The Woke Street Journal
Trump
That was a boost? Secret Service had boosted Trump protection ahead of Pennsylvania rally because of Iran threat, officials say-MarketWatch
None of this makes any sense. You have a 20 year old dork who was carrying a rifle and perhaps a ladder and was spotted by law enforcement and a bunch of other people. If you see a view from behind Trump the roof is right there with a perfect line of sight. The Secret Service now admits that it was a vulnerability but say the roof was sloped (the snipers that killed the shooter were on a sloped roof) so they put agents inside the building instead. The shooter also had nothing on his phone or laptop that leads to a motive? So he woke up that morning and just thought “hey why don’t I shoot Trump today?”. Then you have this Iran threat. If Iran killed a former, and perhaps future, President they would be a parking lot. They may be fanatical but they aren’t stupid. Would be great if the head of the Secret Service would testify in front of Congress, but it looks like someone has told her to clam up.
Market
Matthew Tuttle Keeps Challenging the Establishment-ETF.com
ETF Innovator Offers Early Exposure to Hot Stocks-ETF.com
Yesterday the rotation trade continued to prove it was more than a one day wonder. S&P 500 advances led decliners 8 to 1 and the S&P 500 equal weight outperformed market cap weight by 110 basis points. Small caps continued to go parabolic…
As did the Dow…
Rates shrugged off better than expected retail sales…
Mornings like this are why I love being a counter trend trader as we have some significant weakness in the S&P and the Qs. Interestingly the Dow and IWM are near the flat line. The main culprit this morning looks like the semi’s. This maybe the catalyst…
ASML shares under pressure as U.S. reportedly considers new export controls-MarketWatch
ASML Holding shares were under pressure on Wednesday following a report the U.S. is considering placing even tighter restrictions on the Dutch company to block it from selling its machines to China, as the company posted a worse-than-expected outlook for the third quarter.
Global chip stocks from Nvidia to ASML fall on geopolitics, Trump comments-CNBC.com
Global chip stocks fell sharply, with ASML, Nvidia and TSMC posting declines amid reports of tighter export restrictions from the U.S. and a ramp-up of geopolitical tensions fuelled by comments from former U.S. President Donald Trump.
This is why I wouldn’t worry…
Traders pivot back to multiple rate-cut view, reviving one of 2024’s biggest trading themes-MarketWatch
I went short a whole bunch of stuff yesterday into strength and also cut a bunch of longs. Hoping that at least offsets my semi exposure today. I continue to think this market is overbought, but you can’t just outright short it or get out, instead I think you tactically add shorts into strength and add longs into weakness. My short watchlist coming into today is massive, but those only trigger on large pops, which seem unlikely at the moment. On the long side my daily models have MSFT, META, AMD, and CRWD among a few others. Would add those on weakness. My fixed models are out of AAPL, MSFT, and TSLA in the Magnificent 7 so I may be adding those back.
Real-Estate Meltdown Strains Even the Safest Office Bonds-WSJ
The commercial real-estate meltdown is spilling over into the bond market.
Defaults are mounting in a favorite Wall Street mortgage-bond investment, setting off fresh alarms about the future of offices and malls in cities across the U.S.
Regional banks have been on a tear……
Interestingly, we have been seeing large volume and inflows into SKRE over the past couple of days. I love to see people using this in what I think is the right way (buying it on rips in KRE).
DEI
Microsoft quietly lays off a controversial team following backlash-The Street
Now, companies are starting to flip the switch and pull back on those initiatives after facing backlash from consumers for being too “woke.” Microsoft (MSFT) is the latest company to scale back its DEI efforts, having quietly laid off its DEI team, according to a new report from Business Insider.
EXCLUSIVE: Rep. Jim Banks Says Air Force Is Violating Federal DEI Ban-Daily Wire
“Rather than following the law, it appears that the Air Force has simply rebranded DEI,” Banks, chairman of the House Subcommittee on Military Personnel, wrote in his letter.
Woke
“This is the final straw,” he said in a post to X. “Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas.” He added in a second post, “I did make it clear to Governor Newsom about a year ago that laws of this nature would force families and companies to leave California to protect their children.”
Marvel Strips ‘Captain America: Brave New World’ Character of Israeli Identity After Boycott Threats-Breitbart
Marvel Entertainment has stripped the Israeli identity from one of its characters, Sabra, and rewritten her backstory, describing her as Russian instead, ahead of the release of Captain America: Brave New World.
Things That Get Blamed For Climate Change
Vance’s Scorn for Clean Energy Grew as Ohio Embraced It-Bloomberg
Everything Else
Knew this was coming….
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