Before the market:
Republicans vote to go to a vote on a vote they know will never pass. And they are calling it a success, a start…and you want to know why we are $20 trillion in debt. On top of that, we are now hearing some whispers about actually raising taxes on the wealthy. Yes…actually raising taxes.
Gaps of note this morning:
X, BA, IRBT, AMD, EXAS, AMD, CMG to the upside.
USNA, HA, UHS, AMGN, WYNN, AKAM to the downside.
Lots more earnings and will report back which have the biggest moves.
New highs in many indices. Need not say too much more. New highs usually beget new highs.
And now COMMODITIES are not just turning, they are moving as COPPER broke out yesterday…and the nascent OIL move also now moving better as the retest looks like it may succeed. Of course, all of this being helped by the ever lower dollar…but also, central banks continue their easy, very easy, monumentally easy money that continues unabated.
The XLF sets up in tight fashion from an almost 5 month range. Notice it tightening up at the highs. In the big names, C, BK, MS have the best look.
Notice the KRE tightening up along the 50 day average. A name like PNC very tight action recently.
DOW futures up 100…NDX is down though because of GOOGL. S&P up less than DOW.
GOOGL down $32. Just keep in mind, it is up over $80 since recent low July 7.
CAT in the DOW nice gap to the breakout today off of strong numbers.
MCD also gaps up in the DOW off 3% drop in sales….but better earnings.
MMM in the DOW coughs it up…down about $5.
Other gaps to upside: BIIB, PCAR…BIIB on a drop in earnings but hey…they beat the number. BIOTECHS have had the bid.
Smaller moves up: DD in the DOW, FCX, JBLU, CDNS.
Gaps to the downside: STX=ouch!, SANM, EDU, CLB, HCA, WAT and a few others have smaller drops.
There is not enough money in the world to pay for all this.
By Gary Kaltbaum- July 24, 2017
To be fair, we are no fans of these RepubliCONS, who have taken part in all this government nonsense…and frankly, we have less confidence by the day. But Chuck Schumer and the socialist party (you tell me what they should be called) continue to take the prize.
This morning, I woke up to read Chuck Schumer’s op-ed in the New York Times titled ‘A BETTER DEAL FOR AMERICAN WORKERS!” I watched this weekend to hear Chuck Schumer, who has been senator since 1999 and before that, in the house since 1993, now telling everyone the problem with the Democratic party was their message was not conveyed well. Stop it Chuck. Chuck…we have heard your message. We have heard it for years and sorry pal, we are tired of it. I was actually in hopes your op-ed would spell out better things to come but no…it only gets worse. You are the problem, not the solution. You have been trying to “fix” problems for ages with the same old, same old…and it doesn’t work. Look where we are it because of you and this wonderful government of ours. $20 trillion of debt, massive yearly deficits, government programs guaranteed to run out of money in the years ahead, 70,000-plus pages of tax code, 75,000-plus pages of regulations and what does your op-ed propose? Yup…more government. More government mandates, more government dictates, more government telling Americans what they can and can’t do…all from people that cannot balance their own books.
Chuck…you have it all wrong. You say you keep losing because you did not communicate a clear economic message. You say you did not convey what you stood for. Chuck…yes…you did. Your message was clear and it was concise. It was higher taxes, more fees, more fines, more mandates, more regulations, more dictates, more intrusion, more government, more government control…Chuck…we can go on.
Since you have been a senator, federal spending has gone from $1.6 trillion/year to this year’s $4.1 trillion. In 3 years, it will be over $5 trillion. Since you became senator, debt has gone from a couple trillion to $20 trillion. But let’s all listen to Chuck and his new bright ideas. Chuck, your latest op-ed is the same thing your party has been conveying for decades…massive government and massive government intrusion and it only gets worse.
Let’s look at your op-ed titled “A BETTER DEAL FOR AMERICAN WORKERS!”
“And for too long, government has gone along, tilting the economic playing field in favor of the wealthy and powerful while putting new burdens on the backs of hard-working Americans.”
And you have been in government for over 3 decades Chuck so are you saying you are a failure? You continue to piss all over the wealthy and successful to play the class envy card but have no problem taking big bucks from the wealthy for your campaigns. You continue to tell others their lot in life is not good because others are successful and wealthy. I have news for you Chuck…you have it all wrong. Most strive to be successful and wealthy and are not envious of it. It takes a life-long politician to be envious of other’s success. Our economy is tilted towards anyone who wants to be great, wants to be successful, wants to be a leader. It is your policies that provide the headwinds to get there.
And your plan…just more government controlling lives.
“First, we’re going to increase people’s pay.”
Say what? There you go again. Nothing has changed. Since when have you ever done anything or have been able to increase pay except for government workers? Since when have you created a dime of wealth for any American? You think government can increase people’s paychecks? Smoking the good stuff Chuck? I have news for you. People increase people’s paychecks, not government. Increases occur because of education, leadership, hard work, sweat, toil, risk, long hours and all that crap. You and your ilk have never created a job nor a dime of wealth. Every dime you get and every dime you spend comes from the tax payer.
“Second, we’re going to reduce their everyday expenses.”
No thanks Chuck. We saw how you lowered expenses when you and your party said Obamacare was marvelous. Fool me once…fool me twice….
“And third, we’re going to provide workers with the tools they need for the 21st-century economy.”
Really? You cannot even balance your own books. You took in $3.3 trillion last year and you still ran a $500 billion deficit but you are going to provide others with tools? You have been in Washington forever but you know what tools people need to move up in life?
We’re not done.
“We’ve already proposed creating jobs with a $1 trillion infrastructure plan.”
Chuck…don’t piss down our backs and tell us its raining. We remember how you backed President Obama’s $800 billion stimulus that was supposed to go to ‘shovel-ready” infrastructure jobs. Chuck…we all know what got shoveled.
“Increasing worker’s incomes by lifting the minimum wage to $15.”
More government dictate and more government control. I have news for you Chuck, this only penalizes the people you say you want to help…and that is the hard working, risk taking business owners and the workers who you want businesses to pay the $15/hour. Real world Chuck! If a business owner believes someone should be hired at $11/hour but not at $15, guess what happens Chuck? He or she is not hired Chuck. Tell a business owner his costs are going up $30,000 each year without commensurate productivity gains because Chuck says so…guess what happens in the real world Chuck? That business owner is going to find $30,000 of expenses to pair back Chuck…kiosks, robots, fewer employees Chuck. Remember Chuck, these are business owners. They actually have to make economic decisions based on the real world!
“And lowering household costs by providing paid family and sick leave.”
Again, more government control, rules, regulations and mandates. Again, getting your greasy hands into the decisions of business owners. Telling business owners what to do, how to do it, when to do it.
And then after all that government noise, you say this:
“We propose giving employers, particularly small businesses, a large tax credit to train workers for unfilled jobs.”
Giving, taking away, mandating, taxing, controlling…don’t you get it Chuck. it is this mass of regulations that confuses. On one end, you take…on the other end, you give. But you give nothing. It is all on the tax payer’s back but you are damn good at taking. Just get the heck out of the way. You have done enough by creating trillions of debt and deficits. You have done enough by using the central bank to keep rates down…and oh yeah…screwed the savers you profess to care so much about.
All this and then your big lie:
“Our better deal is not about expanding the government, or moving our party in one direction or another along the political spectrum.”
Your political life has been defined by a gargantuan, massive, monolithic, never-ending, over-the-top, always growing, always getting bigger blob of a government takeover of average American’s lives. This whole op-ed of yours defines it and continues it and you don’t even know it. You think you are smarter than Americans. You think Americans need you in every aspect of their life. I have news Chuck, they don’t. You have incentivized welfare while you dis-incentivize work. You and the rest in Washington have been the enemy. You have built up massive debts and massive deficits. You have been given tens of trillions of dollars of hard-earned tax dollars throughout the years and what has been the return on investment? It has gotten so bad that over $400 billion of our tax dollars just go to pay down the interest every year on the deficits you all created Chuck. Over $400 billion freakin dollars wasted each year because of what you all have done. You have failed miserably in the managing of taxpayer dollars and then you have the nerve to say it is not about expanding government. We have all seen the 3 card-monte street hustle Chuck. Government numbers tell us you would be great at it.You have been living in a socialist bubble for far too long my friend. We have all had enough of it…and Chuck, it is obvious you and your party still don’t get it.