Market Commentary:
The slight decline in the stock market last Thursday and Friday and flight to high quality bonds was IMO an anxiety attack about Trump. Some investors may be starting to question whether Donald's administration will be a positive for the U.S. economy. He needs to quit campaigning and pandering to his base of White Nationalists and reactionaries and start to focus on being President. I do not expect that to happen.
The problem remains Trump, not his advisors or staff as noted by Senator Corker (R-TN). Dickerson: Corker's critique of Trump is "extraordinary" - CBS News I voted for Corker.
Bannon told the Weekly Standard that the "Trump presidency that we fought for, and won, is over." This indicates to me that Bannon will soon start attacking those Trump advisors which Bannon views as hostile to his White Nationalist ideology, including Gary Cohn, Kushner, and the Treasury Secretary. He views those more traditional republicans as the enemy. It is possible that his efforts to undermine those advisors will contribute to the ongoing dysfunction of Trump's Administration.
Breakdown between Dow, S&P 500 and GE sends an ominous stock-market signal - MarketWatch
Here’s the shocking truth about the Russell 2000’s P/E ratio - MarketWatch
7 signs the stock market is ready to run smack into a wall - MarketWatch
I suspect that the Stock Jock's have not lost faith yet in the GOP's ability to deliver on what they perceive as important to the economy, which is fewer regulations and tax cuts for rich people and corporations. The S & P 500 only fell .6% last week which is nothing in the scheme of things.
Possibly the poor earnings reported by many box retailers, with Foot Locker being just the latest example, is a warning sign of deeper and emerging problems with consumer spending rather than just a shift to online purchases.
FL $34.38 -$13.32 -27.92% : Foot Locker, Inc.
Some of the perma bulls point to an improvement in retail sales last month, as reported by the Commerce Department, while failing to note the many issues that I highlighted in my last blog, including Amazon's Prime Day occurring last month and the fact that non-seasonally adjusted sales are falling. Just look at the non-seasonally adjusted sales for May, June and July.
Eventually, the Commerce Department will have to have actual sales and seasonally adjusted sales add up to the same number.
+++++++
The First Civil War in America:
The Civil War between the Confederate States of America and the United States was not the first Civil War in the U.S.
The first one, which involved substantial loss of life and property, was between Loyalists/Tories and the American revolutionaries who fought for independence from England.
The Tories included business people, Anglican parishioners and clergy, Americans whose jobs were directly or indirectly tied to the British Empire and others who believed the revolutionaries to be a mob intent on disrupting stability. Call them conservatives. Their common tie was to the existing order. Loyalist (American Revolution) - Wiki
There has always been issues that profoundly dividend American citizens. Those issues change over time. but the battle lines are always present.
A newly published book titled Scars of Independence: America's Violent Birth explores the widespread violence and mayhem among Americans during the Revolutionary War. While the author might add some details here and there, the violent birth angle was already well understood by those who had studied the conflict. There was considerable peer pressure to join one or the other side. Neutrality was not an option.
I mentioned in my prior post that my lineal ancestors found for the Confederacy in the Second Civil War.
In the First Civil War, they fought against the British, Tories and their allies the Cherokee Indian Nation.
My grandfather on my mother's side (around 9 generations removed) fought at the Battle of Eutaw Springs as an officer under the command of Major General Nathanael Greene, an important Revolutionary War general. My lineal ancestor had already lost an arm fighting in a previous battle involving the Cherokee. In that Battle of Eutaw Springs, the British were supported by two Loyalist regiments.
In June 1832, Congress passed a law granting pensions to those who served in the Revolutionary Army. The applicants had to appear before a Court and provide sworn and detailed testimony about their activities during that war, usually at a courthouse. Pensions enacted by Congress for American Revolutionary War Veterans
Reviewing those accounts provides a window into what was actually happening that would normally not be found in other historical accounts.
I will link here three of those applications that mention my great grandfather and another distant lineal relative and further discuss the their battles involving Tories and Indians allied with the British:
The slight decline in the stock market last Thursday and Friday and flight to high quality bonds was IMO an anxiety attack about Trump. Some investors may be starting to question whether Donald's administration will be a positive for the U.S. economy. He needs to quit campaigning and pandering to his base of White Nationalists and reactionaries and start to focus on being President. I do not expect that to happen.
The problem remains Trump, not his advisors or staff as noted by Senator Corker (R-TN). Dickerson: Corker's critique of Trump is "extraordinary" - CBS News I voted for Corker.
Bannon told the Weekly Standard that the "Trump presidency that we fought for, and won, is over." This indicates to me that Bannon will soon start attacking those Trump advisors which Bannon views as hostile to his White Nationalist ideology, including Gary Cohn, Kushner, and the Treasury Secretary. He views those more traditional republicans as the enemy. It is possible that his efforts to undermine those advisors will contribute to the ongoing dysfunction of Trump's Administration.
Breakdown between Dow, S&P 500 and GE sends an ominous stock-market signal - MarketWatch
Here’s the shocking truth about the Russell 2000’s P/E ratio - MarketWatch
7 signs the stock market is ready to run smack into a wall - MarketWatch
I suspect that the Stock Jock's have not lost faith yet in the GOP's ability to deliver on what they perceive as important to the economy, which is fewer regulations and tax cuts for rich people and corporations. The S & P 500 only fell .6% last week which is nothing in the scheme of things.
Possibly the poor earnings reported by many box retailers, with Foot Locker being just the latest example, is a warning sign of deeper and emerging problems with consumer spending rather than just a shift to online purchases.
FL $34.38 -$13.32 -27.92% : Foot Locker, Inc.
Some of the perma bulls point to an improvement in retail sales last month, as reported by the Commerce Department, while failing to note the many issues that I highlighted in my last blog, including Amazon's Prime Day occurring last month and the fact that non-seasonally adjusted sales are falling. Just look at the non-seasonally adjusted sales for May, June and July.
Eventually, the Commerce Department will have to have actual sales and seasonally adjusted sales add up to the same number.
+++++++
The First Civil War in America:
The Civil War between the Confederate States of America and the United States was not the first Civil War in the U.S.
The first one, which involved substantial loss of life and property, was between Loyalists/Tories and the American revolutionaries who fought for independence from England.
The Tories included business people, Anglican parishioners and clergy, Americans whose jobs were directly or indirectly tied to the British Empire and others who believed the revolutionaries to be a mob intent on disrupting stability. Call them conservatives. Their common tie was to the existing order. Loyalist (American Revolution) - Wiki
There has always been issues that profoundly dividend American citizens. Those issues change over time. but the battle lines are always present.
A newly published book titled Scars of Independence: America's Violent Birth explores the widespread violence and mayhem among Americans during the Revolutionary War. While the author might add some details here and there, the violent birth angle was already well understood by those who had studied the conflict. There was considerable peer pressure to join one or the other side. Neutrality was not an option.
I mentioned in my prior post that my lineal ancestors found for the Confederacy in the Second Civil War.
In the First Civil War, they fought against the British, Tories and their allies the Cherokee Indian Nation.
My grandfather on my mother's side (around 9 generations removed) fought at the Battle of Eutaw Springs as an officer under the command of Major General Nathanael Greene, an important Revolutionary War general. My lineal ancestor had already lost an arm fighting in a previous battle involving the Cherokee. In that Battle of Eutaw Springs, the British were supported by two Loyalist regiments.
In June 1832, Congress passed a law granting pensions to those who served in the Revolutionary Army. The applicants had to appear before a Court and provide sworn and detailed testimony about their activities during that war, usually at a courthouse. Pensions enacted by Congress for American Revolutionary War Veterans
Reviewing those accounts provides a window into what was actually happening that would normally not be found in other historical accounts.
I will link here three of those applications that mention my great grandfather and another distant lineal relative and further discuss the their battles involving Tories and Indians allied with the British:
It is understandable that the Cherokee Indians would ally themselves with England since their land was being taken by the western movement of white settlers. Cherokee Indians - Part 4: Revolutionary War, Cherokee defeat and additional land cessions | NCpedia
++++
Trump Stands by His Comments That "Very Fine People" Participated in the Tiki Night March:
Trump claimed multiple times in his Tuesday news conference that he wants the facts. He claimed to have watched videos of the the Tiki lit night March where the participants repeatedly chanted the racist slogans "Blood and Soil" and "Jews Will Not Replace Us".
Trump concluded that there were very fine people in that night, Tiki lit march and castigated the press for failing to report that "fact" observed by the President of the U.S. Since the media did not report as true Trump's version of facts, that provided in his warped mind another example of the dishonest Fake News Media. Transcript of Trump's contentious Aug. 15 press conference - ABC News
These kind of comments from the President of the U.S. are deeply troubling on many levels except for the White Nationalists and reactionaries that form Trump's base. Anyone to the left of Alex Jones, Sean Hannity, Ann Coulter and Bannon, all of whom embody the antithesis of conservative values, are liberals for those Trump supporters
One of those levels is that the President arrives at decisions and expresses an opinion based on information that is demonstrably false. He has no interest in facts but only his reality creations. While that is fine for a reality TV star, it is extraordinarily dangerous for a U.S. President. Ideology is not relevant in making that conclusion.
Elle Reeve, a young woman employed by Vice News, may have the best footage of that march as well as interviews with Trump's "very decent people" who participated in it.
Watch VICE News Tonight’s full episode “Charlottesville: Race and Terror” – VICE News
'Vice News Tonight' has breakout moment with Charlottesville coverage - Aug. 16, 2017
Vice News' Elle Reeve Confirms There Were No 'Very Fine People' Among White Supremacists
I respect her unwillingness to be cowed by the White Nationalists.
Trump may have missed this video as well as where several of his supporters surrounded a black guy, kicked and beat him. Really stupid and violent people. Their attack occurred in a bank's drive-in lanes and consequently was captured by the bank's video. All of the perpetrators can be identified and no doubt will claim self defense when and if arrested by the police. Interview: 20-Year-Old Deandre Harris Speaks Out About Being Assaulted by White Supremacists in Charlottesville, Va.; White supremacists continue to target badly beaten DeAndre Harris - NY Daily News; Georgia man linked to beating of DeAndre Harris in Charlottesville (attacker claims he is not a racist and only acted in self defense)
Pence 'stands with' Trump on Charlottesville remarks | PBS NewsHour
A Short History Of Torches And Intimidation: Forbes (the Nazis were fond of torchlit night time marches.
The following tweets, published on 8/17/17, show a direct appeal to White Nationalists who view view monuments to Confederate generals as embodying American values:
Trump is directly appealing to the White Nationalists in those tweets. The tweets reproduced above and below simply need to stop. No positive results can be reasonably expected to occur from such divisive tweets.
There is no change in history or White Nationalist culture by taking those monuments down or relocating them. Anyone making that argument is simply appealing to the weak minded by making a totally bogus claim. History is not changed by removing or relocating monuments to White Supremacy.
Donald also launched a tirade against two GOP Senators, Jeff Flake (AZ) and Lindsey Graham (SC) on the same day:
Top Trump donor ponies up to take out Flake - POLITICO (the donor is Robert Mercer, a right wing reactionary); The billionaire GOP patron behind Trump's social media bot army - NY Daily News
Trump Lawyer Forwards Email Echoing Secessionist Rhetoric - The New York Times
In Gallup's Daily Opinion poll, Trump's approval rating rose to 36% on Tuesday 8/15/17 and then to 37% on 8/16 and 38% on 8/17 from 34% on 8/13/17: Gallup Daily: Trump Job Approval | Gallup Disapproval has gone from 61% to 57%. Apparently, his Charlottesville comments have improved his standing among some Americans as one would reasonably expect.
+++++++++
Carl Icahn and Trump:
Carl Icahn’s Failed Raid on Washington | The New Yorker
+++++++++
Trump Stands by His Comments That "Very Fine People" Participated in the Tiki Night March:
Trump claimed multiple times in his Tuesday news conference that he wants the facts. He claimed to have watched videos of the the Tiki lit night March where the participants repeatedly chanted the racist slogans "Blood and Soil" and "Jews Will Not Replace Us".
Trump concluded that there were very fine people in that night, Tiki lit march and castigated the press for failing to report that "fact" observed by the President of the U.S. Since the media did not report as true Trump's version of facts, that provided in his warped mind another example of the dishonest Fake News Media. Transcript of Trump's contentious Aug. 15 press conference - ABC News
These kind of comments from the President of the U.S. are deeply troubling on many levels except for the White Nationalists and reactionaries that form Trump's base. Anyone to the left of Alex Jones, Sean Hannity, Ann Coulter and Bannon, all of whom embody the antithesis of conservative values, are liberals for those Trump supporters
One of those levels is that the President arrives at decisions and expresses an opinion based on information that is demonstrably false. He has no interest in facts but only his reality creations. While that is fine for a reality TV star, it is extraordinarily dangerous for a U.S. President. Ideology is not relevant in making that conclusion.
Elle Reeve, a young woman employed by Vice News, may have the best footage of that march as well as interviews with Trump's "very decent people" who participated in it.
Watch VICE News Tonight’s full episode “Charlottesville: Race and Terror” – VICE News
'Vice News Tonight' has breakout moment with Charlottesville coverage - Aug. 16, 2017
Vice News' Elle Reeve Confirms There Were No 'Very Fine People' Among White Supremacists
I respect her unwillingness to be cowed by the White Nationalists.
Trump may have missed this video as well as where several of his supporters surrounded a black guy, kicked and beat him. Really stupid and violent people. Their attack occurred in a bank's drive-in lanes and consequently was captured by the bank's video. All of the perpetrators can be identified and no doubt will claim self defense when and if arrested by the police. Interview: 20-Year-Old Deandre Harris Speaks Out About Being Assaulted by White Supremacists in Charlottesville, Va.; White supremacists continue to target badly beaten DeAndre Harris - NY Daily News; Georgia man linked to beating of DeAndre Harris in Charlottesville (attacker claims he is not a racist and only acted in self defense)
Pence 'stands with' Trump on Charlottesville remarks | PBS NewsHour
A Short History Of Torches And Intimidation: Forbes (the Nazis were fond of torchlit night time marches.
The following tweets, published on 8/17/17, show a direct appeal to White Nationalists who view view monuments to Confederate generals as embodying American values:
There is no change in history or White Nationalist culture by taking those monuments down or relocating them. Anyone making that argument is simply appealing to the weak minded by making a totally bogus claim. History is not changed by removing or relocating monuments to White Supremacy.
Donald also launched a tirade against two GOP Senators, Jeff Flake (AZ) and Lindsey Graham (SC) on the same day:
Top Trump donor ponies up to take out Flake - POLITICO (the donor is Robert Mercer, a right wing reactionary); The billionaire GOP patron behind Trump's social media bot army - NY Daily News
Trump Lawyer Forwards Email Echoing Secessionist Rhetoric - The New York Times
In Gallup's Daily Opinion poll, Trump's approval rating rose to 36% on Tuesday 8/15/17 and then to 37% on 8/16 and 38% on 8/17 from 34% on 8/13/17: Gallup Daily: Trump Job Approval | Gallup Disapproval has gone from 61% to 57%. Apparently, his Charlottesville comments have improved his standing among some Americans as one would reasonably expect.
+++++++++
Carl Icahn and Trump:
Carl Icahn’s Failed Raid on Washington | The New Yorker
+++++++++
1. Intermediate Term Bond/CD Ladder Basket Strategy:
A. Bought 1 Capital One Bank USA 1.9% CD (semi-annual interest payments) Maturing on 8/17/2020 (3 year CD):
This bank has a five star rating from Bankrate: CAPITAL ONE BANK (USA), NATIONAL ASSOCIATION Review
B. Bought 1 Capital One Bank 2.35% CD (semi-annual interest payments) Maturing on 8/16/22:
I am only nibbling in CDs maturing between 1/1/20 and 12/31/22 and may continue to do so as long as inflation continues to trend down.
One of the more powerful deflationary forces today is price transparency.
It was not long ago that it would take considerable effort to compare prices among retailers. Now, the consumer can do that through an internet connection and several websites provide price comparisons. The end result is that too many customers now gravitate toward the lowest price offering and sales are lost unless competitors restrain price increases or lower prices.
Many consumers probably believe that Amazon's prices are lowest. I have found that many items can be bought more cheaply at a box retailer like Kroger. I have also found that WMT's online store, which has free shipping on orders over $35 with no membership fee, frequently has lower prices on items that I normally buy compared to Amazon. Eventually, that price discrepancy will cause Amazon to lower prices to more competitive levels.
I am only nibbling in CDs maturing between 1/1/20 and 12/31/22 and may continue to do so as long as inflation continues to trend down.
One of the more powerful deflationary forces today is price transparency.
It was not long ago that it would take considerable effort to compare prices among retailers. Now, the consumer can do that through an internet connection and several websites provide price comparisons. The end result is that too many customers now gravitate toward the lowest price offering and sales are lost unless competitors restrain price increases or lower prices.
Many consumers probably believe that Amazon's prices are lowest. I have found that many items can be bought more cheaply at a box retailer like Kroger. I have also found that WMT's online store, which has free shipping on orders over $35 with no membership fee, frequently has lower prices on items that I normally buy compared to Amazon. Eventually, that price discrepancy will cause Amazon to lower prices to more competitive levels.
C. Bought 2 VIACOM 3.45% Senior Unsecured Notes Maturing on 10/4/26:
Issuer: Viacom Inc. Cl A (VIA)
VIA Analyst Estimates
FINRA Page: Bond Detail (prospectus linked)
CREDIT RATINGS (barely investment grade):
Moody's at Baa3
Moody's downgrades Viacom's long-term debt ratings to Baa3 from Baa2 and its commercial paper rating to Prime-3 from Prime-2; Outlook Stable; Moody's says Viacom's (Baa3) sale of its approximately 50% stake in EPIX is credit positive
S & P at BBB-
Yield at Total Cost (95.890) = 3.991% ($2 per bond commission at Vanguard; placed in taxable account rather than Roth IRA due to credit risk issues)
Current Yield at 3.39%
Viacom has a boatload of debt. See Note 4 at page 8: 10-Q for the Q/E 6/30/17
Earnings Press Release for the Q/E 6/30/17 (fiscal third quarter)
2. Short Term Bond/CD Ladder Basket Strategy:
I am increasing my allocation to short term bonds and CDs, using a ladder strategy where there will be a constant flow of redemption proceeds over the next three years that hopefully can be invested at some point in risk assets when the risk-reward balance tilts toward reward which is not the case now IMO.
A. Bought 2 Goldman Sachs Bank 1.5% CDs Maturing on 8/16/18:
B. Bought 3 Lake City Bank 1.5% CDs (monthly interest) Maturing on 9/2/18:
Bankrate has a 4 star rating: LAKE CITY BANK Review.
Lake City Bank is the operating bank owned by the bank holding company Lakeland Financial based in Warsaw, Indiana:
Lakeland Financial Reports Record Performance (LFKN)
Efficiency Ratio: 45.52%
Charge Off Ratio: -.03%
Coverage Ratio 450.75%
NPL Ratio .28%
C. Bought 3 Citizens Bank NA 1.15% CDs Maturing on 10/16/17:
Bankrate has a 4 star rating: CITIZENS BANK, NATIONAL ASSOCIATION
This bank is an operating subsidiary of the bank holding company Citizens Financial Group Inc. (CFG)
CFG Analyst Estimates
Citizens Financial Group, Inc. Reports Second Quarter Net Income of $318 Million and Diluted EPS of $0.63
D. Bought 3 Provident Bank 1.35% CDs (monthly interest) Maturing on 5/25/18:
Holding Company: Provident Financial Services Inc. (PFS)
PFS Analyst Estimates
Provident Financial Services, Inc. Announces Second Quarter Earnings and Declares Increased Quarterly Cash Dividend
E. Bought 3 Pinnacle Bank CDs 1.3% CDs (monthly interest) Maturing on 2/28/18:
PNFP Analyst Estimates
PNFP Reports Diluted Earnings Per Share of $0.80 for 2Q 2017
I have a .75% treasury bill maturing on 2/28/18.
$14K Inflow into Short Term Bond/CD Ladder Basket
3. Stocks, Bonds & Politics: Gateway Post: Equity REIT Common and Preferred Stock Basket Strategy:
A. Bought 50 DEA at $19.64 (Used Commission Free Trade):
Quote: Easterly Government Properties Inc. (DEA)
Website Easterly Government Properties, Inc.
Substantially all of DEA's revenue comes from leasing commercial properties to the U.S. Government through the General Services Administration.
Easterly Government Properties Reports Second Quarter 2017 Results
Cash available for distribution ("CAD") increased to $11.357M from $10.399M in the 2016 second quarter.
FFO was reported at $.31 per share and adjusted FFO at $.29. I view the CAD number to be more important than the other two cash flow numbers.
The current quarterly dividend is $.25 per share with the next ex dividend date in September: Easterly Government Properties Announces Quarterly Dividend
DEA does not provided a CAD per share number in its press release.
Using the weighted average diluted share number of 39.8453M and the CAD number of $11.357M, I calculated the CAD per share number to be $.285 per share which is sufficient to cover the $.25 per share quarterly dividend.
Brad Thomas published a detailed article about DEA last June, which provides more detail than I will provide here: This REIT Is Actually Printing Dividends - Easterly Government Properties (NYSE:DEA) | Seeking Alpha
I have owned this REIT in the past, but do not recall in which account or the dates of purchase or disposition. I have not discussed this stock in my blogs.
4. Continued to Pare Stock Allocation:
A. Sold 100 ZURVY at $30.47 (used commission free trade):
Profit Snapshot: +$1,126.03
Quote: Zurich Insurance Group AG ADR (ZURVY)
Like many European companies Zurich pays an annual dividend. I received in cash annual dividends starting in 2012 through this year.
My last dividend was received in May 2017:
The fee of $1.50 is paid to the ADR custodian once a year. The tax rate was 15%. I generally recover foreign dividend taxes as credits to my federal income tax liability. The rules are complex.
My plan will be to consider buying back shares when and if the price falls below $27 between now and the 2018 ex dividend date.
The ADR has outperformed the ordinary shares over the past few weeks as the Swiss Franc gained in value against the USD:
The ordinary shares are traded in Zurich and are priced in Swiss Francs (CHF).
CHF / USD Currency Chart. Swiss Franc to US Dollar Rates
My largest taxable account gained in value last Thursday and Friday.
I am further along in realigning the positions in that account to preserve capital. Stock positions are very limited in that account now and investment grade corporate bonds, Tennessee Municipal bonds, exchange traded bonds and preferred stocks, short term U.S. treasuries and CDs, dominate. I have several stocks that went up in value.
My brokers use a third party to establish value for bonds, rather than market prices, and my accounts consequently understate the value of bonds since the third party assigned values are almost invariably below the bid price for those bonds.
Interest rates declined slightly last Thursday so those securities mostly went up in value or remained unchanged (e.g. CDs).
The most significant stock allocation now is in Vanguard and T. Rowe Price mutual funds (close to $300K) and a lesser amount in individual stocks.
I did come close last Friday morning buying 30 shares of Exxon when the price slipped to a 52 week low at $76.05, but decided to wait for a better entry point or just forget about it in the event the price does not sink further.
XOM $76.64 0.38 0.50% : Exxon Mobil Corporation
Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sell of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals and situational risks. I can only make that kind of assessment for myself and family members.
The Russell 2000 is now down for the year and below its 200 day moving average.
ReplyDeleteSmall caps and regional banks became part of the Trump trade immediately after the election and the first to turn down as underlying basis for that trade has proved more illusory than real so far.
Regional banks have been in a downdraft for several months now, a trend which started for the section, as shown in a KRE chart in March:
http://www.marketwatch.com/investing/fund/kre/charts
The Russell 2000 is now below its 50, 100 and 200 day SMA lines which is also the case for KRE. The Russell 2000 is now down for 2017.
Today's close 8/21/17:
RUSSELL 2000 INDEX (^RUT)
1,356.90-0.89 (-0.07%)
The RUT's volatility index, RVX, is still comfortably below 20 but moving up. The close on 7/19/17 was at 13.22. The close today was 17.61.
In the event the entire market moves toward a 10% correction, the RVX will be the first volatility index for a broad stock index to burst over 20:
In 2007 for example, the Russell 2000 topped out prior to the other indexes and RVX had mostly consistent over 20 starting in January 2007 and was close to 30 when the S & P 500 topped out in October 2007. RVX started to print 30+ numbers in late July 2007:
https://www.google.com/finance?q=INDEXCBOE%3ARVX&ei=65CbWdDTE4e62Aak9JiwCw
The ETF IWM topped out in mid-July 2007:
iShares Russell 2000 Index ETF
https://www.google.com/finance?q=NYSEARCA%3AIWM&ei=9JCbWYDkMsGm2Ab1rI3ICg
I will discuss this topic in my next post.
The DJIA and S & P futures are currently up.
OMER: This stock has been tanking again and is now below where I exited my position.
ReplyDeleteMy questions to OMER bulls remain the same. Why have there been only a few participants in OMS721 trials to date and why is it taking so long to advance the compound into Phase 3 trials assuming it works as advertised by the company?
The stock is down again in pre-market based on this negative article by Adam Feuerstein at Stat which is a subscription publication. I do not have access to the article. The brief description of it suggest that Feurstein asked questions about OMER's data and did not receive a response.
Feuerstein frequently draws ire among those who are long the positions subject to his criticisms as shown by the reaction to his twitter missive on OMER:
https://twitter.com/adamfeuerstein
Omeros Corp.
$19.06 -$1.74 -8.37%
Last Updated: Aug 22, 2017 8:44 a.m. EDT
++++
I found out the hard way that some bees live in the ground.
There is a plastic cap to a pipe leading to my sewer line half-way down in my front yard. It is an access point for a plumber in the event something becomes lodged too far away from the house to reach.
The yard crew has cut that entrance way in half, especially when it is covered by grass. So I went out last Friday to clip around it. After two clips and before my brain could process what was happening, I was swarmed by bees that lived in the ground next to that pipe and was repeatedly stung.
I have been stung many times by other bees, wasps and hornets with minimal reaction. The ground bee stings were a different matter altogether. For the several stings on the right hand and forearm, the pain for about a day was an 8 and I was barely able to move the fingers on my hand, particularly the right thumb which had two stings on it, back and front. Never too late in life to learn something.
Oh no! I hope you feel better soon.
ReplyDeleteWe have ground bees in the front yard as well and I will be very careful going forward.
https://www.thoughtco.com/how-to-id-and-control-ground-bees-1968396
Ground bees nest in dry soil, and avoid damp areas when choosing nest sites. The easiest and least toxic method of controlling ground bees is simply to water the area. As soon as you see ground bee activity, start soaking the area with a full inch of water per week. This is usually enough to discourage the burrowing females, and to make them relocate to drier ground.
Y: We have had an unusually wet summer here. The high temperatures for the next ten days will be in the 80s which is abnormal for August.
Deletehttps://weather.com/weather/tenday/l/37027:4:US
I think the bees nested next to the pipe since it was easy to widen an existing hole in the ground.
I can visibly see the entrance to the underground hive having successfully clipped that area before being attacked.
If I was going to use water now, it would be to drown those SOBs.
I have published a new post:
ReplyDeletehttps://tennesseeindependent.blogspot.com/2017/08/observations-and-sample-of-recent_22.html