The Woke Street Journal
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
Biden/Harris
Yesterday was messed up. Sunday we saw Biden defiant, until all the sudden he resigned. But, we didn’t actually hear from him or see him, he, or someone, posted a letter on X with a digital signature. So, obviously we would see him yesterday, right? Nope. He did call in to a Harris rally, but now it looks like that was pre recorded. So where is Joe and is he OK? Rumors are all over the place that he is in much worse shape than we are being told. Some even floating around that he’s dead.
You also have all the Dems coming out praising Joe for making a selfless decision to drop out, but right up until that tweet he was defiant that he was staying in. My sense is that he was forced out and part of that deal was that he got to serve out his term.
Report: Biden Quit After Dems Threatened to Invoke 25th Amendment-Breitbart
My guess is that he is not well, and at the end of the day he will not end up serving out the term. Stuff like this doesn’t seem that far fetched at the moment….
Then you have Kamala being “installed” as the new nominee. The Democrats fixed the primary process so nobody could compete with Joe. Yes, there is an unwritten rule you don’t compete against the incumbent, but no matter who you are, when your contract is up you should have to compete for your next one. You could argue that all the people who voted for Joe in the primaries where really voting for Biden/Harris, but at the end of the day you will have a Democratic nominee who was installed, not elected. If she wins the Presidency then that’s different, but until then it stinks.
Secret Service
Then you had Cheatle testifying in front of Congress. At best what happened Saturday appears to look like a President allowed someone to take a shot at the guy beating him in the polls. Not a great look, so hopefully the Secret Service director could shed some light on what happened? Nope. I also wonder where the FBI briefings are on this? Seems like they want to sweep it under the table. Interesting time for Joe to drop out.
About right…..
Everyone with a video screen knows about the failure to protect Donald Trump from a would-be assassin in Butler, Pa. But don’t look to Secret Service director Kimberly Cheatle for answers because she doesn’t have any.
ESG
Judge permanently prohibits enforcement of Oklahoma's anti-ESG law-West Law Today
Europe Turns ESG Fund Flows Positive as US Redemptions Slow-Bloomberg
Market
Just when you thought you could count the rally out the bulls come back with a vengeance. You may hear talk about the “Trump Trade”, but at the end of the day the Semi’s and AI stocks got oversold and buyers rotated in. Small caps stayed strong, while the Dow underperformed. This morning things look pretty flat ahead of TSLA and GOOGL earnings tonight.
SPY had a U&R at it’s 20 day EMA….
QQQs not quite there yet….
Rates continued to move up, keep an eye on that…
Being a counter trend trader I sold a lot into the close and added back some ETF shorts. My watchlists coming into today are back to somewhat normal as I have about an equal amount of longs and shorts.
On the long side I have SMCI, which I haven’t owned for a bit. Lucky for me as it hasn’t gone anywhere.
Days like yesterday show once again you shouldn’t be fighting the Fed. A ton of stuff in the economy is F’d up, but the next move is a cut and we are going to be starting on a cycle of cuts. Buy dips, sell rips, and have longs and shorts.
Everything Else
This makes sense…
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