The Woke Street Journal
We are excited to announce that TSPY launches today. More information can be found HERE (The website should be up later this morning)
That explains it: Presented with rise in border crossings, Harris chose a long-term approach to the problem-AP
Election
In a move critics say is designed to shield the Biden-Harris administration from election fallout, the administration has leveraged taxpayer funds to mask upcoming increases in Medicare premiums.
Google says it was a “glitch”: Harris campaign's Google ads rewrite news headlines-Axios
The Harris campaign has been editing news headlines and descriptions within Google search ads that make it appear as if the Guardian, Reuters, CBS News and other major publishers are on her side, Axios has found.
Biden’s still pissed: Biden harbors lingering frustration at Pelosi, Obama, Schumer-Politico
President Joe Biden is frustrated that Barack Obama wouldn’t tell him to his face that he should leave the race. He’s angry with Nancy Pelosi and views her as ruthless for ushering him out the door. And he’s still miffed at the role Chuck Schumer played, too.
Market
CPI came in pretty much exactly where it needed to be for the bulls. 5 up days in a row for the market after the so called “Black Swan” event last week. SPY has now peaked back above the 50 day.
Everything we look at shows the market is overbought and we would love to see a pullback to buy into, but the market doesn’t seem to want to give it to us. Today we have retail sales, after that the next key event is Jackson Hole and then a whole lot of nothing market moving for a while.
Investors still aren’t sure how big that cut will be, and more data on inflation and the labor market are due before the next Fed meeting. Traders in interest-rate futures were placing a 65% chance of a quarter-point cut next month, up from 47% Tuesday, according to CME data. Bets for a bigger half-point cut fell.
Federal Reserve Chair Jerome Powell will use his Jackson Hole speech next week to set the table for a September interest rate cut, while the actual size of the move will be determined by the August jobs data that comes a week later, economists said.
The so called rotation into smaller stocks seems to be pretty much dead as small caps were down yesterday and IWM looks like a short at the 50 day.
The Dow does look impressive though, and also overbought.
Magnificent 7 was mixed yesterday. TSLA took a hit and looks like it could go either way depending on how it handles the 200 day.
AMZN sitting in the same type of spot.
Would like to see NVDA break the 50 day.
Remember, 13Fs are just a snapshot in time. Druckenmiller, Soros, Tepper among investors selling Nvidia in second quarter as tech stocks slumped-MarketWatch They may have sold in the second quarter, but someone is buying now.
MSFT is my favorite chart.
Everything Else
Of course he did, what did they think they were paying him that much money for? Hunter Biden reportedly sought US government help for Ukrainian gas company Burisma-AP
Here we go again: WHO DECLARES GLOBAL HEALTH EMERGENCY OVER MPOX OUTBREAK
Kick in the B%^$$s: he Taliban is holding a military parade with US equipment
Columbia University President Shafik Resigns-WSJ
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