Markets

Another strong day, most likely driven by the softer jobs and deceleration of average hourly earnings on Friday. Earnings are still in full swing and interestingly the main takeaway from consumer discretionary is the impact of inflation. From Tyson…

"..in retail, we're seeing roughly 20% cumulative inflation over the last three years. Now the inflation impact coupled with historically low savings rates has created a more cautious, price-sensitive consumer. And we're also seeing a cautious consumer prioritize essential staples over discretionary categories."

Starbucks….

"But in this environment, many customers are being more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent. We saw this materialize over the quarter as customers made the tradeoffs between food away from home and food at home."

We have been focused on the 50 day moving average, which the market broke through decisively…

Rates, which continued to drop…..

And semi’s, which continued to rally….

For now it looks like the market is betting on inflation coming down, growth slowing, but not too much, and two fed rate cuts. My guess is that they will be disappointed in there somewhere, but for now the bulls are back in charge.

Woke Companies

HIMS

Up over 15% on earnings this morning, but so far still under the 50 day and could be shortable when/if it runs out of steam.

I don’t care what side of the debate you are on, JBLU is a public company and is in the client service business.

https://twitter.com/uhel/status/1787200094174929092

@JetBlue

Is this how you allow your Pro Hamas flight attendants treat your Jewish customers. This is not acceptable. We need to hear from PR to address this man’s claims that his flight was cancelled in retaliation for his complaint about the Palestinian pin.

Could be a short if it breaks the 200 day…

Disney earnings are this morning. From MarketWatch….

Analysts tracked by FactSet expect Disney to post fiscal second-quarter adjusted earnings per share of $1.10, up from 93 cents a year before.

Overall revenue is projected to come in at $22.1 billion, up from $21.8 billion a year earlier.

Disney shares will be looking to keep their hot post-earnings winning streak alive. The stock has gained after each of the past three reports, including when it logged a 11.5% increase following the most recent one.

Shares have gotten off to a good start to the year in general. They've risen 29% so far in 2024, as the S&P 500 has increased about 9%.

Actually looks like yesterday could have been a long entry as it moved above the 50 day moving average. Would watch a break below for a potential short sale.

Of course they do, so do investors I’m sure. New Poll Shows Americans Overwhelmingly Want Disney To Return to Family-Friendly Entertainment-Daily Wire

Climate Crisis

I disagree. I think the whole communist thing is a psy-op. If we went full communist they are going after the Kerry’s first. I think it’s more of a fascist kleptocracy.

Biden Is Coming for Your Air Conditioner New regulations will drive up the costs of units and refrigerants.-WSJ

Your next new home air conditioner could set you back $12,000 or more, with federal regulators contributing to the rising cost of staying cool.

On Campus

Doesn’t sound so peaceful. George Washington U Students Hold 'Trial,' Sentence Administrators to Death-Hot Air

Activists are chanting for the guillotine and the gallows, barricading buildings in the campus, and getting more threatening by the moment.

@elicalebon https://twitter.com/elicalebon/status/1787328167235240408

Let’s break down the photo of the white women praying at University of Texas. Some say, “what’s the problem with public prayer?” This isn’t about a problem with public prayer, or a problem with prayer at all. Prayer is a beautiful spiritual practice. What we’re witnessing, instead, is white women adopting a religion that is not native to their cultural, national, or ethnic identity. “So it’s about race?” Yes and no. As I said, Islam is not native to anybody considered “white” (a social construct that refers to people of European descent), so what do we observe from the adoption of this foreign faith? We see the weakening of these students’ sense of identity and romanticization of foreign identities instead. This was the result of many years of being made to feel guilty for being white and shamed for “having privilege,” which led them (as it would anyone) to shirk the identity of perceived privilege by instead adopting the identity of those considered “oppressed,” which is glamorized in western leftist society. Middle Eastern people (and by extension, their religious and cultural identities) are considered “oppressed,” and thus “good.” So what’s the problem with this? Well, the glamorization of a religion they don’t understand is a gateway to endorsing its extremism because they aren’t able to draw the lines that are understood by native practitioners. For example, there are people in Iran who lean into their Muslim identity and simultaneously condemn the Islamic Republic and religious extremism, because they have intimate experience with the boundary between their religious practice and the extremism that weaponizes religion to justify mass slaughter, torture, rape, imperialism, power, and control. It’s neither reasonable, nor likely to expect those unfamiliar with foreign identities (much less religions) to be able to draw appropriate boundaries from personal experience and understanding, which ultimately leads to a defensive posture toward that adopted identity, including all the extremism that attaches to it. What we need to do, instead of turning a blind eye to these obvious dangers, is to help these youth learn to love themselves again for all that they are so that they aren’t shamed into cosplaying as somebody else and inviting in a whole host of secondary problems because of their primary motivation to escape themselves. These are the downstream effects of a culture of shame on American youth.

Woke

RFK Jr. took some heat for his comments to PBD on this issue. What he said was taken out of context though and he has repeatedly said he wants to avoid talking about the hot button issues and focus on what he believes are existential threats…

Ukraine

If you have military aged boys, like I do, ask yourself how you would feel about them being drafted to fight in Ukraine?

Pharma

Elon is doing some great things out there, but agree with Calley here.

Shocker…..

Hard pass. Scientists create new coronavirus jab that even works on viruses they haven't discovered yet in a bid to beat the next pandemic-Daily Mail

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