is wrong. My guess is Trump serves out his term but just doesn’t get re-elected.
And the article…http://davidstockmanscontracorner.com/the-undrainable-swamp-why-the-donald-is-going-down-part-1/ Interesting picture of Melania…dang, she’s got ginormous hair…
Stockman …..is not correct in assumption Trump will be gone in ’18…..jmo
Stockman is a smart guy, so smart he out thinks himself………….. 🙂
BTW…has he been correct on anything, yet……… just asking…. 🙂
I think of him more as a book and tape guy……. only thing they got going is their smacking lips…
He’s right about the swamp, the mic, the fed, our gooberment’s foreign policy, global warming, etc. but he has been completely wrong about the conventional markets since 2009. He should stop trying to predict and just stick to the facts.
Heck Ebolan…….everyone around here has been correct on the swamp, mic, fed, govt foreign policy, and global warming…….I think he has been studying the KER REPORT….. 🙂
The only thing I can say…..Reagan was wrong on oil….and energy, and Stockman was part of his administration………
Yes, maybe Stockman has been lurking here at KER….and absorbed our wisdom. 🙂
Although, I wouldn’t say everyone here has been right on the swamp, mic, fed and other gooberment issues…but most, yes.
And speaking of mic….Jeff Deist had it wrong on the mic(rophone) today! But by the time he gave this interview he got it right on the mic(rophone). 🙂
And Mr. Jerry, where are you summering…Florida or Indiana….if Indiana you up anywhere near Gas City.
Also, I’d tell you to say hi to Frank From Moscow for me but I guess with all this hysteria with Russia and the election he is laying low for now.
Right now, I am in Indianapolis area……going to Florida later, after the kids get some performances out of the way.
Frank is laying low, until all the tapes are recovered, Trump has instructed me to keep the tapes under cover until Nancy wacks herself in the head with the oversize gavel she like to use when she is alone and no one is looking…… 🙂
This might interest Frank….Greg Hunter on Comey Chameleon leaker….
http://usawatchdog.com/comey-the-leaker-trump-the-winner-debt-and-stock-market-at-all-time-high/
Ebo……..thanks , I caught that earlier………Greg is one of my listen to , have not missed his commentary for 8 yrs..
…after the kids get some performances out of the way.
What are they performing?
my daughter has a lead in a local opera…plus is trying out for the Voice this month in St. Louis
Gold was batted down this week but still managed to close above the 233 week MA:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=3&dy=0&id=p48315647627&a=528093806
Unbelievable!
Comey gets $10 million book deal.
It’s just his masters’ way of paying him for all he did and did not do.
+1 Matthew
Only in America.
off-topic:
The UK proves democracy fails.
The youth bought offers of “free” education from Neo-Marxist Corbyn, and this was enough to swing away from Conservative austerity towards non-balanced government spending and towards economic collapse.