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Monday Market Mayhem – Mass Shootings and Trade Wars Make Investors Nervous

Related imageCan America seem more out of control?

Over the weekend, there were two major shootings (Dayton, Ohio and El Paso Texas) where 30 people were killed and another 53 injured. On Friday in Virginia and Maryland, 5 people were killed and 4 injured, which hardly rated a mention in the US press as it's a daily thing now but Sunday, while Dayton was happening, another 20 people were injured and 2 people killed in 2 incidents in Chicago, 1 in NYC and one in Memphis.  

Before you think that Dayton and El Paso just distracted us from 22 people hurt by guns (and this only counts multiple death/injury incidents), keep in mind that, in the previous week (from 7/23 to 7/30), there were 16 mass shootings where 28 people were killed and 62 were injured including a dozen people in Brooklyn you probably didn't hear a thing about.  Are we really that numb to this sort of thing that 50 people killed in July and 202 wounded didn't even get our attention?  Maybe it's because it was less than the 217 wounded in June (only 34 killed though)?

Image result for school shooting map 2019And again, this is ONLY shootings with AT LEAST 3 people being shot in a single incident.  So far, in 2019, we average 1.2 of those every day, 22 of them in schools.  It's only Aug 5th but we've had over 450 total shootings in the US this year so it's a very good thing "only" about 1/3 of them are mass shootings or we'd still be picking up the bodies.  Maybe that's what it will take – maybe we have to start tripping over all the bodies while we shop before we decide this madness has to end?

How can you look at these maps and not think something is very wrong with the way we're doing things in this country?  How can you let your elected representatives get away with telling you there's nothing wrong with the way we do things?  Do they tell you it's violent everywhere?  Because it's not! 

Image result for gun violence by countryThe US has 4 times more gun violence of the second worst "advanced" nation, which is Switzerland, where every citizen has a gun.  Compared to Socialist Sweden, we're about 10x worse and compared to Australia, where they banned guns, 20x worse – 20 times!  

We have (and I am not joking) more guns than people in the US and no, that's not normal at all!  Do you think having more guns leads to more gun violence?   You have to be a very, very heavy consumer of Fox News AND have an NRA card to think otherwise but it's surprising how many people just can't seem to make the connection – especially once they are elected to Congress.  

You know what would be fun?  The NRA is always saying more guns is the solution to gun violence – we should arm teachers and students and crossing guards and have armed hall patrols and if everyone at WalMart had a gun on them, then no one would try anything though that argument falls a bit flat when we just had a mass-shooting at a WalMart in El Paso and what do you think the chances were that no one else was armed in El Paso, Texas?  Where were all the "good guys with guns" in El Paso?  A 21 year-old kid with an AK-47 was able to walk around a WalMart killing security guards and trained combat veterans who happened to be shopping there. 

This all happened just a month after the NRA celebrated a "highly successful year" of getting Texas to loosen its gun laws.  The gun that was used to shoot 16 people in Gilroy, California was illegal in that state – so the shooter went next door to Nevada to buy it.  State laws don't work because "they" come right over the border with their guns and their bullets and they are murderers but they are not Mexicans – they are white supremicists and, sadly, walls don't seem to keep them out.

Related imageNumerous countries have issued travel advisories for visitors coming to the US, citing our culture of gun violence including even Canada, Germany, New Zealand and the UAE, which issued a "special alert" to travelers coming to the United States, as well as those already in the country. The alert warned travelers to avoid attending "ongoing or planned demonstrations and protests in cities around the United States," as well as to be aware in large crowds and tourist destinations.   The Bahamas is warning it's black citizens to "excercise extreme caution" when interacting with the US Police – what does that say about US?

Meanwhile, the markets are starting off down another 1.5-2% this morning as we're completing the first half of the much-anticipated post-Fed correction.  We expect to see those 200-day moving averages get tested and that's another 1,000 points down on the Dow to 25,500 so still shortable when it fails the 26,000 line for $2,500 per contract at goal.  

It's a fairly light data week with only 3 Fed speakers so the focus is going to be on earnings as another 25% of the S&P 500 file their reports:


Sadly, there's not much here that's likely to hold us up and Europe has already crossed lower so best to just lie back and enjoy the ride and we'll see where the bottom is together.


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  1. No need to add more lines now it seems!

  2. One party has been enabling white supremacy and racism but won't take responsibility when people act on their words. History will not be kind but for now, it's simply numbing. And no more freaking thoughts and prayers from these cowards!

  3. In the meantime, China is paying for the tariffs:

    Our recent study found that the 2018 tariffs imposed an annual cost of $419 for the typical household. This cost comprises two components: the first, an added tax burden faced by consumers, and the second, a deadweight or efficiency loss. 

    New China Tariffs Increase Costs to U.S. Households

  4. Good Morning :(

  5. Good morning and wheeee!  

    You almost forget what a downturn is like in this market but then it comes around and bites you in the ass…  

    Dow down 450 now – so accelerating declines is a strong indicator we're going for at least a 10% correction but it's Monday – so hard to say – we'll have to take a close look at the volume but I have a feeling people are trying to sell and finding no buyers, which is why you have to be so careful in this kind of market.  

    RUT 1,500 came really fast since 1,600 and it better be 20-points bouncy (weak) in the very least today or it's a very bad sign.  Kind of scary when you can map a 100-point (6.25%) pullback on a 3-day chart! 

    Image result for trump tweet animated gif

    History/StJ – At least some Republicans are finally standing up to this BS:

    In a series of tweets written Sunday night in the wake of mass shootings in El Paso and Dayton, Ohio, that left 29 people dead, state Rep. John McCollister said it pained him to share that conclusion as a lifelong member of the Republican Party.

    “I of course am not suggesting that all Republicans are white supremacists nor am I saying that the average Republican is even racist,” wrote McCollister, who represents an Omaha-area district. “What I am saying though is that the Republican Party is COMPLICIT to obvious racist and immoral activity inside our party.”

    McCollister, who was first elected in 2014 and has been described as a moderate Republican, pulled no punches when discussing Trump, who has downplayed the threat of white nationalism in the country.

    “We have a Republican president who continually stokes racist fears in his base,” he said in his tweets. “He calls certain countries ‘sh*tholes,’ tells women of color to ‘go back’ to where they came from and lies more than he tells the truth. We have Republican senators and representatives who look the other way and say nothing for fear that it will negatively affect their elections.”

    “No more,” McCollister continued. “When the history books are written, I refuse to be someone who said nothing. The time is now for us Republicans to be honest with what is happening inside our party. We are better than this and I implore my Republican colleagues to stand up and do the right thing.”

    Of course, we'll have to wait and see if they will.

    Ugly tariff numbers and those are last year's numbers – we're miles over that now.  

    500 points down…

  6. /NQ 7,500 is the 2.5% line – not a good sign if that fails to hold. 7,600 was the -5% line and we blew through that and are down 200+ already – which is a huge day for the Nas and can spark panic selling.  7,200 is the -10% line – that's where we'll look for support this week (hopefully not today!). 

    /KC back at $95 if you are looking for a long.  /KCN20 is $106.

  7. Morning Phil. I have a GOLD 2021 12/17 call spread. This $5 spread was bought for $1.86 and is now $3.03. Would you close it now would you keep it? There certainly another $1.97 of value to be gained but I am not sure whether GOLD would remain above $17…

  8. Tariffs / Phil – What's so frustrating is that these ignorant people who show up at Trump's shows are all excited about the $150 tax cut they got while they pay another $800 in tariffs. And when the media points it out, they won't believe it because they have been told not to believe anything that doesn't come from Trump. It's like we have stuffed 100M people in that 1945 Berlin bunker. I am afraid we have lost an entire generation of people there.

  9. GOLD/Alter – I'm still good with the target, it may pull back for a while but, overall, I think gold is coming back in fashion as an investment.  Do you have something better to do with $3 than make $2 (66%) in 18 months?  That's the real question.  If you have, for example, 10 of the long spreads, you could sell 3 of the Sept $17 calls for $1.45.  They are 1/2 in the money and if GOLD goes to $20, then you roll them to 6 of the Jan $19s, which are now $1.35 and if you are too worried about GOLD being over $20 in Jan – then why would be closing this trade?  To the downside, if GOLD does fail to hold $16, you could sell 3 more Jan $16 calls, which are now $2.75 for let's say $2 and then you would have collected about $1.26 per long so the hedge essentially protects you from a 10% drop AND gives you the possibility of adding some extra income to your spread (which makes it more worth keeping) rather than playing passively with your fingers crossed.

    Lost generation/StJ – I wish we could lose them but we'll have to drag them along for the ride.  Ironically enough, those are the same people the Democrats are worried about providing healthcare and retirement benefits for.

  10. GOLD / thanks, Phil.

    QQQQ – Can I please also ask to explain your logic/approach when closing SQQQ (and similar) spreads. It's probably quite different to GOLD… I have SQQQ Jan' 20 31/38 spread which was bought for $1.70 but now is $2.80 with SQQQ at $37.66. Would management of this be reactive (depending on ups & downs of the market) or would you simply keep it running until the end (Jan '20 in this case) because, well, you don't usually cancel insurance mid-term.

  11. Let's not forget about moscow mitch's role in all this. He is the ultimate enabler and 'tool' for most of the things that piss off lefty's like me! I consider the importance of his defeat in 2020 second only to trupm….. Oh, and mitch broke his shoulder this weekend…. :)

  12. Selling more VXX calls… Got to do it when the VIX is over 20. Could get worse, but I'll sell more then. 

  13. Bought some M for 19.99!!! was 23 just the other day!!!

  14. Sell EA – video games lead to mass shooting apparently. I wonder why there are fewer mass shootings in Japan and Korea where they play more video games.

  15. China Is Playing Trump on Trade

  16. US stock indexes slide as China’s currency hits 11-year low

  17. yodi – this week stocks are going to be like Teslas. Now matter how cheap they are today they’ll be cheaper tomorrow. 

  18. We will see bought M at 19.99 and 19.90 now 20.15!!!!

    But quiet on this board looks like every one going for shelter?

  19. Tsla still tooo high going with Phil there.

  20. STJ they play with rubber bullets

  21. Never the less looks like a healthy dip today /ES going for -85

  22. I'm really not doing much Yodi! Used a few past dividend payments to buy some more F here, and am looking at buying back near worthless calls in covered positions.

    Buying back short QQQ 191 call spreads today as well. 

  23. No relief in sight so far and now the Nas is down 3.1% on the day.

    STP is up $50,000 from Friday at $821,570 but LTP stomped down to $1,334,821 so $2,156,391 is net down $62,033 from $2,218,424 on Friday morning. So we're losing about $15,000 per 1% the market falls at the moment.  This is still in the bounds of what we can accept – keeping in mind the STP doesn't really pay off at this early stage.  

    QQQ/Alter – As I was just saying above, the hedges are not going to pay you in full DURING a melt-down.  SQQQ is now at $38, which is the top of your hedge but the Jan $30/38s are still $10/6.50 so $3.50. 

    Now, IF we thought this was the dead bottom, and let's say you had 100 of the spreads at $17,000 we could cash in 1/2 (50) of the Jan $30s to put net $50,000 in your pocket and then buy 100 2021 $35 ($11.50)/$45 ($9.50) bull call spreads for $2 ($20,000) and roll 1/2 (50) of the Jan $40s at $6.50 ($32,500) to 50 of the Sept $40s at $3.30 ($16,500) so, on the whole, you'd have taken $14,000 off the table – about what you paid for the spread and you'd still have 50 of the Jan $30/40 spreads and now 100 2021 $35/45 spreads and the 50 short Sept $40s.

    At that point, if SQQQ goes up, you have $150,000 worth of spreads covering the short calls which you'd roll up and along (with sensible stops on portions of them) and you'd collect your full $50,000 on the 2020s at $40+ and you could spend that on more long hedges too.  If SQQQ is flat, the short calls go worthless and you get another $50,000 for the Jan $31s or $35,000 at $38 for $85,000 and you'd still have the 100 2021 spreads or if SQQQ goes down, you could stop out the other 50 of the $31 calls around $7.50 and by then the 50 short Sept $40s should be a lot less and then you'd have 50 short Jan $38s covered by 100 of the 2021 $35/40 spreads and the cycle continues.  

    BUT, since we think the market has another leg down – it's a bit early to scramble to cash out your hedges but at least there's a guide to what we'll aim for when it's time.  You could add the 2021 spread now and keep tight stops on the Jan $31s but keep in mind we expect a weak or strong bounce at some point so I usually find it easier not to count my chickens until we actually find a bottom.

    Mitch/1020 – I wonder if he did that to give himself an excuse to bow out.  The pressure is mounting and the wagons are circling – he's the least popular member of the Senate and his own state looks ready to toss him anyway.  Now he can resign over health issues rather than go down in defeat.  McConnell also would have trouble getting his campaign financed without his Russian backers – who are under a lot of scrutiny now and they're also looking into the money he took from voting machine lobbyists right before he killed the election security bill (which would have hurt their systems).  Of course, it's always possible McConnell was thrown down the stairs by Russian Mobsters to remind him where his interests lie.  A lot of people involved with organized crime have "accidents" when the begin to develop a conscience…

    M/Yodi – Good call, Retail getting killed on this roller coaster. 

    Video games/StJ – There was a good line in "Agents of Shield" last week.  These alien hunters from another World had been using knives to kill these parasitic aliens for hundreds of years going from World to World but, on Earth, they figured out they could make bullets out of the same material and shoot the aliens and the guy says "I wish we had thought of this sooner – we've just never been to a planet with so many people using guns before."  

  24. We are back to levels we had seen in February or March. Like this year didn't happen it seems. Trade wars are easy to win it seems.

  25. In fact, the Russell is 5% lower than it was back in January 2018!

  26. Phil/Crap roll

    any crap roll at this time? markets have been really crapppy..


  27. sold some CLF 8 puts Jan 21 for 1.67 small amount for starter position

  28. Thanks Yodi—u brought M to my attention—-bought some

  29. Might have our first 1000 point loss of the year it seems!

  30. But it's a Monday so meaningless… Tomorrow we will go for 2000 meaningful points.

  31. Wow, Nas now down 4% and Dow down 850 points.  Good thing we loaded up on SQQQ!   This is exactly why too – too many 50x and 100x stocks in the Nas that can have massive corrections.  

    SOXX down 5% for the day.

    Finishing at the lows (early to call) is a very bad sign for tomorrow.  Solid volume today – should be around 120M on SPY.  See – rise on low volume, fall on high volume:

    Date Open High Low Close* Adj Close** Volume
    Aug 05, 2019 288.09 288.21 282.91 282.98 282.98 95,404,029
    Aug 02, 2019 293.85 294.12 290.90 292.62 292.62 115,917,700
    Aug 01, 2019 297.60 300.87 293.96 294.84 294.84 142,646,600
    Jul 31, 2019 300.99 301.20 295.20 297.43 297.43 104,245,200
    Jul 30, 2019 299.91 301.17 299.49 300.72 300.72 45,849,000
    Jul 29, 2019 301.88 302.01 300.85 301.46 301.46 38,126,500
    Jul 26, 2019 300.76 302.23 300.62 302.01 302.01 45,084,100
    Jul 25, 2019 300.94 301.00 299.11 300.00 300.00 55,394,100
    Jul 24, 2019 299.19 301.44 299.09 301.44 301.44 47,213,200
    Jul 23, 2019 299.14 300.03 298.22 300.03 300.03 44,564,500
    Jul 22, 2019 297.61 298.50 297.04 297.90 297.90 43,638,100
    Jul 19, 2019 300.04 300.07 296.98 297.17 297.17 58,678,600
    Jul 18, 2019 297.19 299.25 296.70 298.83 298.83 51,392,600
    Jul 17, 2019 299.75 299.93 297.74 297.74 297.74 36,036,300
    Jul 16, 2019 300.65 300.88 299.44 299.78 299.78 36,650,100
    Jul 15, 2019 301.13 301.13 300.19 300.75 300.75 33,900,000

    Shelter/Yodi – I think if people are properly hedged, then it's just a matter of waiting to see where the bottom is.  I consider it a good sign if people aren't panicking on a day the Dow is down 1,000 points!  

    As to TSLA, I'm coming around on their potential.  Not sure if they can pull it off but I can see the possibilities if they manage to get through the next few years without going BK.  I maintain my target of $150 for next year as people realize they can't possibly justify $30Bn but once we're down there – I'm going to consider a speculative long. 

    Speaking of speculative longs – who's one of the only green stocks today?  

    Good article, 1020.  Still, I don't think we should get sidetracked by blaming PEOPLE when we need to do something about the guns.  Back in 1938, the Nazis organized a little terror campaign against the Jews called Kristallnacht and burned down 1,000 synagogues and ransacked 7,500 businesses.  I suppose the NRA would say that would have gone better if people had assault weapons but I'm pretty sure it would have been a slaughter with way more than 91 people being killed.  The PEOPLE are always there – the problem is putting weapons of mass destruction into everyone's hands assures you that they will end up in the wrong hands.

    Image result for gun sale semi automatic

    Related image

    Related image

    It's 17 F'ing years later people and we've done NOTHING!

    Craps/Pat – I don't see anything other than /KC worth playing today.  /KC not too market dependent.  M, as noted by Yodi – is good if you missed it last time. 

    AAPL $193 getting interesting but we could drop more than just another 5% if people start to panic.  

    CLF/Bert – There's a good one.  

  32. A couple of days like this one and we have some decent entry prices!

  33. Phil The Data below is very interesting. I'm looking for a Trump action ( or BS trade news) to kick in at 2600 – what do you think of t his

  34. LTP + STP holding steady on the day.  '

    Entries/StJ – I think we'll have to wait for 2,700 on /ES.  If 2,850 is halfway down from 3,000 (5%) then we're looking for 30-point weak bounce to 2,880 and strong would be 2,910 but that's not likely if we we're heading lower so look for a failure at 2,880 and then follow-through below 2,850 over the next few days.

  35. Phil – The site did no allow me to post the Graphs…. 

  36. Only admins can post but post a link to the image instead and I'll fix it up.

    Well, we weak-bounced into the close – now we'll see what sticks tomorrow.

  37.   Phil / Graph – don't have the link but here is the verbiage that goes with it   Trump Put Level at 2650?

    ·      The start of the trade war. The first concrete action in the trade war, the imposition of tariffs on washing machines and solar panels, came on Jan 22 2018 at a time when the S&P 500 was surging to new record highs almost daily and talk in the market was of a “melt up”. The market peaked and sold off just days later, although the tariff announcement was most likely not a direct driver given scant attention paid to it at the time.

    ·      The market starts paying attention. By the end of February 2018, the market had recovered 2/3 of the way back to the peak when the next installment of the trade war arrived in the form of steel and aluminum tariffs. The market sold off again, but only briefly and then rallied back. Soon after a plan for taking action against China was announced. The market then sold off sharply and stayed near a bottom. It started rallying only after President Xi appeared to de-escalate by promising to open up China’s economy and President Trump thanked him on Twitter followed by de-escalations such as the announcement of trade talks in China.

    ·      Testing the market’s resolve. The US and China jointly issued a statement on May 19 2018 that progress was made on a deal, only for President Trump to then negate it with a tweet a few days later. This was also immediately followed by the threat of global auto tariffs and proposed tariffs on $50bn of Chinese goods. As the market reacted only mildly to these announcements and continued to grind higher, the administration embarked on a series of escalations over the summer, culminating in a 10% levy on $200bn of Chinese goods in mid-September, slated to rise to 25% by year end. The market peaked shortly after in late September and then fell sharply.

    ·      Spin and repair phase. As the market sold off through October and fell under 2650, we got the first Trump tweet about the Fed, asking them to be dovish. A Trump-Xi phone call on Nov 1 saw a short- lived rally but the market sold off again, which prompted another tweet aimed at the Fed.

    ·      Freefall. Hopes of a G20 truce saw the market rally briefly again in late November, but while a plan to strike a deal was announced it was quickly overshadowed by the arrest of Huawei’s CFO in Canada and Trump’s “tariff man” tweet in early December. The market went into free fall even as the administration tried to de-escalate. Criticism of the Fed ratcheted  up at the same time.

    ·      De-escalation phase. Starting late December 2018 and continuing all the way through Apr 2019, there were several efforts to de-escalate with numerous statements and tweets asserting that talks with China were going very well. Prompted in part by the conciliatory moves and hopes of a resolution the S&P 500 rallied uninterrupted through April.

    ·      Renewed tensions just as market notched a new high. The surprise tweet re-escalating trade tensions and raising the tariff rate on $200bn Chinese goods from 10% to 25% occurred on the weekend right after the S&P 500 reached a new high.


    This can all be summarized by two charts, the first showing the locus of major escalations, which tend to cluster at market tops…


    … while there are virtually no trade war escalations when the S&P is below 2,650.


    Meanwhile all selloffs are followed by de-escalations:


    So is there a "Trump put" when the S&P drops below 2650?

    While escalations and de-escalations on trade occurred at a variety of levels and trajectories of the S&P 500 and they were clearly not the only driver, Deutsche Bank notes several empirical regularities.

    • One, major escalations followed new market peaks, the timing suggesting the administration viewed the peaks as an indicator of stock market strength even though as we have noted they have been in a range for over 17 months now.
    • Two, rallying markets were sufficient for escalations and new peaks not necessary.
    • Three, selloffs, either sharp or extended, were followed by de-escalations or conciliatory moves. The Q4 2018 20% selloff was followed by an extended  period of de-escalation.
    • Four, there were no escalations below 2650 and this naturally looks to be the Trump put level, if there is one.
    • Five, complaints about the Fed in hindsight may well have been an indicator of subsequent intent on trade policy, with preemptive complaints associated with intentions to maintain or escalate trade pressure; an absence of Fed tweets suggesting an intent to de-escalate.

    • Finally, we would emphasize that while the S&P 500 2650 level appears to be the put level followed by de-escalation, these de-escalations were not effective in preventing the market from falling significantly further in Q4 last year with the eventual bottom another 11% lower.

    Is the level of the S&P the only trigger to watch for trade war "de-escalation"? No: in Chadha's view, a more likely imminent trigger for sustained de- escalation is the state of US manufacturing, where the Trump-bump to the ISM has already been wiped out; and prospects are for continued declines, taking it to recession levels. Deutsche Bank explains:

    In October 2016, the month before the presidential election, the ISM manufacturing index, in its early stages of recovery from the prior US dollar and oil shocks printed 51.7. It then rose to 58-60 by the summer of 2017 and stayed there for about 15 months, in what was unusually sustained period of growth at high levels. Since the slowdown began in November last year, the ISM has been falling sharply and has already fallen to 52.1, while new export orders which have been leading the headline  continue to point down.

    So the "Trump bump" to manufacturing in the US which takes place in many swing states has already petered out. As a result, a continued decline and in particular a falling below 50 will be hard to spin as anything  but a manufacturing recession. It may thus force Trump to once again concede to China in hopes of sparking a fresh rebound.


    But besides the stock market and the state of US manufacturing, arguably most critical for the de-escalation calculus are the President’s job approval ratings, but – as DB correctly notes – these are unlikely to fall until the trade war begins to impact consumer goods sourced from China or Mexico.


    One can therefore argue, that the lightning rod for the administration to de-escalate would be a decline in approval ratings. But there is a major risk here: approval ratings tend to be slow moving; and so far the impacts have fallen largely on corporates. It is also notable that President Trump’s approval ratings did not respond to the large declines in the stock market in Q4 last year, even though with a lag consumer confidence did. But the subsequent government shut down did see his approval ratings fall, arguably with a lag as it began to impact public services such as TSA-related delays at airports. So approval ratings may not fall until tariffs or supply issues associated with imports begin to impact the prices of US consumer goods from China, which in turn will only happen months after Trump enables tariffs on the last, 4th tranche, which will include tariffs on virtually all Chinese imports.


    At that point it just may be too late to hope for a graceful concession as both Trump and Xi will be way too deep in their "war of personalities", and the hit to Trump's approval rating may be far greater if he is perceived as waving a white flag in the trade war, than if he simply maintains a strategy which ends up pushing stocks into a bear market and the economy into a recession.

    Appendix A: a history of trade-related escalations and de-escalations by the White House.


    Appendix B: a history of Fed-related Trump tweets.


  38. 2,650/Batman – Well I can agree with that as I just said 2,700 so 50 here or there is a rounding (and a 5% Rule overshoot).  Who is this?  I like the way they are looking at it.

    So much for the bounce, all erased after the bell.

    That's why shorting the VIX is so dangerous.

    Over $55 on /CL is a good play as long as /BZ holds $60

  39. 174,481,950  volume on SPY

  40. Thanks Den.  That's why, despite their crazy right-wing BS, I still keep ZH on the site – they still have some really great articles.  

  41. Wow, that was like 250 points of completely fake window-dressing into the close.  That's what happens when they don't want the retailers to panic at how bad the close is.

  42. U.S.  designates China as currency manipulator.  Explains after close spiral. Trade war taking nastier turn although I believe this is now a war to maintain our global hegemony.

  43. Denlundy – Thanks that's the site I got it from….  This made lots of sense when I read it that I copied onto my trading notebook, but clipped the site info off….