A few thoughts on North Korea:

We are amazed and continue to be amazed (not in a good way) how the national media continues to bring on pundits to put down anything and everything Trump has done with his dealings with North Korea. Who are these pundits? Mostly people from past administrations that failed to do anything about it. Trump inherited this problem because prior presidents enabled North Korea to obtain nuclear…yet failure doesn’t matter. Just bring them on tv. Our favorite is when they say it’s not as if other presidents couldn’t have done this, it’s that they didn’t want to” so as not to give North Korea a level of prestige. Gee…maybe it is that thought that let North Korea get nuclear while we here were hear no evil, see no evil, speak no evil.

We have no idea how this plays out and frankly, think this could have been handled much better by extracting a few things beforehand…but at least there is now an opportunity. Also not thrilled that the prez made statements without telling the appropriate agencies…but that seems to be the norm.

U.S. District Court Judge Richard Leon ruled in favor of AT&T (T), allowing its acquisition of Time Warner (TWX) to proceed. Media stocks are up nicely in sympathy as we will probably get a free-for-all of buying going forward.

Futures up a wee bit. Pay no attention to the Dow being flat yesterday. Growth again was strong.

Today the fed…blah blah blah…raise 1/4 point…blah blah blah. The last time we were 3.8% unemployment, fed funds was 6%. We are 1.7% now…so easy money continues…not only here but easier around the globe.




Futures are up a wee bit after an eventful evening. Lots of whining and complaining by the media. Our take: it is a great opportunity. May lead to nothing but life is about opportunities. Hopefully, this one is a success.

No complaints. Markets have been edging higher. Selling has been limited. Beta has been picking up, particularly some new IPOs. Keep in mind, many of them have no earnings.

Other notes:

COINS got whacked again yesterday on a story about hacking. Will leave it at that.

TESLA (TSLA) back in gear off of WE DON’T KNOW! Still losing a ton of money and still has to raise more capital.

Strong action out of the TRANSPORTS even with the weaker close yesterday. RAILS, TRUCKERS but also seeing a couple of AIRLINES trying to emerge.

EMERGING MARKETS still submerged.

BIG FINANCIALS still not happening with names like C, GS, MS downright ugly.






Everyone asking why markets are not hit today with all the supposed trade trouble around the globe. It is simple…right now, this second, the market does not want to get hit. Simple as that. Remember, it is not the news. It is how things react to the news.

Right now, the tape is healthy with little ability to be hit. We still count about 50% of the market not in shape but that leaves 50% working. Some of that 50% has a big influence on the indices, thus the continued action.

Hardly any earnings this week but we have the maniacal Fed. Expect another rate hike but remember, the last time we were at 3.8% unemployment, fed funds was at 6%. Currently, 1.7%…so easy money continues to pervade…especially in other areas around the globe.

Will have a bigger report tonight. Have a great day. Now on to watch events out of Singapore.



As we write this, we are seeing many coins down over 10% with some actually down over 20% this weekend.

To repeat, we have told you, we are telling you and will continue to tell you this “coin” thing was, is and will be nothing more than another insane bubble. We repeat there are no economics to back these coins. There are no sales. There are no earnings. There is no potential of there being any sales or earnings. It was, is and will be just a bunch of hope that price would continue to be bid up regardless.

Unfortunately, as usual, the loudest noise came DURING AND AFTER the monstrous climactic run. We have been beside ourselves how many pundits tried to get you into an ASSet AFTER it was up a zillion percent. We have been amazed and pissed off how some came out calling for $50,000, $100,000 with one imbecile calling for $1,000,000. We have been amazed how nearly 2,000 other coins with funky names came out and actually continue to come out. Even the nightmare they call Venezuela went after a coin.  We have been amazed how some reputable shops and people continue to try and foist this nonsense onto the investing public. To this day, we are deluged with laughable advertisements promising massive returns.

So…to repeat…we do not know exactly how this plays out. Maybe it rallies up again. Maybe it doesn’t. After all, this kind of nonsense is based on the next guy willing to pay a higher price. We just know how this ends. And there is a decent chance we just started another leg to the downside. And lastly, do not forget there are decent estimates that a lot of this stuff is owned by a select few. They are never going to be able to sell if this continues and will end up being a footnote in history.


Weird day yesterday. Money flowed out of TECH/RISK and into lower beta. MCD up $7 but saw no news.

OILS bounced right off support but we stick with theme that they are now range-bound.

Emerging markets continue to act horrid and should be underweight right now. A few countries, namely Brazil for starters and basket cases. Go look at EWZ.

Futures down decently on NAZ as APPLE supposedly lowering parts suppliers by 20% but also add that yesterday’s action gave clue that TECH was petered out near term. LRCX did stand out as semi-equipment names not acting well.

Nothing wrong with pullbacks as long as they are controlled and rotational…but to be clear, 50%+ of the market still aint happening!