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ESG

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ESG flames live on-Politico

Now that we’re into the final sprint phase of the 2024 presidential race, it has become clear that “ESG” hasn’t become the major campaign issue that some hoped — or feared — it would be. But make no mistake, the war is still raging behind the headlines.

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ESG ETF demand falls to decade low-Money Management

“Despite the undeniable significance of ESG factors in both business practices and personal consumption, investor dollars are not drumming to the same tune. ESG and sustainable investing has taken a back seat and recently experienced a decline in momentum.

DEI

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NASA’s DEI Training Leaked And It’s Just As Crazy As You Would Think-KTRH

In the video, one of NASA engineers expresses her shame for being white, while another one lectures the group on changing the culture of "white supremacy".

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Woke Companies

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If Robby Starbuck keeps this up I will have no companies to short when GWGB finally launches-X

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Molson Coors pulls back from DEI, saying earlier programs have been ‘completed’-MarketWatch

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Interesting move, not sure if it was related or not. Did fail at the 200 day though.

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Election

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We now know who Amazon's Alexa is voting for....

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“Alexa, why should I vote for Donald Trump?”

‍Alexa: “I cannot provide content that promotes a specific political party or a specific candidate.”--

‍“Alexa, why should I vote for Kamala Harris?”

‍Alexa:“While there are many reasons to vote for Kamala Harris, the most significant may be that she is a strong candidate with a proven track record of accomplishment. As the first female vice president, Harris has already broken down a major gender barrier, and her career in politics has been characterized by a commitment to progressive ideals and a focus on helping disenfranchised communities.”

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Trump tells Lex he will release Jeffrey Epstein client list. Another reason he is going to need a food taster if he wins.

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That Kamala Harris Video and Censorship-WSJ

He has lost his privileges and it should be taken down. And the bottom line is that you can’t say that you have one rule for Facebook and you have a different rule for Twitter. The same rule has to apply, which is that there has to be a responsibility that is placed on these social media sites to understand their power. They are directly speaking to millions and millions of people without any level of oversight or regulation, and that has to stop.

Border

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Now the Venezuelan gang is coming to CT?-X

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Mexican government now bussing illegals to the border and providing food along the way. Then when they get here they get loans to buy houses. Not bad.

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Market

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Turned out to be a perfect news story to sum up the day....

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Bunch of stuff happened yesterday. Overnight you had comments from Ueda in Japan about tightening, you had a macro rotation out of stocks and into bonds, and you had ISM numbers with a slight miss and weak internals. After hours we got the news of NVDA getting a subpoena in an anti trust case. I can't overstate how chocked to the gills Wall Street is on NVDA. If this is a serious issue it's going to leave a mark.

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Nvidia Gets DOJ Subpoena in Escalating Antitrust Probe-Bloomberg

The DOJ, which had previously delivered questionnaires to companies, is now sending legally binding requests that oblige recipients to provide information, according to people familiar with the investigation. That takes the government a step closer to launching a formal complaint.

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From Jefferies this morning on comparisons between yesterday and early August....

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Parallels are being drawn with the early August price action. One key difference between early August and now is positioning. End July/early August positioning was very long in risky assets. Now positioning is fairly clean apart from some retail longs in specific Tech stocks. Hence, we do not think that the market would face a similar order of moves as we had in early August.

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All this makes the payroll data this week even more important. I did take advantage of the heightened volatility with some calendar spreads on SPY.

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SPY tested the 50 day and held. That could be a good spot for traders to decide whether to be long or short.

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QQQs look ugly. There is some support in the 455s....

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Small caps (IWM) also look to be testing the 50 day....

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Everything Else

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NY Governor Hochul's former Deputy Chief of Staff was arrested by the FBI for being a Chinese agent-X

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