Matthew Tuttle Keeps Challenging the Establishment-ETF.com

ETF Innovator Offers Early Exposure to Hot Stocks-ETF.com

How Covered Call Strategies Are Evolving to New Structures-NASDAQ Trade Talks

Election

Trump Hasn’t Changed, but the GOP Has The nominee’s convention mouthed unity but was really a show of dominance-WSJ

All week, Republicans spoke of “unity,” buoyed by a favorable political landscape and a feeling of destiny. Trump’s first nominating convention, in 2016, was racked with discord as rogue delegates attempted to dethrone him and his chief rival repudiated him from the convention stage to raucous boos. The body was struggling to reject the transplant, their genes seemingly incompatible. In 2020, the Covid-era convention was a truncated show from the White House, and he lost the election.

This time, the party belongs to him. Like Trump’s speech, the paeans to harmony were overlaid on a show of swaggering dominance. It was the unity of the conqueror, his foes all slain or subdued. 

I talked about this yesterday. The populists have taken over the Republican party, for better or for worse depending on where you stand.

Meanwhile, the news now shifts to whether Biden stays or not, and if he goes how that works. Lots of competing rumors so who knows, this from Erick-Woods Erickson…

The next major presidential speech we get might come from Joe Biden withdrawing from the presidential race.

Here’s what I have been told by senior Democrats I trust.

1.    Biden has not made a decision, but has begun to lean towards withdrawing.

2.    Biden does not want an open convention and wants a plan to avoid one.

3.    Contrary to what Mark Halperin is hearing, I have been told very clearly that while Biden would be open to any direction, Kamala Harris is his preference.

4.    Kamala Harris is the preference of the congressional black caucus and Jim Clyburn.

5.    Biden will not get out without a way to avoid chaos.

6.    While Democrats are growing confident he has been persuaded, including from his conversation with Nancy Pelosi and frank polling conversations conducted at Biden’s request this past week, he is still, at this moment, hanging on.

7.    If Biden withdraws, he is not expected to resign the presidency, but will stay in office.

My sense is that a Presidential campaign is like a bank. It can be healthy one day and gone the next if the funding disappears. If the donors drop out then Biden will have to.

So it’s not racist then?

Huh?

Van Jones: Haven’t Been at Convention that Felt Like ’24 RNC Since ’08 DNC for Obama-Breitbart

“I want to say something, this spirit that this guy has, you guys think it’s because he’s drunk. He’s not. This whole thing is like this. … Hey, guys, the last time I was in a convention that felt like this was Obama 2008. There’s just — there’s something happening where –.”

Woke Companies

Bud Light slips again, falling behind Modelo and Michelob Ultra after boycott -Commercial Appeal

If it breaks the 200 day it could be shortable. Support around 56.

The end of DEI hires? LEGENDARY companies make shocking anti-woke changes-The Blaze

“It’s not just individual people waking up now. Massive corporations, many of whom have been the prime drivers of this woke nonsense, they’re waking up too,” Dave Rubin of “The Rubin Report” explains.

ESG

Backlash Against ESG Seen In Sharp Decline Of Fund Launches-Financial Advisor

BlackRock Inc., Deutsche Bank AG’s DWS Group, Invesco Ltd. and the asset management arm of UBS Group AG are among firms that have cut the number of new funds with environmental, social and governance mandates, according to data provided by Morningstar Direct. 

This year through the end of May, just over 100 ESG funds were launched globally, putting the industry on track to fall well short of levels seen in recent years, the data show. By comparison, there were 566 ESG fund launches during all of 2023, which was down from the 993 seen in 2022. What’s more, the 16 ESG funds opened in May represent the lowest monthly tally since the beginning of 2020.

Market

Often the day after a selloff you would rather things start of red. Yesterday was an example, they tried to rally it early but typically what happens is the people who didn’t sell the previous day use any pop to sell. Yesterday, the Dow and small caps were the worst performers. Things look flattish this morning, so again they could take this anywhere. Some issues with CRWD and MSFT, MSFT being the most important of course, so we start off the day with some challenges.

Major IT Outage Hits Banks, Airlines, Businesses Worldwide CrowdStrike update appears to cause device outages for millions of users of Microsoft Windows devices-WSJ

My watchlist is the smallest I can remember. Nothing on the short side today, I am actually covering a ton of shorts at some point after the open. Only have ANET, ASML, TER, and EL on the long side.

No they are not. I think bonds suck. TLT is a great trading vehicle, long and short. I am a huge believer in the barbell portfolio—-most in T Bills and then a smaller amount in risk assets (I prefer options). Bonds are finally looking like a pretty good alternative to stocks-MarketWatch

The strategists are out, not sure why anyone pays attention. The market has wobbled. Why one firm just increased its S&P 500 target-MarketWatch

Are we on the brink of another Nasdaq crash?-MarketWatch

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