Yesterday’s Episode of The Watchlist

ESG

UK to mandate ESG ratings

The March of Folly Over ESG Investing-WSJ

If you invested your 401(k) in an environmental, social and governance fund, chances are your account underperformed. Worse, your investment probably didn’t affect the problems ESG aims to fix. This failure in both financial performance and societal benefit was forecast by many market professionals, yet over the past decade middle-class investors, with the encouragement of many in positions of authority and influence, poured hundreds of billions of dollars into ESG funds. This misguided strategy provides a cautionary tale of emotion, politics and profit overriding sound investing and regulatory principles.

Wall Street Banks Score Win in Anti-ESG Louisiana Debt Spat-Bloomberg

Republican State Treasurer John Fleming said he had concerns about big banks limiting business with firearms entities and Christian organizations. However, he acknowledged that it is difficult to restrict business with the biggest firms.

“We have to balance that with the reality that virtually all of the big banks are a member of the Net Zero Alliance,” he said at the meeting. “Only a small number, relatively speaking, of banks actually qualify to do the level of business that a state treasurer requires.”

Shareholder activism on the rise, with ESG proposals surging-Financial Planning

Woke Companies

DEI

This is stupid. The pushback against DEI is that you are hiring based on identity not merit. Sports is the ultimate meritocracy. These are the best gymnasts in the world. Would you call Olympic gold medalists Simone Biles or Suni Lee a 'DEI hire'?-USA Today

Election

I’m assuming this is not real, but if it is then I would classify that as “weird”

This is also weird, 10 year old’s can pick their gender but they aren’t competent to do anything else.

Trump and Harris agree to Sept. 10 debate on ABC, two more dates in the works-CNBC.com Hoping we get a true debate on policy. We didn’t get it with Trump/Biden because Biden couldn’t do it. I’m tired of hearing about how JD Vance is weird and has sex with couches, and Walz lied about his military service and drinks horse semen (even though that’s funny). I don’t think the average voter struggling to make ends meet cares the Kamala’s husband knocked up the nanny. Border, crime, censorship, inflation, wars, let’s go.

Joe Rogan endorses RFK jr. Can’t blame him, Bobby’s the only adult in the room who is only focused on policy. It would be great to see a third party candidate win, but don’t see how he has any shot. Would have thought Joe was taller…

Georgia's Election Board: Reinvestigate 2020 Results-NewsMax

Wednesday's decision is likely to be met with litigation. Fulton County's election board sent a letter to the state board on Monday flatly refusing to appear, saying the May resolution is final and the board is legally prohibited from pursuing further actions on the same charges.

Market

So slightly better than expected jobless claims mean we are no longer looking at a recession, the Fed is no longer behind the curve, we no longer need an emergency rate cut, and everything is ok with Japan? Not sure I buy that, but the market does, at least for the moment. Again, most of what we do is systematic so we are going to be fading this for the most part. Sold a lot into yesterday’s move and have more to sell today. Our short watchlist, which had been empty for the past couple of days is full again. I would suspect that we will be adding some things in our trend following models, and I wouldn’t be surprised if it was in the semi’s, assuming that strength continues. So far this morning that’s where I am seeing the most strength.

SMH had an undercut and rally the other day at the 200 day. For all the talk about rotations, this market doesn’t go anywhere without the semi’s.

Yesterday we talked about $100 on NVDA. At the moment in the pre market it is over $107. This doesn’t hurt. Nvidia Stock Gains. What TSMC’s Sales Mean for the Chip Maker.-Barron's

However, Nvidia could also be getting an extra boost from Taiwan Semiconductor Manufacturing TSM6.13%, which reported a 45% rise in its July sales from the same month last year. That was an even bigger year-over-year rise for the contract chip maker than the previous month’s figure, which helped trigger a rally in chip stocks as investors assess the strong demand for artificial-intelligence hardware.

Chart still looks like a downturn though.

VIX has settled down, but it’s still above 20.

Rates have been coming up, getting close to 4% again on the 10 year.

Next week is CPI, PPI, and retail sales, which all should be important.

Remember Trump Trades? They’re So Three Weeks Ago-Bloomberg. Remember, I watch different names than most journalists who talk about the “Trump Trade”. DJT is obvious, but my favorites are GEO, CXW, AXON, and SWBI. Do see some nice set ups….

U&R at the 200 day.

Setting up for a U&R at the 200 day.

Would wait for this to settle down.

Lot more risk to these names with her leading in the polls and about to get a boost from the convention.

Saw this yesterday. If covered call ETFs are being sold as a goldilocks investment then that’s misleading. You get a bit of downside protection from the option premium, but in a 10%ish move down that’s just a drop in the bucket. What they really do is serve as a portfolio diversifier by giving you something that excels in a flat market. In a flat market the underlying doesn’t move much, so you keep your entire premium with no impact to principal.

Everything Else

Did they have the First Amendment in the UK? They Don’t Anymore: People getting arrested in the UK for social media posts

Now they may charge foreigners and try to extradite them? Elon Musk?

Videos Show Police at Trump Rally Airing Frustration With Secret Service-WSJ

“I f—ing told them that they needed to post guys f—ing over here…I told them that f—ing Tuesday,” said a Butler Township officer in audio captured on his body-worn camera. “I talked to the Secret Service guys. They’re like, ‘Yeah, no problem. We’re going to post guys over here.’ ”

Is everything we thought we knew about Watergate wrong?

Did Hunter Biden get money from a Romanian oligarch for influence?

Don’t think this is going to help car sales. Ford Files Patent For System To "Automatically Snitch" On Speeders-Zero Hedge

Nuts. Steve Kerr sucks…..

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