The Woke Street Journal
Markets
If Powell is looking for cover to cut rates he got it from the jobs number. The headline of 175k jobs created was actually worse due to a statistical adjustment, and jobs would have been negative without it. This added a second potential rate cut to the mix this year even though financial conditions are still extremely loose and inflation is sticky. The bulls got what they needed last week—slightly dovish Powell, decent earnings, and weak jobs. I still believe that the economy is much weaker than the numbers are showing and the possibility of stagflation is real.
The S&P failed to close above it’s 50 day, which could be important.
Make No Mistake—the Fed Isn’t the Market’s Friend. The S&P 500 Will Lose Steam.-Barron’s
If it can’t breach 5130, “that’s not a good thing,” says Matthew Tuttle of Tuttle Capital Management. “There are a lot of money managers that have hard and fast rules—they will not buy the market under the 50-day.”
Same with the NASDAQ 100
Rates are coming down, but still somewhat elevated.
I continue to think as long as the major indices are under the 50 day that caution is warranted. However, a number of sectors are working off oversold conditions and could be buyable here. No big macro data this week to mess things up.
What about accountability when you F up? Fed’s Williams says independence is key to winning fight against inflation-MarketWatch
Woke Companies
Talked about HIMS on Friday, down 8% in a strong market….
Disney earnings are Tuesday. Stock still looks like a short as long as it stays below it’s 50 day. Nolte: Far-Left Disney Lost $628 Million on Four Woke Flops-Breitbart
The Disney sycophants over at the far-left Deadline crunched the 2023 box office numbers and published the five most costly bombs from last year. Only The Flash, which came in second, wasn’t a Disney production.
Here are last year’s five biggest bombs with their net losses:
The Marvels: -$237 million
The Flash: -$155 million
Indiana Jones and the Dial of Destiny: -$143 million
Wish: -$131 million
Haunted Mansion: -$117 million
Nice bounce, if it fails at the 50 day could be another short entry.
ESG
Barclays is the latest firm to face anti-ESG wrath in Oklahoma-The Business Times
OKLAHOMA State Treasurer Todd Russ announced on Friday (May 3) that Barclays would be added to his list of companies that he claims have boycotted the fossil fuel industry – a gesture that aims to limit the governmental business the bank can conduct in the state.
The Republican treasurer’s office justified the move by saying the British bank has “publicly committed to boycott fossil-fuel companies”, according to an e-mailed statement. Barclays’ 2024 climate change statement says the bank does not provide project financing, or other direct financing to energy clients, for upstream oil and gas expansion projects or related infrastructure.
Texas Ban on ‘Woke’ Banks Opens Door for Smaller Firms-WSJ
That is creating opportunity for firms that have managed to avoid the ire of Texas officials. Booming business in Texas helped land New York City-based Jefferies among the nation’s top three muni underwriters for the first time last year. Also benefiting are fast-growing smaller firms such as Memphis-based FHN Financial, the investment-banking arm of First Horizon Bank, which has historically focused on Texas local school bonds.
Hedge funds make the bulk of their money based on performance. So they are going to be motivated to make as much money as possible. It is rational to expect them to move in and out of “green” stocks based on sentiment. Hedge Funds’ Options Bets Hand Green Investors a Path to Predicting Returns-Bloomberg
Against that backdrop, the hedge fund industry’s approach to green investing is of particular interest. The authors of the paper, titled Are Hedge Funds Exploiting Climate Concerns?, posit that hedge funds have no “nonpecuniary preferences,” meaning their green bets are only made with a fiduciary goal in mind.
The study found that hedge funds are generally better than the wider market at predicting changes in sentiment and pricing around green stocks, and of taking advantage of those shifts.
DEI
What do you do when an idea fails miserably? Change the name and rebrand it I guess. DEI is getting a new name. Can it dump the political baggage?-Washington Post
On Campus
Was wondering how all that stuff sprung up so fast. Activist Groups Trained Students for Months Before Campus Protests-WSJ
At Columbia University, in the weeks and months before police took down encampments at the New York City campus and removed demonstrators occupying an academic building, student organizers began consulting with groups such as the National Students for Justice in Palestine, veterans of campus protests and former Black Panthers.
Jewish Student Needs Police Escort To Enter MIT Anti-Israel Encampment-Daily Wire
Reminds me of this….
Many Americans are fed up with the diversity, equity and inclusion initiatives that have proliferated on college campuses and in the workplace. These programs fixate on identity over objectivity and excellence. But despite the backlash, DEI advocates haven’t given up. In Illinois, lawmakers want to embed racial considerations into state appropriations for public universities.
Brave teacher’s suit over classroom Jew-hate exposes NYC public schools’ woke madness-NY Post
“All Jews need to be exterminated”: If you agree with that sentiment, you are 100% welcome in New York City’s public school system.
That just one ugly takeaway from a suit against the system filed by Danielle Kaminsky, the Jewish global history teacher at Origins HS in Sheepshead Bay who was serially victimized by vicious young antisemitic thugs, seemingly inspired by the Hamas atrocities of 10/7.
Border
More Chinese Illegal Migrants Apprehended At Southern Border In Two Days Than In All Of 2021: REPORT-Daily Caller
There were approximately 262 Chinese migrants caught by Border Patrol at the San Diego sector on May 1, as well as 223 on May 2, a Customs and Border Protection (CBP) source told Melugin. Only 323 Chinese nationals were apprehended by Border Patrol at the southern border throughout all of fiscal year 2021, according to CBP data.
Department Of Justice Warns It Will Sue Iowa Over Law Cracking Down On Illegal Immigration-Daily Wire
The DOJ’s warning comes after Iowa Governor Kim Reynolds signed legislation last month that would make illegal reentry into the state an aggravated misdemeanor, empowering the state to arrest illegal immigrants.
Joe Biden Opens Obamacare to DACA Illegal Aliens as 25M Americans Uninsured-Breitbart
Massachusetts Gov. Maura Healey Approves $426 Million More to Welcome Migrants, Push Out Citizens-Breitbart
The Bay State is a sanctuary state with a “right to shelter” law that requires government to put homeless people into housing, at least for a period of time. The law has caused the state to spend hundreds of millions since President Joe Biden’s border crisis exploded
Of course the real reason for all of this…
Politics
Across the Anglosphere, one politician after another, beloved by the media but increasingly disliked by the public, have exited the stage, often jumping before they were pushed.
Things to Blame on Climate Change
I’m not sure if coffee is good for me or not, my sense it that it probably isn’t, but every time I try to slowly cut down I have a night where I get 3 hours of sleep and drink a ton of it. I know that anything synthetic is likely to be harmful to your health though. Why You May Soon Be Drinking Synthetic Coffee-WSJ
The intense demand for coffee has driven mass deforestation, poverty wages for farmers who see little of the rising prices for their commodity, and substantial carbon emissions due to both production and long supply chains. Research suggests that around half of the land best suited to growing coffee will become unsuitable for that purpose by 2050, thanks to climate change. In Brazil, that figure reaches 88%.
Speaking of the vaccine. Chris Cuomo, Who Pushed Covid Jabs on CNN, Admits Moderna Vaccine Destroyed His Health-The People’s Voice
Green
Consumers are starting to pay for the energy transition, and they aren’t happy about it.
Censorship
Google Reverses Decision To Ban Trump Ad Targeting Biden On Inflation, Illegal Immigration: Report-Daily Wire
I watched this, no idea what standards it violates….
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