GET READY FOR A LITTLE MORE WAITING AT AIRPORTS

SOURCE: https://www.cnbc.com/2017/10/25/airlines-get-ready-for-new-us-security-rules-that-take-effect-tomorrow.html

DID WE EVEN HAVE A PAST BEFORE TRUMP?

By Gary Kaltbaum October 25, 2017

This is not a defense of President Donald Trump. Lord knows I have many issues with the “presidentialness” of the current president but I ask, was there any past before President Trump? Does Flake, Corker, the media, the Dems and the rest who have buried their head in the sand remember there was a past before President Trump?

So let’s use the USA Today quotes they put on their front page this morning. These are quotes from Jeff Flake.

“Mr. President, I rise to say: Enough!”

“I have children and grandchildren to answer to, and so, Mr. President, I will not be complicit!”

“We must never regard as “normal” the regular and casual undermining of our democratic norms and ideals!”

Enough? Children and grandchildren? Undermining of our democratic norms and ideals? Senator Flake, I have news for you. You should have been asking these same questions much more loudly in the past 16 years you have been in the house and the senate.

Because in the past 16 years you have been a politician:

Our debt, the taxpayer debt has gone from about $5 trillion to $20 trillion, more than $5 trillion under Bush and almost $10 trillion under Obama, who easily gets the championship belt.

Because in the past 16 years you have been a politician:

North Korea developed Nukes. Yes, that North Korea.

Because in the past 16 years you have been a politician:

Welfare numbers have skyrocketed. Poverty continues at high rates.

Because in the past 16 years you have been a politician:

Illegal immigration has skyrocketed. Excuse me…undocumented immigrants.

Because in the past 16 years you have been a politician:

We are now to the point where the first $450 billion of tax dollars each year goes to pay interest on all the accumulated debt.

Because in the past 16 years you have been a politician:

Another President, in plain sight, lied to the American public about a gargantuan healthcare bill.

Because in the past 16 years you have been a politician:

Another President kissed the rear end of the Castros and gave away the store to Iran.

Because in the past 16 years you have been a politician:

Federal spending has gone from less than $2 trillion/year to over $4 trillion/year…and slated to go much higher.

Because in the past 16 years you have been a politician:

Another President had no clue as to how to handle a war in Iraq and not until years later realized DUH!, we may need more people to fight the good fight.

Because in the past 16 years you have been a politician:

We have gone through boom and bust cycles and got to the point where central banks around the globe (starting with ours) had to print money and rig the whole freaking bond market in order to get markets up and economies moving.

Because in the past 16 years you have been a politician:

The Knicks and Mets still suck (Levity)

I have no doubt Jeff Flake means well. I have no doubt many of the things he says about the new President are true. But to say you now worry about your children and grandchildren when all this crap has been going down BEFORE PRESIDENT TRUMP became president, tells me we either have some some sour grapes going on or heads just want to get buried in the sand. Keep in mind, I could have made this list much longer but think the point has been made. All this occurred before President Trump but only now we all must worry.

And to repeat, we are 100% against this President’s lack of “presidentialness!” There is a laundry list of things we disagree with him on. We are not sycophants like many others. We just want good policy and good government. Unfortunately, in many minds, the past 16 years did not happen…all to suit one’s purpose.

PRE MARKET

Yesterday was strong. Yes. there were divergences as 2 names, MMM and CAT did most of the DOW lifting but HOUSING was strong, FINANCIALS were strong and still lots of green. The other part of the equation is the continued back-up in long rates. The 10 year is yielding 2.65 as we write this, up again this morning. This has the FINANCIALS stronger as perception of expanded margins win the day.

Lots of jello moving on the plate in earnings season…

On the upside:

AKAM, MKSI, APH, IRBT, NOC, ILMN, ANTM. There are smaller gaps of note. Keep in mind, price will change and yesterday, we saw some reversals.

On the downside:

BA was down $5 but now only down $2. Been the big leader in the DOW. Earnings down 23%, sales up 2%. Go figure.

CMG smoked for almost $40.

TXN a semi leader only down $1.75.

Other gappers are AMD, JNPR, DPS, SFLY, T, EW, ACHC, EXP, DFS, WYN.

Again, sorry if we missed some names…and remember, price will change.

Futures down a wee bit…

PRE MARKET NOTES

CAT and MMM have the DOW futures up strong. These 2 account for over 100 DOW points. CAT up $9. MMM up over $5.50.

Others:

PII, GM, LLY, AMTD, FCAU, ALXN…smaller gaps UTX, PCAR, MCD, KNL, GLW

Downside gaps:

WHR, HNI, BIIB, LMT, LOGI…smaller moves: MAS, CNC, WAT.

So big start for the DOW on earnings reports. CAT numbers were very strong. MMM were blah but market likes it.

 

PRE MARKET

Futures are up…duh! Never going down again.

Earnings this week:

Monday- STT,VFC,V

Tuesday-

Before open: AMTD, ATI, BAX, CAT, CNC, EDU, FITB, FCX, GLW, JBLU, LMT, LLY, MMM, MAS, MCD, NVS, PCAR, R, SWK

After close: CHRW, CNI, COF, CMG, DFS, EW, ESRX, IRBT, P, T

Wednesday-

Before open: ALK, ANTM, AVYM BA, GD, GM, HES, HLT, IP, KO, LEA, NSC, NOC, PII, SLAB, TUP, UTX, WYN

After the close:: AFL, AMP, BCR, EFX, FFIV, GRPN, LSTR, NOW, ORLY, RMD, SU, TSLA, TXN, TSCO, TRN, WHR, XLNX

Thursday-

Before the open: ALXN, AMT, AN, BUD, BIIB, BEN, CME, CMCSA, DPS, F, IR, LUV, MA, MCK, POT, PX, RS, RCL, SHW, SAVE, STM, TROW, TAL, TECK, TMO, UPS,, WM, YNDX

After the close-

AMD, ALGN, AMZN, AMGN, BIDU, BWLD, CENX, CY, DECK, EXPE, FISV, FTV, FTNT, GOOG, HBI, INTC,LEG, MSFT, UCTT, WDC

Friday-

AAN,ABBV,AAL, CL,MRK,UBS, XOM

Dates subject to change. Please check for yourself. Notice lots of important names this week. This is just a small sampling. Many more names reporting.

WEEKEND NOTES

To be repetitive on the sentiment front:

Sentiment remains off the charts bullish. Markets remain verrry overbought as price is stretched and extended. BUT…as we have always told you, sentiment is not a pinpoint indicator. Very often, too bullish sentiment can stay on the high side for a while. So, watch price…and to this minute, price remains strong.

ALL major indices remain above support and moving averages. WORLD markets are also in tune. The best bullish markets are the ones where world markets are working. ALMOST 7 out of 10 stocks are now working. MORE and more sectors are showing up on our screens. Not sure we need to say more. but REACTIONS to earnings have been good. Bad earnings like IBM gap up. Really bad earnings like GE reverse the gaps to the downside. Good earnings are rewarded.

Also:

TRANSPORTS remain strong as the pullback has been minor.

SMALL CAPS, while resting have hardly budged.

FINANCIALS are working. Poor reaction s like GS get bought up. Smaller financials are also setting up into earnings.

SEMICONDUCTORS remain beasts.  The worst we can say is the group is the most stretched and the most overbought on our screens.

There are still a bunch of areas to avoid like:

A slew of OIL/ENERGY names though the REFINERS are strong.

CONSUMER STAPLE areas like FOOD,TOBACCO.

MEDIA, a ton of RETAIL, RESTAURANTS,CABLE/SATELLITE,.

We remain in the midst of earning’s season. So far, so good. A few big blow-ups are occurring but this is normal. Just realize at any time, the “overboughtness” can take over but so far, nothing doing.

UNREAL PICTURES AND VIDEO FROM SYRIA AND IRAQ

SOURCE: https://www.nytimes.com/2017/10/19/world/middleeast/islamic-state-reconstruction.html