Economy:
The U.S. entered a recession in February, according to the official economic arbiter The expansion was an extremely long one by U.S. historical standards, lasting 128 months. the longest since data was first compiled in 1854.
NBER U.S. Business Cycle Expansions and Contractions
Fed sees interest rates staying near zero through 2022, GDP bouncing to 5% next year The FED is predicting a 6.5% GDP decline this year with a 5% rise in 2021. Keeping rates near zero through 2022 is not consistent with a robust recovery scenario. If that prediction proves prescient, S & P 500 aggregate earnings growth for the 3 year period ending 12/31/2021 will be close to zero. The FED is also predicting that unemployment will remain elevated through 2020 and into 2021. The Fed - June 10, 2020: FOMC Projections materials (median forecasts: 2020 at 9.3%; 6.5% in 2021; and 5.5% in 2022)
Donald disagrees with the FED's forecast:
The jobs report had a ‘misclassification error.’ Here’s what happened - The Washington Post The BLS is having difficulties accumulating data due to the pandemic. The end result was that a misclassification error in May could have resulted in the unemployment rate being reduced from as much as 16.3% to the reported 13.3% as well as an understatement of the unemployment rate in March and April. Employment Situation Summary (see summary in the box at the bottom). "In March, the BLS said the unemployment rate likely should have been 5.4 percent, instead of the official 4.4 percent rate. In April, the BLS said the real unemployment rate was likely about 19.7 percent, not 14.7 percent."
The U.S. entered a recession in February, according to the official economic arbiter The expansion was an extremely long one by U.S. historical standards, lasting 128 months. the longest since data was first compiled in 1854.
NBER U.S. Business Cycle Expansions and Contractions
Fed sees interest rates staying near zero through 2022, GDP bouncing to 5% next year The FED is predicting a 6.5% GDP decline this year with a 5% rise in 2021. Keeping rates near zero through 2022 is not consistent with a robust recovery scenario. If that prediction proves prescient, S & P 500 aggregate earnings growth for the 3 year period ending 12/31/2021 will be close to zero. The FED is also predicting that unemployment will remain elevated through 2020 and into 2021. The Fed - June 10, 2020: FOMC Projections materials (median forecasts: 2020 at 9.3%; 6.5% in 2021; and 5.5% in 2022)
Donald disagrees with the FED's forecast:
The jobs report had a ‘misclassification error.’ Here’s what happened - The Washington Post The BLS is having difficulties accumulating data due to the pandemic. The end result was that a misclassification error in May could have resulted in the unemployment rate being reduced from as much as 16.3% to the reported 13.3% as well as an understatement of the unemployment rate in March and April. Employment Situation Summary (see summary in the box at the bottom). "In March, the BLS said the unemployment rate likely should have been 5.4 percent, instead of the official 4.4 percent rate. In April, the BLS said the real unemployment rate was likely about 19.7 percent, not 14.7 percent."
1.5 Million Filed State Unemployment Claims Last Week - The New York Times This was for the week ending 6/6/20. News Release This 1.5M new claims does not include the 623,073 initial claims for Pandemic Unemployment Assistance (PUA).
Consumer prices decline .1%, CPI shows, third straight monthly decline-MarketWatch On a non-seasonally adjusted basis, CPI rose .1% for the 12 month period ending in May 2020.
U.K. consumer confidence lowest in over a decade - MarketWatch
China's exports dropped in May amid weaker demand - MarketWatch
Financial Accounts of the United States - Z.1:
Note the substantial increases in debt.
Consumer sentiment climbs again in June as reopening U.S. economy eases worries - MarketWatch
China's exports dropped in May amid weaker demand - MarketWatch
Financial Accounts of the United States - Z.1:
Consumer sentiment climbs again in June as reopening U.S. economy eases worries - MarketWatch
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Markets and Market Commentary:
As of 6/12/20, the S & P 500 P/E was 26.28 based on trailing 12 month GAAP earnings. Using estimated non-GAAP earnings for the next 12 month, the index closed at a 24.15 P/E. P/E & Yields
The estimated non-GAAP earnings are used to justify current prices even though they are later proven to be too optimistic by actual results.
See my discussion at Update For Portfolio Positioning And Management As Of 7/24/16 - South Gent | Seeking Alpha that compared forecasted earnings made as of 12/31/14 and 12/31/15 to the actual results in the following year).
This will generally occur almost every year, but that will not prevent the Stock Jocks from relying on the future estimates. It may have something to do with a brain cleanse that occurs involving past history and current events.
Stanley Druckenmiller says his 3% return as the Dow and S&P 500 soared more than 40% from March lows has ‘humbled’ him - MarketWatch
As of 6/12/20, the S & P 500 P/E was 26.28 based on trailing 12 month GAAP earnings. Using estimated non-GAAP earnings for the next 12 month, the index closed at a 24.15 P/E. P/E & Yields
The estimated non-GAAP earnings are used to justify current prices even though they are later proven to be too optimistic by actual results.
This will generally occur almost every year, but that will not prevent the Stock Jocks from relying on the future estimates. It may have something to do with a brain cleanse that occurs involving past history and current events.
Stanley Druckenmiller says his 3% return as the Dow and S&P 500 soared more than 40% from March lows has ‘humbled’ him - MarketWatch
All of a sudden, people are talking about a V-shaped recovery again: 'The stock market had it right' There is no reason now to say that the stock market has correctly predicted a V-shape recovery. The only conclusion that is possible now is that the Stock Jocks are predicting an extremely robust V shaped recovery with no meaningful lingering negatives impacts based on current major stock index levels (Nasdaq, DJIA, S & P 500 and the Russell 2000).
JC Penney announces 154 stores set to close this summer. Here's a map. This is creative destruction at work.
Gundlach sees stocks falling, gold rising despite 'Superman' Powell's heavy lifting-Seeking Alpha
Gundlach sees stocks falling, gold rising despite 'Superman' Powell's heavy lifting-Seeking Alpha
Ten-year Treasury yield will break out above 1%, Wells Fargo predicts
The U.S. shale-oil industry may collapse, new report says, after Goldman warns crude is set for a fall - MarketWatch
Delta sees 90% drop in revenue, hopes to stop losing cash by December - MarketWatch
The coronavirus is devastating U.S. hospitals, which will lose $200 billion in revenue by the end of June - MarketWatch
The U.S. shale-oil industry may collapse, new report says, after Goldman warns crude is set for a fall - MarketWatch
Delta sees 90% drop in revenue, hopes to stop losing cash by December - MarketWatch
The coronavirus is devastating U.S. hospitals, which will lose $200 billion in revenue by the end of June - MarketWatch
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Trump:
John Bolton book says Trump impeachment focused too 'narrowly' on Ukraine (“Ukraine-like transgressions existed across the full range” of Trump’s foreign policy, Bolton writes in “The Room Where It Happened: A White House Memoir.”) For those who are not part of Trump's cult, Bolton's revelations would be consistent with what is already known about Donald.
Trump's mendacity knows no boundaries. Lying all of the time about everything is one of Demagogue Don's "conservative" and "christian" values in Trump's America.
President Trump made 19,127 false or misleading claims in 1,226 days - The Washington Post (6/1/2020)
Colin Powell endorses Biden, says Trump is a liar and a danger to the nation - The Washington Post
Trump response to Powell:
Trump praised China for Tiananmen, previewing response to George Floyd protests - Business Insider
There are media reports that Donald wanted to use tanks like China did in Tiananmen square. George Floyd protests: Trump pressed aides about sending tanks and military units to quell nationwide demonstrations, report says | The Independent
Trump Wanted to Fire Esper Over Troops Dispute (WSJ article republished at MSN)
John Bolton book says Trump impeachment focused too 'narrowly' on Ukraine (“Ukraine-like transgressions existed across the full range” of Trump’s foreign policy, Bolton writes in “The Room Where It Happened: A White House Memoir.”) For those who are not part of Trump's cult, Bolton's revelations would be consistent with what is already known about Donald.
Trump's mendacity knows no boundaries. Lying all of the time about everything is one of Demagogue Don's "conservative" and "christian" values in Trump's America.
President Trump made 19,127 false or misleading claims in 1,226 days - The Washington Post (6/1/2020)
Colin Powell endorses Biden, says Trump is a liar and a danger to the nation - The Washington Post
Trump response to Powell:
Trump praised China for Tiananmen, previewing response to George Floyd protests - Business Insider
There are media reports that Donald wanted to use tanks like China did in Tiananmen square. George Floyd protests: Trump pressed aides about sending tanks and military units to quell nationwide demonstrations, report says | The Independent
Trump Wanted to Fire Esper Over Troops Dispute (WSJ article republished at MSN)
Trump deployed the national guard to occupy the Lincoln Memorial. There were peaceful protestors nearby. Military show of force at Lincoln Memorial draws outrage online - MarketWatch In 1968, Nixon met with Vietnam War protestors at the Lincoln Memorial.
As protests push past curfews and troops descend, CIA veterans say U.S. similar to collapsing nations
Trump’s Republican enablers are complicit in the state of our democracy - The Washington Post (opinion column written by Fareed Zakaria)
Salman Rushdie: I’ve seen dictators rise and fall. Beware, America. - The Washington Post (Rushdie nails Donald's characteristics: "Extreme narcissism, detachment from reality, a fondness for sycophants and a distrust of truth-tellers, an obsession with how one is publicly portrayed, a hatred of journalists and the temperament of an out-of-control bulldozer".) Those are qualities of an authoritarian.
Embattled at Home, Trump Finds Himself Isolated Abroad, Too - The New York Times Donald has done incalculable damage to U.S. standing in the world.
China grows assertive in world politics as U.S. leaves a vacuum: Ex-diplomat
Trump and allies try to rewrite history on handling of police brutality protests
Americans disapprove of Trump response to George Floyd death and protests, polls find
Former Trump chief of staff John Kelly to voters: 'Look harder' at who you elect Republicans have had over 3 years to take a hard look at Trump and he still has close to a 95% approval among republicans.
Pentagon Ordered National Guard Helicopters’ Aggressive Response in D.C.
Federal Agents Lacking Insignia Raise Accountability Concerns Remember Putin's guys in Crimea wearing uniforms with no insignia before that area was taken from the Ukraine.Little green men (Ukrainian crisis) - Wikipedia
A dozen Texas GOP chairs share racist or anti-Semitic posts | The Texas Tribune
How Police Unions Became Such Powerful Opponents to Reform Efforts - The New York Times
Trump's troop cut in Germany blindsided senior U.S. officials - Reuters
Trump's troop cut in Germany blindsided senior U.S. officials - Reuters Donald may have been upset that Merkel snubbed his G-7 invitation.
Donald Trump routinely spreads vile and fact free conspiracy claims. Trump claims 75-year-old man shoved by Buffalo police could be part of 'set up' | TheHill I view this tweet as just another example of his pure evil nature:
When Donald published that tweet, Martin Gugino was in intensive care at a Buffalo hospital. He has been upgraded to fair with a brain injury that will require physical therapy. The Trumpsters claim that the blood coming from his ear in the video was fake blood that he was hiding under his mask. Martin Gugino, 75-year-old pushed in Buffalo, has brain injury, will start PT
OANN is a far right website that spreads conspiracy theories. This particular OANN story was from their "reporter" who does double duty as a propagandist for the Russian government controlled Sputnik (news agency. The origin of the OANN story was an anonymous blog on a conspiracy website. Trump tweets conspiracy theory that injured Buffalo protester was "antifa provocateur"-Axios; OAN Trump’s New Favorite Channel, Employs Kremlin-Paid Journalist
John Oliver's take on OANN, Trump's new favorite, which is spot on: OAN: Last Week Tonight with John Oliver (HBO) - YouTube
The frequent overlap between Trump’s conspiracy theories and Russian propaganda - The Washington Post
It goes without saying that Don the Authoritarian doubled down after receiving criticism about this tweet. White House defends Trump's conspiracy theory tweet on Buffalo protester
This tweet by Trump, like so many others, can only be perpetrated by someone who is evil.
Facts do not matter to Don the Authoritarian, the really creepy William Barr, and zealots like Senator Cotton (R-AK) Federal Arrests Show No Sign that Antifa Plotted Protests - The New York Times
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William Barr's Negative Credibility:
The 12+ minutes video embedded in this WP article proves that Barr and Trump are lying about what happened in Lafayette Park. Video timeline of Trump’s St. John’s church photo op and Lafayette Square crackdown - The Washington Post Clear and convincing proof that both are lying will not deter them from repeating the lies.
Barr has achieved the same believability status as Trump.
The only reasonable approach is to assume that the Attorney General of the United States is lying when he makes any statement on material and controversial matters unless there is clear and convincing evidence that he is telling the truth. By definition, clear and convincing evidence excludes any information released by Trump's Administration particularly by the DOJ which is properly characterized as a rogue organization under Barr.
Last Sunday, Barr asserted that the decision to forcibly remove the protestors in Lafayette Park had absolutely nothing to do with Trump's photo op occurring immediately thereafter; that rubber bullets were not used; that tear gas was not used; and that the pepper balls which he admits were used are not a "chemical irritant". The press recovered a “Skat Shell OC" shell" which, when it gets into the eyes or nose causes "searing pain, coughing and mucus secretion". Barr again defends police move on demonstrators outside Lafayette Square, in an account that belies what happened - The Washington Post
Maybe rubber bullets were not used. The protestors were assaulted with canisters that would explode and fire rubber balls indiscriminately over a 50 foot radius. Stinger® CS Rubber Ball Grenade - Defense Tech (ref)( a manufacturer) They are called sting ball grenades. Tear gas, grenades used on protesters Lafayette Square | wusa9.com
The Semantics of 'Tear Gas' Versus 'Pepper Spray' - FactCheck.org; Park Police spokesman acknowledges chemical agents used on Lafayette Square protesters are similar to tear gas - The Washington Post The Park Police admitted using pepper balls, which is a chemical irritant contrary to the false statement made by Barr, and has the same clinical manifestations as tear gas.
Tear gas canisters WERE found near St John's Church despite White House denials Both Barr and Trump deny that tear gas was used.
Barr, like Trump, could care less that videos, photos, evidence retrieved from the scene and eyewitness testimony contradict his representations about what happened.
Barr's lying can be subtle. He claimed, for example, that the Park Police did not use tear gas, and that may be true. Representatives from other branches were also present. Based on the videos, it appears that an assault team from the Federal Bureau of Prisons, whose function is to put down prison riots, had the weapons capable of ejecting tear gas canisters.
The Story Behind Bill Barr’s Unmarked Federal Agents - POLITICO
More than 1,250 former Justice Dept. workers call for internal watchdog to probe Barr role in clearing demonstrators from Lafayette Square - The Washington Post
Justice Department actions are 'a gross abuse of prosecutorial power,' court-appointed lawyer says
Attorney General Barr’s dishonest defense of the clearing of Lafayette Square - The Washington Post
These articles provide some insight into Barr's early history which is not surprising. He was an asshole and bully as young man and never grew out of it.
Andrew Feinberg on Twitter: From a local Florida paper, by an attorney who went to high school with Bill Barr
The Time That Bill Barr Faced Down Protesters — Personally - POLITICO
THE EDUCATION of BILLY BARR | Vanity Fair | December 2019
Petition · Rethink Attorney General William Barr’s Status as a Distinguished Alumnus of Horace Mann · Change.org
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Minnesota state troopers admit deflating tires during protests Actually, the police slashed the tires. "Some protesters, news crews, and medics in Minneapolis found themselves stranded after recent protests: The tires of their cars had been slashed. Many assumed protesters were to blame. But videos reveal a different culprit: the police
NYPD officer under investigation following video of female protester being shoved | TheHill After the police officer shoved the young woman to the ground, he called her a "bitch". Her crime was to ask why she was being asked to move. The police have apparently been unable to process yet the fact that people have cellphones with cameras.
US government spy planes monitored George Floyd protests
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Covid-19 Updates:
Trump on the current status of the pandemic: "So we want the continued blanket lockdown to end for the states. We may have some embers or some ashes or we may have some flames coming, but we’ll put them out. We’ll stomp them out. We understand this now. We’ll stomp them out and we’ll stomp them out very, very powerfully." Trump also assured the public that the economy would experience 20% growth in the second half. Remarks by President Trump on the Jobs Numbers Report | The White House
Kudlow: ‘There is no second wave’ of coronavirus The media personality Larry Kudlow has a B.A. decree in history from the University of Rochester and is the Duck's chief economic advisor.
White House goes quiet on coronavirus as outbreak spikes again across the U.S.
The White House Thinks Coronavirus Is Gone. It’s Sadly Mistaken | Vanity Fair
Asymptomatic spread of coronavirus is 'very rare,' WHO says (6/8/20)-WHO scrambles to clarify comments on asymptomatic coronavirus spread, says much is still unknown So that is not helpful. The general consensus is that individuals who have mild symptoms can infect others. That would include those who have one or more symptoms and are unaware that their muscle aches, loss of smell and/or cough (etc.) results from an infection. WHO is creating confusion on whether those without any symptoms who are infected can transmit the disease.
Coronavirus: What is the k number and can superspreading be stopped? - BBC News
Texas reports a record number of hospitalized coronavirus patients after state reopened early (6/8/20)
Arkansas reports its highest daily spike in new coronavirus cases
Florida sees biggest number of coronavirus cases in one day since outbreak began - MarketWatch
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New fence around the White House becomes a canvas for protesters
Trump campaign demands CNN apologize for poll that shows Biden leading
Fox News's Tucker Carlson says George Floyd protests are ‘definitely not about black lives,’ prompting backlash - The Washington Post
Barr contradicts Trump: 'The Secret Service recommended that the President go down to the bunker' for safety; Contradicting Trump, Barr Says Bunker Visit Was for Safety, Not an ‘Inspection’ - The New York Times Donald called the media reports that he was taken to the bunker "Fake News". Trump then backtracked, asserting that he was only inspecting the bunker. It is normal and common for Donald to call accurate reports Fake News.
Why did he lie about being taken by the Secret Service to the bunker?
Does he just enjoy lying to manipulate the living brain dead? That is always part of it.
I suspect that the main reason for this particular Trump lie is psychological. He viewed the report as making him look less manly and strong. I do not have any problem with the Secret Service making a decision to take any President to the bunker. It is not a sign of weakness. But Donald views it as such. Donald Trump's 'bunker' story tells you everything you need to know about him
How Trump’s Idea for a Photo Op Led to Havoc in a Park - The New York Times
White Counterprotesters in Franklinville, N.J., Mock George Floyd's Killing
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Donald Trump-Second President of the Confederacy:
These Are the 10 U.S. Army Installations Named for Confederates - The New York Times
Take the Confederate Names Off Our Army Bases - The Atlantic (article written by General David Petraeus) "Plainly put, Lee, Bragg, and the rest committed treason, however much they may have agonized over it.. The majority of them had worn the uniform of the U.S. Army, and that Army should not brook any celebration of those who betrayed their country. "
Trump rejects renaming Army bases named for Confederate generals - MarketWatch What is behind republican admiration for Confederate generals who fought to preserve the institution of slavery? The publicly stated reason has something to do with preserving history or heritage. The real reason has to do with overt or latent racism. There is certainly no other reason why the nation would honor these men, particularly given their cause and the fact that they were traitors.
Donald understands that a significant part of the republican base wants to glorify and honor the confederacy.
The Duck claims that naming U.S. military bases after confederate generals, who fought against the U.S., is part of our great military heritage and to rename them would dishonor those who won WWII. Only Trumpsters can comprehend his reasoning.
Doofus Don came up with this twist on George Santayana's well known quote:
Santayana would not appreciate Donald's version. George Santayana (Stanford Encyclopedia of Philosophy) Santayana: "Those who cannot remember the past are condemned to repeat it".
Of course, renaming the military bases does not deny history. It does indicate a willingness 155 years after the Civil War ended that the nation will no longer celebrate traitors who fought to preserve slavery. Donald wants to honor white supremists who are "good people" in Trump's America.
Tennessee republican legislators have a strong affinity for General Nathan Bedford Forest and are doing whatever they can to keep his statue in the state capital building. Bid to remove Nathan Bedford Forrest statue fails in House General Forest was one of the founding members of the Ku Klux Klan and was elected its first Grand Wizard. Then there is the Fort Pillow massacre of black union soldiers who were trying to surrender. Forest did try to disassociate himself from the massacre after the war, claiming that he knew nothing about it.
I do have the bona fides to talk about this issue.
My ancestors fought in the Confederate Army. Several 3 x great uncles were killed. This is a drawing of my 2 x great-grandfather who is shown here as a Lieutenant in the 10th Tennessee Calvary:
At the Battle of Murfreesboro, TN. (1862), he was standing next to General James Edward Raines when a Union sniper put a bullet through the General's heart. My ancestor was then a Sergeant-Major in the infantry.
Another 2 x great-grandfather was part of the Confederate Army of Tennessee, fighting in several well known battles including the Battle of Franklin (1864) which occurred near where I now live. The Confederate Army of Tennessee was then under the command of General John Bell Hood, who ordered my ancestor to charge over almost a 2 mile open field in that battle, without artillery support, to fortified Union positions, resulting in a senseless slaughter of Confederate soldiers in what is now known as the "Pickett's Charge of the West". Fort Hood in Texas is named for the Confederate General John Bell Hood. U.S. Sen. John Cornyn (R-TX) resistant to renaming Fort Hood | The Texas Tribune
{Historical Aside: I would add that several of my direct lineal ancestors fought either with the Continental Army or the state militias allied with that Army in the Revolutionary War, though from Englands point of view, they were traitors. (e.g. 4 x. Great-Grandfather through my paternal grand-mother: Stephen Mayo Revolutionary War Service-Stephen outlived 2 wives and then married a 20 year old when he was 77; and that lady became the last person to receive a revolutionary war pension) Another 4 x. great-grandfather was in the Burke County, North Carolina Militia that was charged with defending the western frontier from Indian attacks against settlers encroaching on their territory. He was a Captain and that militia later joined the Revolutionary War effort by fighting Tories and their Indian allies in Western North Carolina. The Revolutionary War records indicate that the standing order was to shoot Tories on sight and everybody in the thinly populated area at the time would know who had sided with England. His militia served with the Continental Army in the Battle of Eutaw Springs (150 North Carolina militia under the command of the hot-headed and arrogant Colonial François Lellorquis de Malmédy.)
There is only one real reason why republicans are resistant to renaming the military bases, and it has nothing to do with preserving heritage or history.
History is preserved in books, museums, history classes and Civil War battle sites and graveyards.
The real reason why republicans resist renaming U.S. military bases and want to keep Confederate statues in public places has everything to do with pandering to an important republican voting block in the south.
Trump and republican politicians do not wish to acknowledge the real reason since it would be impossible to justify to Americans who are not Trumpsters.
{Historical Aside: The racists in the south used to be democrats. Now they are republicans. I suspect that their total current numbers are higher than in the 1950s and 1960s, when I was growing up in the south, but the percentage of the total population is significantly less. The Racists started to become republicans in 1948 when the overtly racist Senator Strom Thurmond walked out of the Democrat convention in opposition to a "civil rights" plank that included this political parties opposition to lynching blacks and the poll tax that was used to keep blacks from voting. Thurmond then ran for President as a Dixiecrat, carried 4 southern states in the 1948 Presidential election, and later switched parties to become a republican During the 1948 campaign, Thurmond made the following statement that was recorded: "I wanna tell you, ladies and gentlemen, that there's not enough troops in the army to force the Southern people to break down segregation and admit the Nigra race into our theaters, into our swimming pools, into our homes, and into our churches" The legend of Strom's Remorse (Thurmond had a child with a black woman when he was 22; Thurmond Kin Acknowledge Black Daughter - The New York Times). Republicans called Thurmond a conservative. The transition picked up steam in the 1960s when LBJ and the non-southern democrats pushed through a variety of civil rights laws. That marked the beginning of the south moving to a solidly republican territory that is now starting to erode some sixty years later with Virginia leaning toward Democrats and North Carolina close behind. The republican party moved farther to the right to embrace Nixon's Southern strategy, designed to entice racist southerners away from the Democrat party, and has virtually lost all moderate politicians over the years. The GOP's Southern Strategy was the most successful political strategy in the past 100 years. Donald is the culmination of that political strategy, giving it new life. This movie, which can currently be rented free at Amazon, provides a time shot of Alabama in the 1960s. Selma (2014) - IMDb}
Flag of Treason - YouTube (Lincoln Project 2020 Ad)
Confederacy: Last Week Tonight with John Oliver (HBO) - YouTube Oliver makes a number of good points on this subject. Oliver takes issue with those who believe that the Civil War was fought over "states rights", with only one-third of Americans identifying slavery as the reason. During that period in American history, "states rights" meant preservation of slavery. The "States Rights" argument later evolved in the South as a justification for non-interference in comprehensive segregation practices. When properly understood, the "states rights" argument was just a cover for keeping slavery without having to admit directly that the war was fought to keep slavery.
It’s Not Just the Monuments - The Atlantic
Most of the confederate statues were erected long after the war ended in order to send a message to blacks justifying segregation and second class citizenship. I've studied the history of Confederate memorials. Here's what to do about them. - Vox; How the US Got So Many Confederate Monuments - HISTORY
Robert E. Lee opposed Confederate monuments | PBS NewsHour (Lee was asked in 1869 about Civil War memorials. This was his written reply: “I think it wiser not to keep open the sores of war but to follow the examples of those nations who endeavored to obliterate the marks of civil strife, to commit to oblivion the feelings engendered.”
Trump’s Republican enablers are complicit in the state of our democracy - The Washington Post (opinion column written by Fareed Zakaria)
Salman Rushdie: I’ve seen dictators rise and fall. Beware, America. - The Washington Post (Rushdie nails Donald's characteristics: "Extreme narcissism, detachment from reality, a fondness for sycophants and a distrust of truth-tellers, an obsession with how one is publicly portrayed, a hatred of journalists and the temperament of an out-of-control bulldozer".) Those are qualities of an authoritarian.
Embattled at Home, Trump Finds Himself Isolated Abroad, Too - The New York Times Donald has done incalculable damage to U.S. standing in the world.
China grows assertive in world politics as U.S. leaves a vacuum: Ex-diplomat
Trump and allies try to rewrite history on handling of police brutality protests
Americans disapprove of Trump response to George Floyd death and protests, polls find
Former Trump chief of staff John Kelly to voters: 'Look harder' at who you elect Republicans have had over 3 years to take a hard look at Trump and he still has close to a 95% approval among republicans.
Pentagon Ordered National Guard Helicopters’ Aggressive Response in D.C.
Federal Agents Lacking Insignia Raise Accountability Concerns Remember Putin's guys in Crimea wearing uniforms with no insignia before that area was taken from the Ukraine.Little green men (Ukrainian crisis) - Wikipedia
A dozen Texas GOP chairs share racist or anti-Semitic posts | The Texas Tribune
How Police Unions Became Such Powerful Opponents to Reform Efforts - The New York Times
Trump's troop cut in Germany blindsided senior U.S. officials - Reuters
Trump's troop cut in Germany blindsided senior U.S. officials - Reuters Donald may have been upset that Merkel snubbed his G-7 invitation.
Donald Trump routinely spreads vile and fact free conspiracy claims. Trump claims 75-year-old man shoved by Buffalo police could be part of 'set up' | TheHill I view this tweet as just another example of his pure evil nature:
OANN is a far right website that spreads conspiracy theories. This particular OANN story was from their "reporter" who does double duty as a propagandist for the Russian government controlled Sputnik (news agency. The origin of the OANN story was an anonymous blog on a conspiracy website. Trump tweets conspiracy theory that injured Buffalo protester was "antifa provocateur"-Axios; OAN Trump’s New Favorite Channel, Employs Kremlin-Paid Journalist
John Oliver's take on OANN, Trump's new favorite, which is spot on: OAN: Last Week Tonight with John Oliver (HBO) - YouTube
The frequent overlap between Trump’s conspiracy theories and Russian propaganda - The Washington Post
It goes without saying that Don the Authoritarian doubled down after receiving criticism about this tweet. White House defends Trump's conspiracy theory tweet on Buffalo protester
This tweet by Trump, like so many others, can only be perpetrated by someone who is evil.
Facts do not matter to Don the Authoritarian, the really creepy William Barr, and zealots like Senator Cotton (R-AK) Federal Arrests Show No Sign that Antifa Plotted Protests - The New York Times
+++
William Barr's Negative Credibility:
The 12+ minutes video embedded in this WP article proves that Barr and Trump are lying about what happened in Lafayette Park. Video timeline of Trump’s St. John’s church photo op and Lafayette Square crackdown - The Washington Post Clear and convincing proof that both are lying will not deter them from repeating the lies.
Barr has achieved the same believability status as Trump.
The only reasonable approach is to assume that the Attorney General of the United States is lying when he makes any statement on material and controversial matters unless there is clear and convincing evidence that he is telling the truth. By definition, clear and convincing evidence excludes any information released by Trump's Administration particularly by the DOJ which is properly characterized as a rogue organization under Barr.
Last Sunday, Barr asserted that the decision to forcibly remove the protestors in Lafayette Park had absolutely nothing to do with Trump's photo op occurring immediately thereafter; that rubber bullets were not used; that tear gas was not used; and that the pepper balls which he admits were used are not a "chemical irritant". The press recovered a “Skat Shell OC" shell" which, when it gets into the eyes or nose causes "searing pain, coughing and mucus secretion". Barr again defends police move on demonstrators outside Lafayette Square, in an account that belies what happened - The Washington Post
Maybe rubber bullets were not used. The protestors were assaulted with canisters that would explode and fire rubber balls indiscriminately over a 50 foot radius. Stinger® CS Rubber Ball Grenade - Defense Tech (ref)( a manufacturer) They are called sting ball grenades. Tear gas, grenades used on protesters Lafayette Square | wusa9.com
The Semantics of 'Tear Gas' Versus 'Pepper Spray' - FactCheck.org; Park Police spokesman acknowledges chemical agents used on Lafayette Square protesters are similar to tear gas - The Washington Post The Park Police admitted using pepper balls, which is a chemical irritant contrary to the false statement made by Barr, and has the same clinical manifestations as tear gas.
Tear gas canisters WERE found near St John's Church despite White House denials Both Barr and Trump deny that tear gas was used.
Barr, like Trump, could care less that videos, photos, evidence retrieved from the scene and eyewitness testimony contradict his representations about what happened.
The Story Behind Bill Barr’s Unmarked Federal Agents - POLITICO
More than 1,250 former Justice Dept. workers call for internal watchdog to probe Barr role in clearing demonstrators from Lafayette Square - The Washington Post
Justice Department actions are 'a gross abuse of prosecutorial power,' court-appointed lawyer says
Attorney General Barr’s dishonest defense of the clearing of Lafayette Square - The Washington Post
These articles provide some insight into Barr's early history which is not surprising. He was an asshole and bully as young man and never grew out of it.
Andrew Feinberg on Twitter: From a local Florida paper, by an attorney who went to high school with Bill Barr
The Time That Bill Barr Faced Down Protesters — Personally - POLITICO
THE EDUCATION of BILLY BARR | Vanity Fair | December 2019
Petition · Rethink Attorney General William Barr’s Status as a Distinguished Alumnus of Horace Mann · Change.org
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Minnesota state troopers admit deflating tires during protests Actually, the police slashed the tires. "Some protesters, news crews, and medics in Minneapolis found themselves stranded after recent protests: The tires of their cars had been slashed. Many assumed protesters were to blame. But videos reveal a different culprit: the police
NYPD officer under investigation following video of female protester being shoved | TheHill After the police officer shoved the young woman to the ground, he called her a "bitch". Her crime was to ask why she was being asked to move. The police have apparently been unable to process yet the fact that people have cellphones with cameras.
US government spy planes monitored George Floyd protests
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Covid-19 Updates:
 |
| As of 6/12/20 |
Kudlow: ‘There is no second wave’ of coronavirus The media personality Larry Kudlow has a B.A. decree in history from the University of Rochester and is the Duck's chief economic advisor.
White House goes quiet on coronavirus as outbreak spikes again across the U.S.
The White House Thinks Coronavirus Is Gone. It’s Sadly Mistaken | Vanity Fair
Asymptomatic spread of coronavirus is 'very rare,' WHO says (6/8/20)-WHO scrambles to clarify comments on asymptomatic coronavirus spread, says much is still unknown So that is not helpful. The general consensus is that individuals who have mild symptoms can infect others. That would include those who have one or more symptoms and are unaware that their muscle aches, loss of smell and/or cough (etc.) results from an infection. WHO is creating confusion on whether those without any symptoms who are infected can transmit the disease.
Coronavirus: What is the k number and can superspreading be stopped? - BBC News
Texas reports a record number of hospitalized coronavirus patients after state reopened early (6/8/20)
Arkansas reports its highest daily spike in new coronavirus cases
Florida sees biggest number of coronavirus cases in one day since outbreak began - MarketWatch
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New fence around the White House becomes a canvas for protesters
Trump campaign demands CNN apologize for poll that shows Biden leading
Fox News's Tucker Carlson says George Floyd protests are ‘definitely not about black lives,’ prompting backlash - The Washington Post
Barr contradicts Trump: 'The Secret Service recommended that the President go down to the bunker' for safety; Contradicting Trump, Barr Says Bunker Visit Was for Safety, Not an ‘Inspection’ - The New York Times Donald called the media reports that he was taken to the bunker "Fake News". Trump then backtracked, asserting that he was only inspecting the bunker. It is normal and common for Donald to call accurate reports Fake News.
Why did he lie about being taken by the Secret Service to the bunker?
Does he just enjoy lying to manipulate the living brain dead? That is always part of it.
I suspect that the main reason for this particular Trump lie is psychological. He viewed the report as making him look less manly and strong. I do not have any problem with the Secret Service making a decision to take any President to the bunker. It is not a sign of weakness. But Donald views it as such. Donald Trump's 'bunker' story tells you everything you need to know about him
How Trump’s Idea for a Photo Op Led to Havoc in a Park - The New York Times
White Counterprotesters in Franklinville, N.J., Mock George Floyd's Killing
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Donald Trump-Second President of the Confederacy:
These Are the 10 U.S. Army Installations Named for Confederates - The New York Times
Take the Confederate Names Off Our Army Bases - The Atlantic (article written by General David Petraeus) "Plainly put, Lee, Bragg, and the rest committed treason, however much they may have agonized over it.. The majority of them had worn the uniform of the U.S. Army, and that Army should not brook any celebration of those who betrayed their country. "
Trump rejects renaming Army bases named for Confederate generals - MarketWatch What is behind republican admiration for Confederate generals who fought to preserve the institution of slavery? The publicly stated reason has something to do with preserving history or heritage. The real reason has to do with overt or latent racism. There is certainly no other reason why the nation would honor these men, particularly given their cause and the fact that they were traitors.
The Duck claims that naming U.S. military bases after confederate generals, who fought against the U.S., is part of our great military heritage and to rename them would dishonor those who won WWII. Only Trumpsters can comprehend his reasoning.
Santayana would not appreciate Donald's version. George Santayana (Stanford Encyclopedia of Philosophy) Santayana: "Those who cannot remember the past are condemned to repeat it".
Of course, renaming the military bases does not deny history. It does indicate a willingness 155 years after the Civil War ended that the nation will no longer celebrate traitors who fought to preserve slavery. Donald wants to honor white supremists who are "good people" in Trump's America.
Tennessee republican legislators have a strong affinity for General Nathan Bedford Forest and are doing whatever they can to keep his statue in the state capital building. Bid to remove Nathan Bedford Forrest statue fails in House General Forest was one of the founding members of the Ku Klux Klan and was elected its first Grand Wizard. Then there is the Fort Pillow massacre of black union soldiers who were trying to surrender. Forest did try to disassociate himself from the massacre after the war, claiming that he knew nothing about it.
I do have the bona fides to talk about this issue.
My ancestors fought in the Confederate Army. Several 3 x great uncles were killed. This is a drawing of my 2 x great-grandfather who is shown here as a Lieutenant in the 10th Tennessee Calvary:
At the Battle of Murfreesboro, TN. (1862), he was standing next to General James Edward Raines when a Union sniper put a bullet through the General's heart. My ancestor was then a Sergeant-Major in the infantry.
Another 2 x great-grandfather was part of the Confederate Army of Tennessee, fighting in several well known battles including the Battle of Franklin (1864) which occurred near where I now live. The Confederate Army of Tennessee was then under the command of General John Bell Hood, who ordered my ancestor to charge over almost a 2 mile open field in that battle, without artillery support, to fortified Union positions, resulting in a senseless slaughter of Confederate soldiers in what is now known as the "Pickett's Charge of the West". Fort Hood in Texas is named for the Confederate General John Bell Hood. U.S. Sen. John Cornyn (R-TX) resistant to renaming Fort Hood | The Texas Tribune
{Historical Aside: I would add that several of my direct lineal ancestors fought either with the Continental Army or the state militias allied with that Army in the Revolutionary War, though from Englands point of view, they were traitors. (e.g. 4 x. Great-Grandfather through my paternal grand-mother: Stephen Mayo Revolutionary War Service-Stephen outlived 2 wives and then married a 20 year old when he was 77; and that lady became the last person to receive a revolutionary war pension) Another 4 x. great-grandfather was in the Burke County, North Carolina Militia that was charged with defending the western frontier from Indian attacks against settlers encroaching on their territory. He was a Captain and that militia later joined the Revolutionary War effort by fighting Tories and their Indian allies in Western North Carolina. The Revolutionary War records indicate that the standing order was to shoot Tories on sight and everybody in the thinly populated area at the time would know who had sided with England. His militia served with the Continental Army in the Battle of Eutaw Springs (150 North Carolina militia under the command of the hot-headed and arrogant Colonial François Lellorquis de Malmédy.)
There is only one real reason why republicans are resistant to renaming the military bases, and it has nothing to do with preserving heritage or history.
History is preserved in books, museums, history classes and Civil War battle sites and graveyards.
The real reason why republicans resist renaming U.S. military bases and want to keep Confederate statues in public places has everything to do with pandering to an important republican voting block in the south.
Trump and republican politicians do not wish to acknowledge the real reason since it would be impossible to justify to Americans who are not Trumpsters.
{Historical Aside: The racists in the south used to be democrats. Now they are republicans. I suspect that their total current numbers are higher than in the 1950s and 1960s, when I was growing up in the south, but the percentage of the total population is significantly less. The Racists started to become republicans in 1948 when the overtly racist Senator Strom Thurmond walked out of the Democrat convention in opposition to a "civil rights" plank that included this political parties opposition to lynching blacks and the poll tax that was used to keep blacks from voting. Thurmond then ran for President as a Dixiecrat, carried 4 southern states in the 1948 Presidential election, and later switched parties to become a republican During the 1948 campaign, Thurmond made the following statement that was recorded: "I wanna tell you, ladies and gentlemen, that there's not enough troops in the army to force the Southern people to break down segregation and admit the Nigra race into our theaters, into our swimming pools, into our homes, and into our churches" The legend of Strom's Remorse (Thurmond had a child with a black woman when he was 22; Thurmond Kin Acknowledge Black Daughter - The New York Times). Republicans called Thurmond a conservative. The transition picked up steam in the 1960s when LBJ and the non-southern democrats pushed through a variety of civil rights laws. That marked the beginning of the south moving to a solidly republican territory that is now starting to erode some sixty years later with Virginia leaning toward Democrats and North Carolina close behind. The republican party moved farther to the right to embrace Nixon's Southern strategy, designed to entice racist southerners away from the Democrat party, and has virtually lost all moderate politicians over the years. The GOP's Southern Strategy was the most successful political strategy in the past 100 years. Donald is the culmination of that political strategy, giving it new life. This movie, which can currently be rented free at Amazon, provides a time shot of Alabama in the 1960s. Selma (2014) - IMDb}
Flag of Treason - YouTube (Lincoln Project 2020 Ad)
Confederacy: Last Week Tonight with John Oliver (HBO) - YouTube Oliver makes a number of good points on this subject. Oliver takes issue with those who believe that the Civil War was fought over "states rights", with only one-third of Americans identifying slavery as the reason. During that period in American history, "states rights" meant preservation of slavery. The "States Rights" argument later evolved in the South as a justification for non-interference in comprehensive segregation practices. When properly understood, the "states rights" argument was just a cover for keeping slavery without having to admit directly that the war was fought to keep slavery.
It’s Not Just the Monuments - The Atlantic
Most of the confederate statues were erected long after the war ended in order to send a message to blacks justifying segregation and second class citizenship. I've studied the history of Confederate memorials. Here's what to do about them. - Vox; How the US Got So Many Confederate Monuments - HISTORY
Robert E. Lee opposed Confederate monuments | PBS NewsHour (Lee was asked in 1869 about Civil War memorials. This was his written reply: “I think it wiser not to keep open the sores of war but to follow the examples of those nations who endeavored to obliterate the marks of civil strife, to commit to oblivion the feelings engendered.”
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1. Small Ball:
A. Started MAIN - Bought 5 at $21.85 and then Sold at $31.71:
Quote: Main Street Capital Corp. (MAIN)
Closing Price Last Friday: MAIN $33.13 +$1.77 +5.64%
Purchased 5 at $21.85:
Last Earnings Report (Q/E 3/31/20): This report was released after my purchase.
Main Street Announces First Quarter 2020 Results
"Net Asset Value of $20.73 Per Share, down from $23.91 as of 12/31/19
Distributable net investment income of $39.4 million (or $0.61 per share)
Declared regular monthly dividends totaling $0.615 per share for the second quarter of 2020, or $0.205 per share for each of April, May and June 2020, representing a 2.5% increase from the regular monthly dividends paid for the second quarter of 2019" (emphasis added)
I quickly sold this one given what I view as an excessive premium to net asset value per share at $31.71.
I discuss the purchase of a MAIN SU bond in Item # 2.A. below. I am more comfortable owning its short term SU bond than the common stock at anywhere near the current price.
B. Restarted CZNC- Bought 10 at $17.7; 5 at $17.07:
Quote: Citizens & Northern Corp. (CZNC)
Closing Price 6/12: CZNC $19.56 +$0.98 5.27%
CZNC | Citizens & Northern Corp. Analyst Estimate (1 analyst)
Bank Branches as of 12/31/19: Mostly owned
Headquarters: 90-92 Main Street or 10 Nichols Street Wellsboro, PA - Google Search
"In December 2019, the Corporation announced a plan of merger to acquire Covenant Financial, Inc. (“Covenant”). Covenant is the holding company for Covenant Bank, which operates banking offices in Bucks and Chester Counties of PA. At March 31, 2020, Covenant reported total assets of $522 million, liabilities of $479 million and stockholders’ equity of $43 million. Under the terms of the definitive agreement, the Corporation will pay cash for 25% of the Covenant shares and will convert 75% of Covenant shares to the Corporation’s common stock. . . The merger is expected to close in the third quarter 2020."
"On April 1, 2019, the Corporation completed its acquisition of 100% of the common stock of Monument Bancorp, Inc.(“Monument.”) Monument was the parent company of Monument Bank, a commercial bank which operated two community bank offices and one lending office in Bucks County, Pennsylvania. Pursuant to the merger, Monument was merged into Citizens & Northern Corporation and Monument Bank was merged into C&N Bank."
CZNC SEC Filings
Investment Category: Regional Bank Basket Strategy
Dividend: Quarterly at $.27 per share ($1.08 annually)
The dividend was last raised from $.26 effective for the 2018 first quarter payment.
Ex Dividend: 4/24 (shortly after purchase)
Average Cost Per Share: $17.49
Dividend Yield at $17.49 = 6.17%
5 Year Historical:
Last Earnings Report (Q/E 3/31/20): Financial Data Only
E.P.S. $.30
NIM: 3.83% (p. 40 10-Q)
Tangible Book Value Per Share: $16.08
Tangible Equity to Tangible Assets: 13.85%
Total Risk Based Capital Ratio: 21.07%
ROA: 1.02%
NPL Ratio: 1.23%
NPA Ratio: .99%
Charge-Offs: 0% (p. 54 10-Q)
Coverage Ratio: 78.67%
10-Q for the Q/E 3/31/20
Purchase Restriction: Each purchase, other than through dividend reinvestment, must lower my average cost per share.
Partial Trade History:
Item # 5 Sold 50 CZNC at $20.29 - Update For Regional Bank Basket Strategy As Of 6/6/16 - South Gent | Seeking Alpha ($25.28)
Item # 1 Sold 50 CZNC at $21.09-Update For Regional Bank Basket Strategy As Of 12/4/15 - South Gent | Seeking Alpha (profit snapshot = $76.48)
Item # 3.F. Sold 100 CZNC at $19.52(8/25/14 Post)(profit snapshot =$48.5)-Item # 7 Bought Taxable Account: 50 CZNC at $18.5 (5/17/14 Post); Item # 3 Bought 50 CZNC at $19.15 (June 2013 Post)
Item # 1. Sold 100 CZNC at $16.53 (9/2/11 Post)(profit snapshot = $517.61)-Item # 1 Bought 50 CZNC at $11.77 (8/12/2010 Post); Item # 1 Added 50 CZNC at $10.46 (8/17/10 Post)
CZNC Realized Gains to Date: $788.82
C. Restarted BRK/B- Bought 1 at $186.5; 1 at $181.97:
Quote: Berkshire Hathaway Inc. Cl B (BRK.B)
Closing Price 6/12: BRK-B $181.21 +$3.19 +1.79%
Website: BERKSHIRE HATHAWAY INC.
SEC Filings
Last Earnings Press Release for the Q/E 3/31/20 The 10-Q provides more information. There was a huge loss in insurance underwriting. Near $50 billion loss but Buffett believes insurance business won't be as hard hit as others | Insurance Business; Berkshire Discloses Q1 Insurance Results; Buffett Talks Coronavirus Impact
Berkshire Hathaway Q1 operating earnings helped by insurance investment Investment income: Seeking Alpha
Cash and short term investments increased to $137B from $128B as of 12/31/19.
This share class is called the Baby Bs.
Arguably, Warren Buffett has lost his Midas Touch, or it at least needs a refurbishing and a new shine. The problem is not in the operating companies owned by Berkshire but in several large stock investments that turned into big losers, including Kraft Heinz and airline stocks. S&P 500: This Panic Sell By Warren Buffett Cost Him $2.7 Billion | Investor's Business Daily
'Washed up' Warren Buffett has supposedly lost a step. The investor has scored an $11 billion gain on Apple this year. | Markets Insider; Warren Buffett made a smart move by buying more shares of Liberty Sirius XM — here’s why you might want to do the same - MarketWatch
I have nothing to add to what is generally known about Berkshire. I have been following this company since 1974 when I first considered seriously making a purchase. At least I knew who he was then. The price was then around $16 per share and that was for the shares now called the series A priced near $300K currently. BRK-A So he must be doing something right.
Purchase Restriction: Each subsequent purchase must reduce my average cost per share.
Maximum Position: 10 shares
D. Restarted RHJSX-Bought $100 at $21.92; 50 at $21.1 :
Quote: RHJSX | Rice Hall James MicroCap Portfolio;Institutional Overview
Closing Price 6/12: RHJSX $23.40 +$0.29 +1.25%
This mutual fund is classified as small cap growth by Lipper. The fund was down 23.11% YTD when I bought shares on 4/28.
This fund has had periods of out performance but has not been doing so well as of late. Morningstar currently assigns it a 2 star rating. I would not argue with that rating.
The fund had a 47.34% total return in 2013, beating its category by 6.43. The total return in 2016 was 10.91 better than its category at +22.11%. Performance since 2018 has been well below the category average.
When I buy individual small and micro cap stocks, my tilt is toward value.
I looked at the holdings as of 3/31/20. Of the 72 stocks listed, I own only one currently (WASH) Holdings,pdf And, for the most part, I have never even heard of most of them.
Last Elimination:
This was part of a stock allocation reduction in 2007. 2007 Stock Fund Eliminations and Pares
E. Restarted SWASX-Bought $100 at $6.03; $50 at $5.63 :
Quote: SWASX | Schwab Global Real Estate Fund Overview
Closing Price 6/12: SWASX $6.46 +$0.17 +2.70%
Sponsor's Website: Schwab Global Real Estate Fund
Last Elimination: Item #4.B. (6/29/17 Post)(profit snapshot = $143.95)
Schwab Global Real Estate (SWASX)-Morningstar: Rated at 3 stars
Maximum Position: 100 shares
Purchase Restriction: Each subsequent purchase must reduce my average cost per share
I am more likely to add to my current position in iShares Global REIT ETF (REET) that has a significantly lower expense ratio at .14%. iShares Global REIT ETF | REET SWASX will most likely be more of a trade than REET.
F. Bought 1 QQQ at $213.25; 1 at $213.58:
I will be playing small ball in two accounts.
QQQ is an ETF that attempts to track the Nasdaq 100 index.
Closing Price 6/12: QQQ $235.88 +$1.86 +0.79%
Quote: QQQ | Invesco QQQ Trust Series I OverviewInvesco QQQ Trust (QQQ)-Morningstar (rated 5 stars currently)
Sponsor's Website: Invesco | Product Detail | Invesco QQQ
Expense Ratio: .2%
Top Holdings as of 6/5/20:
Invesco | Holdings | Invesco QQQ
This ETF can be used as an overlay for SPY to gain more growth exposure. SPY has considerable exposure to energy, banks, and material companies. The QQQ does not own stocks in those sectors. The largest sector weights as of 6/5 are information technology at 47%+, communication services (20+%), consumer discretionary at 16+%, and health care at 7%+. Communication services includes companies like Facebook, Alphabet, Baidu, and Netflix. Information technology includes companies like Apple, Microsoft, Intel, Cisco, and NVIDIA
Purchase Restriction: Each subsequent purchase has to be at the lowest price in the chain for each account.
G. Started OKE-Bought 5 at $27.77:
Quote: ONEOK Inc (OKE)
Closing Price 6/12: OKE $34.09 -$1.24 -3.51%
Website: ONEOK, Inc.
Oneok is an energy infrastructure company that is a regular "C" corporation. I do not buy MLPs.
Subsequent to my purchase, OKE offered a massive amount of shares in a public offering that contributed to a steep decline in the share price. ONEOK -17% after capital raise, sell-side downgrade- Seeking Alpha
ONEOK Announces Pricing of Common Stock Offering (26M shares, plus greenshoe, priced at $32 per share)
SEC Filings
2019 Annual Report (OKE's businesses are described in detail, starting at page 5)
ONEOK, Inc. Profile | Reuters
ONEOK, Inc. Key Developments | Reuters
Dividend: Quarterly at $.935 per share ($3.74 annually)
Dividend History – ONEOK
The market is IMO anticipating a significant dividend cut, a message that is being sent by the current dividend yield.
Morgan Stanley cut its PT to $27 from $29, noting according to a Seeking Alpha note that the equity offering may delay a dividend cut but not the need for one.
The decline in the share price from the 52 week high of $78.48 provides a cover IMO for cutting the dividend by about 50%. The high was hit intraday on 2/20/20. OKE Historical Prices
Dividend Yield at $27.77: 13.47%
Last Ex Dividend Date: 4/24/20
Last Earnings Report (Q/E 3/31/20): SEC Filed Earnings Press Release
10-Q for the Q/E 3/31/20
I discuss buying an OKE SU bond in Item # 2.C. below. This is my first purchase of the common stock. A substantial cut in the dividend would be a positive for senior unsecured debt owners.
Broker Reports (available to Schwab customers):
Credit Suisse (5/5/20): Neutral with a PT of $30
Morningstar (4/29/20): 3 stars with a FV of $48
S & P (4/30/20): 3 stars with a 12 month PT of $33
I do not have access to the following recent reports:
H. Restarted BDGE-Bought 10 at $19.9:
Quote: Bridge Bancorp Inc.
Closing Price 6/12: BDGE $21.53 +$0.57 +2.72%
Locations-BNB Bank
"Bridge Bancorp, Inc. is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, BNB Bank. Established in 1910, BNB, with assets of approximately $5.1 billion, operates 39 branch locations serving Long Island and the greater New York metropolitan area."
With the FED likely to keep interest rates near zero for an extended period, the banks will not be able to grow profits meaningfully through net interest margin expansion. There will be some near term benefit as CDs with higher interest rates are rolled over into ones with significantly lower yields. The cost of deposits has been going down and will likely continue to do so for several more months.
Fixed income investments would also increase in value due to the precipitous decline in interest rates this year. Many of those are held to maturity and reinvestments after maturity will be at lower rates.
BDGE SEC Filings
Current Position: 10 Shares
Dividend: $.24 per share, raised from $.23 effective for the 2020 first quarter payment ($.96 annually)
BNB Bank | Dividends
Last Ex Dividend: 4/17
Yield at TC of $19.9 = 4.82%
Last Earnings Report (Q/E 3/31/20): SEC Filed Press Release
BDGE " reported net income of $0.47 per diluted share was impacted by a higher provision for credit losses primarily related to the COVID-19 pandemic, which reduced earnings per share by approximately $0.15, and reduced returns on average assets, equity and tangible common equity by approximately 25 basis points, 248 basis points and 318 basis points, respectively"
10-Q
5 Year Financial History:
Page 19 Annual Report SEC Form 10-K
Some Buy Discussions: Item # 5 Added 50 BDGE at $20.76 (8/17/13 Post); Item # 4 Bought Back 50 BDGE at $19.65 (8/17/12 Post); Item # 1 Bought 50 BDGE at $18 (10/25/11 Post); Item # 4 Bought 50 BDGE at $22.14 (2/14/11 Post); Item # 1 Bought 50 BDGE at $23.11 (1/20/11 Post)
Sell Discussions: Item # 2.A. Sold 109+ BDGE at $35.53 (10/31/17 Post)(profit snapshot = $1,782.46); Item # 2.A. Sold 50 BDGE at $35.03 (4/23/17 Post)(profit snapshot $376.06); Item # 4 Pared BDGE Selling Highest Cost 56 Shares at $24.71 (10/10/13 Post)(profit snapshot = $200.65); Item # 3 Sold 50 BDGE at $23.01 (9/24/12 Post); Item # 3 Sold 50 BDGE at $23.5 (7/3/12 Post)
BDGE Trading Profits to Date: $2,512.37.
I. Eliminated IGR Vanguard Account-Sold 100 at $5.95 and Eliminated IGR Schwab Account-Sold 100 at $5.96:
Quote: IGR | CBRE Clarion Global Real Estate Income Fund Overview
Profit Snapshots: $113.32
Closing Price 6/12: IGR $6.20 +$0.18 +2.99%
These trades were pursuant to a dividend harvest strategy which become a more viable one during periods of market volatility.
I still own IGR in other accounts.
Dividends: Monthly at a current $.05 per share, supported by ROC.
Last Ex Dividend Date: 5/19 (all shares owned as of)
Next Ex Dividend Date: 6/18/20
Data Date of 5/29/20 Trade:
Closing Net Asset Value Per Share: $7.05
Closing Market Price: $5.96
Discount: -15.46
Sourced: IGR - CEF Connect
Portfolio as of 3/31/20 (SEC Filing)
Last SEC Filed Shareholder Report (period ending 12/31/19)
Last Substantive Buy Discussion: Item # 1.E. Added 5 IGR at $3.75; 50 at at $5.69; and 10 at $5.1 (5/16/20 Post) I still own those shares.
J. Pared BTZ-Sold Highest Cost Lots-90 at $13.76, 17 at $13.93 3 at $13.97; 15 at $14.14:
Quote: BlackRock Credit Allocation Income Trust Overview
Closing Price 6/12: BTZ $13.46 +$0.09 +0.70%
Profit Snapshot: $31.09
I sold my highest cost shares.
Position Before Pare: Average Cost = $12.96
Position After Pares : Average Cost = $10.85
Leveraged: Yes, usually close to 30%.
The cost of borrowing has come down due to the short term interest rate decline. When a fund is leveraged this much, a decline in the borrowing cost will generally translate into a higher dividend payment.
Dividend: Monthly, currently at $.0839 per share ($1.01 per share annually, rounded up)
The rate was raised from $.067 effective the September 2019 payment.
Dividend Yield at $10.85 Average Cost =9.31%
Last Ex Dividend: 5/14/20 (owned all shares as of)
Dividend Reinvestment: No, turned off effective for the May 2020 payment. The discount to net asset value per share has become too narrow for reinvestment using my historical standards.
Data Date of 6/1/20 Trade:
Closing Net Asset Value Per Share: $14.43
Closing Market Price: $13.94
Discount: -3.4%
Average Discounts as of 6/1/20
1 Year - 8.3%
3 Years -10.5%
5 Years -10.84%
Data Date of 6/5/20 Trade:
Closing Net Asset Value Per Share: $14.77
Closing Market Price: $14.21
Discount: -3.79%
Sourced: BTZ-CEF Connect
Last Discussed: Item # 2.E. Added 5 BTZ at $11.19; 5 at $10.96; 5 at $9.7; 5 at $9.29; 10 at $11.43 (5/2/20 Post)
Last Sell Discussions: Sold 103+ at $13.4+ (5/8/17 Post) (contains snapshots of trading profits starting in 2010 through May 2017 = +$870.19); Item #1.B. (2/23/2019 Post); Item # 3.A. (4/4/19 Post)
Purchase Restriction: Any new purchases must reduce my average cost per share.
I will be playing small ball in two accounts.
QQQ is an ETF that attempts to track the Nasdaq 100 index.
Closing Price 6/12: QQQ $235.88 +$1.86 +0.79%
Quote: QQQ | Invesco QQQ Trust Series I OverviewInvesco QQQ Trust (QQQ)-Morningstar (rated 5 stars currently)
Sponsor's Website: Invesco | Product Detail | Invesco QQQ
Expense Ratio: .2%
Top Holdings as of 6/5/20:
Invesco | Holdings | Invesco QQQ
This ETF can be used as an overlay for SPY to gain more growth exposure. SPY has considerable exposure to energy, banks, and material companies. The QQQ does not own stocks in those sectors. The largest sector weights as of 6/5 are information technology at 47%+, communication services (20+%), consumer discretionary at 16+%, and health care at 7%+. Communication services includes companies like Facebook, Alphabet, Baidu, and Netflix. Information technology includes companies like Apple, Microsoft, Intel, Cisco, and NVIDIA
Purchase Restriction: Each subsequent purchase has to be at the lowest price in the chain for each account.
G. Started OKE-Bought 5 at $27.77:
Quote: ONEOK Inc (OKE)
Closing Price 6/12: OKE $34.09 -$1.24 -3.51%
Website: ONEOK, Inc.
Oneok is an energy infrastructure company that is a regular "C" corporation. I do not buy MLPs.
Subsequent to my purchase, OKE offered a massive amount of shares in a public offering that contributed to a steep decline in the share price. ONEOK -17% after capital raise, sell-side downgrade- Seeking Alpha
ONEOK Announces Pricing of Common Stock Offering (26M shares, plus greenshoe, priced at $32 per share)
SEC Filings
2019 Annual Report (OKE's businesses are described in detail, starting at page 5)
ONEOK, Inc. Profile | Reuters
ONEOK, Inc. Key Developments | Reuters
Dividend: Quarterly at $.935 per share ($3.74 annually)
Dividend History – ONEOK
The market is IMO anticipating a significant dividend cut, a message that is being sent by the current dividend yield.
Morgan Stanley cut its PT to $27 from $29, noting according to a Seeking Alpha note that the equity offering may delay a dividend cut but not the need for one.
The decline in the share price from the 52 week high of $78.48 provides a cover IMO for cutting the dividend by about 50%. The high was hit intraday on 2/20/20. OKE Historical Prices
Dividend Yield at $27.77: 13.47%
Last Ex Dividend Date: 4/24/20
Last Earnings Report (Q/E 3/31/20): SEC Filed Earnings Press Release
I discuss buying an OKE SU bond in Item # 2.C. below. This is my first purchase of the common stock. A substantial cut in the dividend would be a positive for senior unsecured debt owners.
Broker Reports (available to Schwab customers):
Credit Suisse (5/5/20): Neutral with a PT of $30
Morningstar (4/29/20): 3 stars with a FV of $48
S & P (4/30/20): 3 stars with a 12 month PT of $33
I do not have access to the following recent reports:
H. Restarted BDGE-Bought 10 at $19.9:
Closing Price 6/12: BDGE $21.53 +$0.57 +2.72%
Locations-BNB Bank
"Bridge Bancorp, Inc. is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, BNB Bank. Established in 1910, BNB, with assets of approximately $5.1 billion, operates 39 branch locations serving Long Island and the greater New York metropolitan area."
With the FED likely to keep interest rates near zero for an extended period, the banks will not be able to grow profits meaningfully through net interest margin expansion. There will be some near term benefit as CDs with higher interest rates are rolled over into ones with significantly lower yields. The cost of deposits has been going down and will likely continue to do so for several more months.
Fixed income investments would also increase in value due to the precipitous decline in interest rates this year. Many of those are held to maturity and reinvestments after maturity will be at lower rates.
BDGE SEC Filings
Current Position: 10 Shares
Dividend: $.24 per share, raised from $.23 effective for the 2020 first quarter payment ($.96 annually)
BNB Bank | Dividends
Last Ex Dividend: 4/17
Yield at TC of $19.9 = 4.82%
Last Earnings Report (Q/E 3/31/20): SEC Filed Press Release
BDGE " reported net income of $0.47 per diluted share was impacted by a higher provision for credit losses primarily related to the COVID-19 pandemic, which reduced earnings per share by approximately $0.15, and reduced returns on average assets, equity and tangible common equity by approximately 25 basis points, 248 basis points and 318 basis points, respectively"
5 Year Financial History:
Some Buy Discussions: Item # 5 Added 50 BDGE at $20.76 (8/17/13 Post); Item # 4 Bought Back 50 BDGE at $19.65 (8/17/12 Post); Item # 1 Bought 50 BDGE at $18 (10/25/11 Post); Item # 4 Bought 50 BDGE at $22.14 (2/14/11 Post); Item # 1 Bought 50 BDGE at $23.11 (1/20/11 Post)
Sell Discussions: Item # 2.A. Sold 109+ BDGE at $35.53 (10/31/17 Post)(profit snapshot = $1,782.46); Item # 2.A. Sold 50 BDGE at $35.03 (4/23/17 Post)(profit snapshot $376.06); Item # 4 Pared BDGE Selling Highest Cost 56 Shares at $24.71 (10/10/13 Post)(profit snapshot = $200.65); Item # 3 Sold 50 BDGE at $23.01 (9/24/12 Post); Item # 3 Sold 50 BDGE at $23.5 (7/3/12 Post)
BDGE Trading Profits to Date: $2,512.37.
I. Eliminated IGR Vanguard Account-Sold 100 at $5.95 and Eliminated IGR Schwab Account-Sold 100 at $5.96:
Quote: IGR | CBRE Clarion Global Real Estate Income Fund Overview
 |
| Schwab: +$62.86/ Holding Period 11 Days + 1 Dividend |
 |
| Vanguard 100 Shares +$50.46 |
These trades were pursuant to a dividend harvest strategy which become a more viable one during periods of market volatility.
I still own IGR in other accounts.
Dividends: Monthly at a current $.05 per share, supported by ROC.
Last Ex Dividend Date: 5/19 (all shares owned as of)
Next Ex Dividend Date: 6/18/20
Data Date of 5/29/20 Trade:
Closing Net Asset Value Per Share: $7.05
Closing Market Price: $5.96
Discount: -15.46
Sourced: IGR - CEF Connect
Portfolio as of 3/31/20 (SEC Filing)
Last SEC Filed Shareholder Report (period ending 12/31/19)
Last Substantive Buy Discussion: Item # 1.E. Added 5 IGR at $3.75; 50 at at $5.69; and 10 at $5.1 (5/16/20 Post) I still own those shares.
J. Pared BTZ-Sold Highest Cost Lots-90 at $13.76, 17 at $13.93 3 at $13.97; 15 at $14.14:
Quote: BlackRock Credit Allocation Income Trust Overview
Closing Price 6/12: BTZ $13.46 +$0.09 +0.70%
Profit Snapshot: $31.09
Position Before Pare: Average Cost = $12.96
 |
| Snapshot Intraday 6/1/20 |
The cost of borrowing has come down due to the short term interest rate decline. When a fund is leveraged this much, a decline in the borrowing cost will generally translate into a higher dividend payment.
Dividend: Monthly, currently at $.0839 per share ($1.01 per share annually, rounded up)
The rate was raised from $.067 effective the September 2019 payment.
Dividend Yield at $10.85 Average Cost =9.31%
Last Ex Dividend: 5/14/20 (owned all shares as of)
 |
| Paid in Cash |
Data Date of 6/1/20 Trade:
Closing Net Asset Value Per Share: $14.43
Closing Market Price: $13.94
Discount: -3.4%
Average Discounts as of 6/1/20
1 Year - 8.3%
3 Years -10.5%
5 Years -10.84%
Data Date of 6/5/20 Trade:
Closing Net Asset Value Per Share: $14.77
Closing Market Price: $14.21
Discount: -3.79%
Sourced: BTZ-CEF Connect
Last Discussed: Item # 2.E. Added 5 BTZ at $11.19; 5 at $10.96; 5 at $9.7; 5 at $9.29; 10 at $11.43 (5/2/20 Post)
Last Sell Discussions: Sold 103+ at $13.4+ (5/8/17 Post) (contains snapshots of trading profits starting in 2010 through May 2017 = +$870.19); Item #1.B. (2/23/2019 Post); Item # 3.A. (4/4/19 Post)
Purchase Restriction: Any new purchases must reduce my average cost per share.
2. Short Term Bond Ladder Basket Strategy:
With the following purchases, I am taking one step up on the risk scale. I am not going to overdo it, but more risk taking is necessary for yield now.
With the following purchases, I am taking one step up on the risk scale. I am not going to overdo it, but more risk taking is necessary for yield now.
A. Bought 2 Main Street Capital 4.5% SU Maturing on 12/1/22:
FINRA Page: Bond Detail (prospectus not linked)
Bought at a Total Cost of 96.9 (with $2 commission)
YTM at TC = 5.798%
Current Yield at TC = 4.644%
Make Whole Optional Redemption:
Issuer: Main Street Capital Corp. (MAIN)
As noted in an earlier post, S & P downgraded MAIN's SU bonds to BBB- from BBB due to issues related to the pandemic.
I would prefer owning the bond vs the common stock even though the later has a much higher yield.
B. Bought 4 Ares Capital 3.625% SU Bonds Maturing on 1/19/22:
FINRA Page: Bond Detail (prospectus not linked)
Prospectus
Credit Ratings:
S & P BBB-
Fitch BBB with negative outlook
Fitch Affirms Ares Capital at 'BBB'; Outlook Revised to Negative
Issuer: Ares Capital Corp. (ARCC)
Bought 2 at a Total Cost of 98.8 (with $2 commission)
YTM at TC = 4.352%
Bought 2 at a Total Cost of 99.1 (with $2 commission)
YTM at TC = 4.171%
Optional Redemption: Subject to Make Whole prior to 12/29/21
C. Bought 2 Oneok 3.375% SU Maturing on 10/1/22:
FINRA Page: Bond Detail (prospectus not linked)
Final Prospectus Supplement
Optional Redemption: Subject to make whole prior to 7/1/22 (3 months prior to maturity):
Issuer: The original issuer was Oneok Partners, L.P.. The parent company ONEOK Inc. (OKE), a regular "C" corporation, acquired the publicly traded shares of this L.P. in June 2017. The bond is now an OKE obligation.
OKE SEC Filings
Last Bond Offering: $100M of 4.5% SU notes maturing in 2050 sold in March 2020 (proceeds used to retire commercial paper)
2019 Annual Report (debt listed at page 78)
ONEOK Announces First Quarter 2020 Earnings
For SU notes, the next one to mature is a $700M 4.25% SU note in February 2022. This bond that I bought is the next one to mature.
Total Cost at 97.01 (with $2 commission)
YTM at 97.01 = 4.696%
Current Yield at 97.01 = 3.479%
Credit Ratings:
Previous Round-Trips For the 4.25% OKE SU:
I discussed the 2 bond purchase at Item #1 Bought 2 Oneok 4.25% SU Bonds Maturing on 2/1/22 at 93.475
What's Wrong With Pembina And ONEOK (Forbes article 3/11/20)
Recent Bond Offerings (May 2020:
Prospectus
I would prefer owning the bond vs the common stock even though the later has a much higher yield.
B. Bought 4 Ares Capital 3.625% SU Bonds Maturing on 1/19/22:
FINRA Page: Bond Detail (prospectus not linked)
Prospectus
Credit Ratings:
S & P BBB-
Fitch BBB with negative outlook
Fitch Affirms Ares Capital at 'BBB'; Outlook Revised to Negative
Issuer: Ares Capital Corp. (ARCC)
Bought 2 at a Total Cost of 98.8 (with $2 commission)
YTM at TC = 4.352%
Bought 2 at a Total Cost of 99.1 (with $2 commission)
YTM at TC = 4.171%
Optional Redemption: Subject to Make Whole prior to 12/29/21
C. Bought 2 Oneok 3.375% SU Maturing on 10/1/22:
FINRA Page: Bond Detail (prospectus not linked)
Final Prospectus Supplement
Optional Redemption: Subject to make whole prior to 7/1/22 (3 months prior to maturity):
Issuer: The original issuer was Oneok Partners, L.P.. The parent company ONEOK Inc. (OKE), a regular "C" corporation, acquired the publicly traded shares of this L.P. in June 2017. The bond is now an OKE obligation.
OKE SEC Filings
Last Bond Offering: $100M of 4.5% SU notes maturing in 2050 sold in March 2020 (proceeds used to retire commercial paper)
2019 Annual Report (debt listed at page 78)
ONEOK Announces First Quarter 2020 Earnings
For SU notes, the next one to mature is a $700M 4.25% SU note in February 2022. This bond that I bought is the next one to mature.
Total Cost at 97.01 (with $2 commission)
YTM at 97.01 = 4.696%
Current Yield at 97.01 = 3.479%
Credit Ratings:
What's Wrong With Pembina And ONEOK (Forbes article 3/11/20)
Recent Bond Offerings (May 2020:
3. Canadian Reset Equity Preferred Stocks:
A. Added 50 ENBPRP at C$11.98 and 50 at C$11.76:
Quote: ENB-PP.TO
Closing Price 6/12: ENB-PP.TO C$13.00 +C$ 0.29 +2.28%
A. Added 50 ENBPRP at C$11.98 and 50 at C$11.76:
Closing Price 6/12: ENB-PP.TO C$13.00 +C$ 0.29 +2.28%
This brings me up to 300 shares.
Security: Cumulative Reset Equity Preferred Stock.
Par Value: C$25
Current Coupon: 4.35% to but excluding 3/1/24
Coupon Reset: Every 5 years, unless redeemed at issuer's option on the reset date, at a 2.5% spread to the 5 year Canadian government bond.
Security: Cumulative Reset Equity Preferred Stock.
Par Value: C$25
Current Coupon: 4.35% to but excluding 3/1/24
Coupon Reset: Every 5 years, unless redeemed at issuer's option on the reset date, at a 2.5% spread to the 5 year Canadian government bond.
The prospectus can be found here: Preferred Shares and Hybrid Securities - Enbridge Inc.
Dividends: Quarterly and Cumulative
Last Ex Dividend Date: 5/14/20
Current Yield at C$11.98 = 9.08%
Current Yield at C$11.76 = 9.25%
At the current coupon rate, 300 shares will generate C$326.25 in annual income.
I will generally allow my CAD position to accumulate until the CAD/USD exchange rate exceeds .8 and then I will consider exchanging CADs into USDs as I have done in the past.
Prior Round-Trips: Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)(realized gain snapshot= C$963). That post also contains a snapshot of a 300 share round-trip that netted U.S.$1,458.25. That 300 share lot was bought at C$12.39. Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 2/29/16 - South Gent | Seeking Alpha Fidelity converts the CAD profit into USDs while I have to wait for IB to send out a 1099 showing the reportable USD profit.
Last Ex Dividend Date: 5/14/20
Current Yield at C$11.98 = 9.08%
Current Yield at C$11.76 = 9.25%
At the current coupon rate, 300 shares will generate C$326.25 in annual income.
I will generally allow my CAD position to accumulate until the CAD/USD exchange rate exceeds .8 and then I will consider exchanging CADs into USDs as I have done in the past.
Prior Round-Trips: Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)(realized gain snapshot= C$963). That post also contains a snapshot of a 300 share round-trip that netted U.S.$1,458.25. That 300 share lot was bought at C$12.39. Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 2/29/16 - South Gent | Seeking Alpha Fidelity converts the CAD profit into USDs while I have to wait for IB to send out a 1099 showing the reportable USD profit.
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.
With Barr's behavior under Bush, I have been baffled why he's been given credibility as a decent sort. He sold out morals for policies back then.
ReplyDeleteTrump doesn't want to look weak in the bunker. He's also looks like he's cowering to "liberal rioters & black people." Puts a dent in his story of "rescue" us all, from those terrible dangers.
That's a lot of interesting bona fides. Also asides on the history.
I knew sides switched. But not the details of how it happened.
Over the last couple weeks I've become more aware of how much we are still fighting the civil war. Such as it being etched into politics with states rights being used as a substitute "sides" issue.
I've since read that the names were given in the 1900's, not after the war as a memorial. During Jim Crow. I've also learned of several what are essentially pogroms that I'd never heard anything of. One stands out. NYCity docks were dependent on cotton so they had their own "bad behavior" to preserve their "way of life."
I was given reasons in school beyond slavery for the civil war. The one that stuck in my head, probably the only one that sounded possible, was economic. The north didn't need slave labor and wanted to dominate. South did.
A 77 marrying a 20 year old. I believe I remember another of your relatives having a similar adventure. Nice way to get a pension.
I don't think I have any relatives who were in this country at those times.
BRK/B- looks good here to start a position... or it's a place holder?
Land: I have BRK/B in my "small ball purchase program" where I will buy more shares provided each purchase is at the lowest price in the chain. Since there is no dividend, I will cap my purchases at 10 shares. With maximum exposure limits, I may go beyond the limit when and if the price craters.
DeleteNow if I had bought 100 BRK/A shares in 1974 at $16 (my memory of the price during the Catastrophic decline that year) and held unto the lot, I would not have had to buy another stock since that lot would now be worth $27.1515M, more than sufficient for me.
While the stock substantially outperformed the S & P 500 for most of its history starting in the 1960s, the last 10 years have been average.
https://www.fool.com/investing/2019/12/22/5-reasons-warren-buffett-didnt-beat-the-market-ove.aspx
It might be a good time for the company to downsize or at least starting to pay a substantial dividend. Downsizing would mean transferring ownership of one or more subsidiaries to BRK shareholders.
Operating Companies List:
https://www.berkshirehathaway.com/subs/sublinks.html
I would start with the electric utility Berkshire Hathaway Energy which would qualify as a S & P 500 company as a standalone:
2019 Annual Report:
https://www.sec.gov/Archives/edgar/data/71180/000108131619000003/bhe123118form10-k.htm
I've set my niece up to invest. Waiting for a spot in this pullback to put in 1/3 into VTI Vang's Total World.
DeleteI described how to invest, and her math teacher did a big segment on compound interest. So she's planning to put it in & leave it for 30 years. Understandably, she's not finding it very exciting, but it's intriguing her. She keeps reminding me it doesn't matter when she buys because the horizon is so long. It's what I told her...
Wish I could spot the next BRK for her.
Was thinking maybe there's a tech / social media type, I should suggest to get one out of the next 1/3. Amazon's too high per share, but the rest would work.
BRK got a little too big for maneuverability in the river.
Land: It is easier to remember history when I actually lived through it.
ReplyDeleteTennessee was different back in the 1950s and 1960s than other Southern states.
Both Tennessee senators refused to sign the Southern Manifesto, a shrill document denouncing efforts to integrate public places. This document was signed by 19 senators and 81 representatives (96 Democrats and four Republicans)The Democrats were from the South.
https://en.wikipedia.org/wiki/Southern_Manifesto
The two Tennessee senators refused to sign. They were Albert Gore's dad, Albert Gore Sr. and Estes Kefauver.
Albert Gore Sr. voted for the LBJ Great Society programs like Medicare and was an early opponent of the Vietnam War. He also supported several of the eras Civil Rights bills and voted to confirm Thurgood Marshall to the Supreme Court.
He was defeated in 1970 by Bill Brock using Nixon's Southern Strategy. I can recall the GOP's ads in that election, which are still part of their playbook. The ads would feature video of black rioters and clashes with Vietnam protestors, and then a narrator would link Gore to violence and chaos.
In a deja vu moment, I saw a Trump ad that attempted to link Biden, wearing a mask and kneeling at a church, to the recent violent protests. The ad creates the same false narrative vibe as Bill Brock's campaign ads in 1970.
The video is embedded in this FactCheck.org article:
https://www.factcheck.org/2020/06/trumps-deceptive-ad-on-biden-and-defunding-the-police/
The picture of Biden kneeling was taken at the Bethel African Methodist Episcopal Church in Wilmington, Delaware, but you would not know the context of course from viewing Trump's campaign video.
Tennessee is now firmly in the Trump camp with the Democrats relegated to Memphis and Nashville where a large part of the electorate are non-whites and educated white moderates.
In a 5/19 poll, Trump was up 17% over Biden in Tennessee (53% to 36%). In 2016, Clinton carried 3 out 95 Tennessee counties: Shelby (Memphis), Nashville (Davidson) and one really small rural county.
Trump won 61.1% to 34.9%. My guess for 2029 will be Trump winning 55% to 45%.
Tennessee has always stood out as not typical for the south. I didn't know Gore Sr was that progressive, and in a state that sits near the rest of the south, that's quite an independent streak.
DeleteMaybe the Southern strategy will meet resistance by -- independent voters and conservatives (i.e. non-trumpites).
We live in interesting times. Those sound like that too. May these get less interesting.
LAND: Moderates in Tennessee no longer have any meaningful influence in statewide politics. Tennessee is now more like Mississippi. That is reflected in the percentages who voted for Trump in 2016; the defeat of the moderate Phil Bredesen by the 100% pure Trumpster Marsha Blackburn in the 2018 senate race, and things like being unable to remove a statue of the first KKK Grand Wizard from the state capital building. I doubt that much will change in my lifetime.
DeleteThe most effective ads against Trump are being run by the Never Trumpsters.
I know that you are familiar with the Lincoln Project whose ads can be viewed on YouTube:
https://www.youtube.com/channel/UCpYCxV51bykhMY-wSUozQRg
Possibly the most effective ad by the Never Trumpsters was released 3 days ago by the Republicans Against Trump which is embedded in this article:
https://thehill.com/blogs/blog-briefing-room/news/502494-gop-group-touts-grahams-past-praise-of-biden-criticism-of-trump
That is an unfortunate shift. I had been reading about that statue. I can't imagine what about the Wizard, is appealing. (I also keep wondering why calling themselves Wizards hasn't gotten them picked on.)
DeleteI have been grateful that the Lincoln project formed. Their ads are much better than anything the DNC seems to put together.
Trump holding a bible upside down, may be his biggest undoing. So symbolic.
DeleteFutures are down. New mood is in town - for the moment. The lower support is 2950?
ReplyDeleteShort covering will be a factor in the market moves.
On politics someone introduced me to this journalist/historian who summarizes each day. I wouldn't use it as my only source, but it is a good summary.
https://heathercoxrichardson.substack.com/
Land: I pegged SPX 2,950 as the point where the market broke out of the prior and lower trading range on 4/29 and again 5/11 before successfully breaching this ceiling line on 5/22. A break back below that line may be associated with accelerated market declines, as will a decisive break below the 200 day SMA line. I would peg the next support level at 2,830, followed by nothing much. I am not a technical analyst but I have a long history of looking at charts and developing a feel about the thundering herds directional movements.
DeleteMy feel for last Friday, as I mentioned in a prior comment (made in the prior post on 6/12/20 at 3:30 P.M), was a "negative vibe rating" even though the Stock Jocks managed to take the SPX back above the 200 day SMA line.
The bounce was a little above 2950. Market opened below 200MA. With the midday climb I haven't gotten notice that it's back above yet.
DeleteCNBC's announcer (I recognize but don't know his name), is going on and on (and on) about how everyone he asked as he prepped for the show, is on one side of the boat, buy the dip.
If true, that'd indicate good chance of a decline through those supports you mention.
However, only he's going on about it. My ears had perked up, but then I'm waiting to see if guests reiterate. So far Lee Cooperman has not.
I put in a re-buy order for my 2 sold LMT for 368.50. So far looks like I missed that dip. Sold those 2 at 414. So that'd be a nice gain for all of 2 stocks. Although not sold yet!
Land: The USD started to weaken after the stock market dipped, which may have brought in some foreign buyers.
DeleteU.S. Dollar Index (DXY)
96.89 -0.43 -0.44%
Last Updated: Jun 15, 2020 1:14 p.m. EDT
Recently, weakness in the USD has been correlated with stock market gains.
The investment grade corporate bond ETFs started today with declines but have turned positive.
The SPX intra-day low was at 2,965.66 and the index is weakening some at the moment, possibly due to a program selling wave.
I have the SPX 200 day SMA line at 3012.39
using a 1 year YF chart.
I am not seeing anything so far that would indicate conviction either on the buy or sell side.
""I am not seeing anything so far that would indicate conviction either on the buy or sell side. ""
DeleteThat sums it up.
I don't know what it will be in the morning, but now futures have added. -3% in Dow & SPX, 4% Russell, Nasdaq 2%
ReplyDeleteI have to include this. What is StanlyMorgan stuck in that they need more rally this badly?
http://feeds.reuters.com/~r/reuters/businessNews/~3/BeLZM8dLntc/recovery-rally-has-further-to-run-so-buy-stocks-morgan-stanley-idUSKBN23M0KH
Got an answer on ex-div dates from Ameritrade. They're saying that at 4am on ex-div date ownership is assessed. So as long as you own the stock at 8pm the day before, you get the div. Otherwise not.
ReplyDeleteI put in a question to make sure I understood that correctly. But for now that seems to be a solid answer.
This must be today's 2pm pop up. "Trump wants back to work bonus instead of 600 unemployment benefit."
ReplyDeletehttps://www.cnbc.com/2020/06/15/trump-wants-back-to-work-bonus-instead-of-600-unemployment-benefit.html
Thinking about that, can he have any influence on that? You can't give people a bonus for putting themselves at risk. The goal was to supplement while they needed to be at home, to enable the shutdown. Would Dems go for this? And doesn't it take a bill. In other words, it's not news, that the market is reacting to?
Oh, two hours later, here it is. Something about Fed signally risk on.
Deletehttps://www.bloomberg.com/news/articles/2020-06-14/aussie-slips-as-china-virus-outbreak-monitored-markets-wrap
I haven't read since it's not worth using up my firewall free articles for it. CNBC wasn't talking about it when clicked to see the news.
LAND: If you look at a SPX daily chart, the upturn started at 2:00 P.M. E.S.T. which coincided with this FED news release:
Deletehttps://www.federalreserve.gov/newsevents/pressreleases/monetary20200615a.htm
The FED announced that it would be buying individual corporate bonds. This is the FED's first foray into buying individual corporates. The FED had been buying corporate bond ETFs recently, and that was a first.
IMO, there was no reason for the stock market to respond favorably to this announcement. It did allow me to sell a 2.4% coupon bond maturing 9/1/2026 at over 106. I suspect that the FED was have some kind of problem buying the bond ETFs and elected to construct "a corporate bond portfolio that is based on a broad, diversified market index of U.S. corporate bonds." Twiddle Dee-Twiddle Dum. It is not important that the FED is buying individual bonds to track an index or an ETF that then buys the bonds in the index.
Trump is going to hold a massive indoor rally in Tulsa that is currently experiencing a spike in Covid-19 cases. There will be no social distancing. Masks are optional. I am starting to see more people fail to take any precautions. Mask wearing is becoming a political statement and part of the cultural wars.
I would regard the next stimulus bill to be so fluid now that I have no idea what, if anything, will be able to pass. The Democrats have a different approach than the back to work payment. It looks like there will not be an extension of the extra $600 per week provided by the Cares Act which expires on 7/31.
Land: CNBC has an article on the new FED bond buying program:
ReplyDeletehttps://www.cnbc.com/2020/06/15/the-fed-says-it-is-going-to-start-buying-individual-corporate-bonds.html
I do not view this as a good reason for the rally that started after the announcement. Still, it is a positive that more daylight was created today above the SPX 200 day SMA line, and my 2950 line held after an assault.
This market has psychological problems.
DeleteI could see not being on the bottom, feeling like all is ending. But the "need" to rally into everything, isn't healthy.
Definitely exuberance phase. All while in a crisis that effects the economy. Market wasn't ready for a crash, so it's not doing one.
My reaction is that I will look for what seem like not big risk, opportunities to gain. But I'm not "investing" in this market. I need to get money in so will look for openings at prices I feel comfortable at for long term. But you can't even assess anything's value because forward reports were not given.
Do wonder if my reaction is a contrary indicator. But I'll just leave it there. Not that it's news. I think I've done this rant before.
Meanwhile those of us who use caution are going to have to deal with those who don't healthwise. It feels like that jihad on savings. Reward the irresponsible in society.
Seems like we've been here before. I'm not even trying to do anything.
ReplyDeleteLand: I have done some light paring and buying.
DeleteOn the buy side, I focused earlier today on buying back some international stock ETFs that were sold last year at higher prices.
An example is a 20 share purchase of the ETF IDV at $25.78.
iShares International Select Dividend ETF
https://www.marketwatch.com/investing/fund/idv
I eliminated a small position last December:
Item # 2.Eliminated IDV-Sold 21+ at $32.44:
Saturday, December 14, 2019
https://tennesseeindependent.blogspot.com/2019/12/econ-idv-nobl-pflt-prosy-veu-vtr.html
An example of a pare was to sell 10 HTA at $29.27, part of a 100 share lot bought at $22.8:
1. Bought 100 HTA at $22.8; 2 at $22-and Sold 2 at $26.7:
https://tennesseeindependent.blogspot.com/2020/05/bhb-btz-dgro-ebayl-eprprc-good-hta-ibm.html
This is of course so insignificant as to be equivalent to doing nothing.
I understand the psychology behind the move up. There is simply no way to earn a viable risk free real rate of return and that problem is likely to continue for an extended period of time. Stocks are working so that creates a herd mentality to buy and then buy more since the gratification and vindication occurs quickly after purchase. Everyone is a genius and stock market prodigy. The truth of the matter is that the FED is forcing a stampede into stocks and every ray of good news is blown out of proportion to explain and justify the stampede into stocks.
The May retail sales report did shown a nice recovery from a depressed April but the number was down 6.1% Y-O-Y.
The news about the effective of a steroid in treating Covid-19 patients on ventilators makes it even more likely that nothing will derail the reopening push. Remdesvir can be given to hasten recovery of those in less severe cases. And, the Stock Jocks believe a vaccine will be developed and administered within 12 months.
The question that is forgotten is where does all of that leave the economy assuming everything comes to pass as currently predicted and reflected in stock prices. I can not say that the U.S. economy will be in a better place compared to February 2020 this year or next year and probably not in 2022. There will be residual blowbacks that will continue even with a full reopening.
The end result of the massive amounts of federal and monetary stimulus will be more financial instability, not less, in the years to come IMO. The USD is declining in value and gold has been in a strong uptrend. This suggests a developing trend that the USD is being devalued by the recent actions of the federal government, taking on massive amounts of new debt that will have to be refinanced for as long as the U.S. exists, and the Fed's money creation machine and abnormal monetary policies going into previously unimaginable levels.
I bought only 10 shares of IDV rather than 20 mentioned in the previous comment.
DeleteThis one went ex dividend for its quarterly distribution on 6/15/20:
https://www.ishares.com/us/products/239499/ishares-international-select-dividend-etf
As with other international stock ETFs, performance has been pathetic for a significant period of time, so I will go easy with it and will simply seek to earn a return in excess of the current dividend yield through averaging down in small lots and paring on any significant price pops.
The 12 month trailing yield is about 8.86% according to the sponsor based on yesterday's closing price of $25.02.
That idea that it's the only place to invest - I do undercount that.
DeleteI've got to learn to think like the herd. They are making money. Quickly as you said.
With everything at poor states, international seems to be slightly poorer. It got the reputation of a good idea when developing first came into view. Since then they seem to have flu when US has a cold. And same doing good times too. It seems to be country and situation specific whether any particular is a good investment.
Maybe developing with move fast again across the board. Won't be till the covid situation is more under control.
Land: I am not a stock chaser though I have nibbled over the past 30 days or so on stock ETFs that are members of the Church That Works Now (e.g. QQQ, SKYY, XLK and a few Fidelity sector mutual funds in health, technology and biotechnology)I am not sure what I am going to do with SKYY. I bought a couple of shares in 4 accounts as placeholders.
DeleteBroad international stock ETFs have been pathetic performers for years, so by definition I am not chasing when buying a few shares now.
IDV had a -20.61% total return YTD through 6/15/20 and an annual average total return of -2.7% over the past 3 years.
https://www.morningstar.com/etfs/bats/idv/performance
Some country specific ETFs and funds have had periods of decent performance. I have traded funds that invest in China successfully, where there has been brief spurts of massive outperformance followed by givebacks. Those have not been worthwhile as long term holds.
VEU, which is a broad international index ETF, has done better on a total return basis but not by much.
https://www.morningstar.com/etfs/arcx/veu/performance
I am doing a test run by buying several different international ETFs, using small ball purchase restrictions. Maybe one or more will work. Of course, my standard for working when MM funds yield .01% is pretty low now.
In addition to IDV , some of the others that I am trying are VWO (emerging markets), VEA, and INTF.
VEA
https://www.morningstar.com/etfs/arcx/vea/quote
VWO:
https://www.morningstar.com/etfs/arcx/vwo/quote
INTF:
https://www.morningstar.com/etfs/arcx/intf/quote
There's a joke in England that if you don't like the weather, wait a couple hours.
ReplyDeleteThe stock market today, is being very English.
I suppose if I take psychologically unstable out of my terms and replace with "where else you'd gunna invest" the market's constant urge to push up makes sense.
Someone on Bloomberg, was explaining. The economy tanked, and investors are looking 2 years out. Not only will the economy recover, but it will be swimming in all that stimulus. (So I guess earnings will benefit greatly. He only mentioned prices benefiting.)
So the logic is that the stimulus that covering SOME of the decline for a portion of time, isn't "used up" that way, and continues to contribute a-new after the market recovers. Am I not understanding how economies work? Or is his math double counting?
His name was Daniel. I didn't deem his assessment worth staying in the car to listen to get his name once I pulled up at home.
Someone this morning on CNBC (all of about 2 mins I had it on) did the math differently. She figures 10-12 Trillion in aid will happen. With economic loss of 5ish% GDP will be cost about 1-2 Trillion in GDP. (I may be off by a trillion or so). I couldn't figure out how she got that much aid happening. Nor that low an amount of GDP -cost-.
It's all moot in many ways. The prices are what they are, whether they make sense or not, and following them is where the profits are.
Used a different news source this time. 3pm. Otoh, Powell said something not v-shaped, didn't he?
ReplyDeleteLand: I am not sure what Powell said today. The economic forecast released last week from the FED is not consistent with a V-Shaped recovery.
DeleteYesterday, he tied the speed of the recovery to whether or not the virus is under control.
https://www.youtube.com/watch?v=6JS44ULX9ho
I do not see any evidence that the virus is under control.
The Stock Jocks are treating IMO better than really awful data as good data. Two examples are the recently released jobs and retail sales reports. Economic data in the coming months will be better than when the economy was largely shut down but the data will still be unfavorable and indicative of ongoing demand problems in the economy.
There is a forecast embedded in current prices that the economy will be back to normal within a year and will actually be better off than just prior to the shutdowns due to the fiscal and monetary stimulus.
The fiscal stimulus passed so far will be used up this year and most has already filtered into the economy (checks, paycheck protection loans, extra unemployment benefits. I view that stimulus as being a partial replacement for lost income due to the ongoing recession and rapid increase in unemployment, a form of short term Keynesian stimulus, similar to what was done in 2008-2009.
While large, the stimulus did not replace the loss in demand related to the ongoing recession. Without more stimulus, the benefits will soon evaporate.
I would agree with this guy's comments.
https://www.cnbc.com/2020/06/17/jason-furman-economic-recovery-wont-continue-without-more-stimulus.html
I pared some positions early in the day. I am knocking down my stock allocations in the Roth IRA accounts that were built up in March. I will keep the most shares bought during the pinnacle of the decline.
Nothing that I am doing now is material under the most liberal definition of that word which is conceivable.
More details about what is in Bolton's book are coming out as Trump and Barr use the threat of criminal prosecution and a newly filed lawsuit to smother the First Amendment right to free speech. The purpose is not to protect national security but to protect Donald from unfavorable information. The same was true about Nixon's effort to enjoin the publication of the Pentagon Papers.
https://www.cbsnews.com/news/john-bolton-book-trump-china-xi-help-winning-reelection/
That confirms my impressions.
ReplyDeleteI'm looking forward to a news cycle about Bolton's book.
Did anyone (who isn't Trump beholden) think Ukraine was the all of it?
I saw something about him reaching out to China's Xi to help him get reelected.
The only reason I've seen for why Bolton didn't testify that's believable, is that he wouldn't have wanted to give the dems a win. Beyond that I can't imagine why.
This is interesting. No evidence of it yet:
ReplyDeletehttps://www.cnbc.com/2020/06/19/trading-could-get-wacky-friday-because-of-some-technical-stock-market-circumstances.html
Land: Maybe the wackiness is present and has been building up for weeks. Grantham was asked this week how much investors should have in stocks now. His reply was zero. That is hard to do when cash has negative real yields before taxes.
DeleteI am continuing to sell into the current rally. I have allocated some money to ETFs that have the Big Mo at the moment. But even the minuscule investments in those ETFs are being hedged a bit with QID like my 1 share purchase today.
I noticed that Donald has called Bolton a wacko, fool and a liar. If that is a correct description of Bolton, why does the Duck keep hiring wackos, fools and liars. A CBS reporter ask him that question which he refused to answer:
https://www.foxnews.com/media/cbs-paula-reid-trump-wackos-liars-bolton
Good point. How would one tell in this market that things are "wacky"? That would just be normal these days.
DeleteIs Grantham a permabear?
First Foundation lowered their rate to 1.2%. Still higher than other banks. I sent a note that they should have lowered 1-2 times not in dribbles. Looks like they were trying to collect funds.
My 3% on up to 15k and 20k accounts are still paying that. You have to do 10 charges a month & a couple other things. It's fine for rainy day money. But not enough to mean anything for a real retirement account.
Selling into rally & QID. So you expect another pullback? Could take a while.
CNN's headline last night was "Trump's presidency is on fire." Or something like that.
Unfortunately he's a sociopath. So it's looking like things keep backfiring. But he may twist his way out. He doesn't restrict himself to logical, or factual methods, so anything's possible.
I wish the polls lately would break down how he's getting low numbers. Who's no longer with him? If they do, I haven't seen it in articles or TV yet. But the #s are nicer.
Land: I do not view Grantham as a permabear, but generally view him to be a cautious investor. He was referring to a zero allocation in U.S. stocks.
Deletehttps://www.marketwatch.com/story/stock-market-legend-who-called-3-stock-market-bubbles-says-this-one-is-the-real-mccoy-this-is-crazy-stuff-2020-06-17
I would not think to hard about what is moving the market on a minute, hourly or daily basis. Part of the action today may be related to market dynamics which includes quadruple witching, index rebalancings and an array of other factors including program trading and profit taking.
I would just step back and try to see the big picture. IMO, it is hard to make a case that significant upside is more likely than significant downside. The next major move is more likely than not to be down not up.
It is important to identify major forces driving longer term trends including the psychological ones. A powerful impetus for upward movement is abnormally low inflation and extremely low interest rates. Psychological factors include excessive greed clouding judgment and the herd opinion that dismisses everything that is negative and inconsistent with an unshakeable belief in the Blue Sky scenario.
There are a number of reports that coronavirus infections and hospitalizations are rising in several states and Apple's store closures just drive that point home.
Then you have Trump's mass infection gathering tomorrow where people from everywhere descend on Tulsa, pack themselves like sardines into an arena for a few hours, face masks being optional, with many likely becoming infected and then spreading the infection to their hometowns. There is no such thing as the virus being under control when there is freedom to travel without restriction from one hot spot to a place where the virus was more or less under control. The virus is highly contagious. There is no nationwide policy to deal with the pandemic and that is a major problem IMO.
I finished noticing there's a lot going on this friday. Then promptly acted surprised.
DeleteStill when the market drops in a straight line, I like to figure out why. It might be a great chance to buy something... and I like to know if the sky actually fell, or if merely a small bit showed threw that's not sky blue.
It's possible instead of downside, there's trading range until reality catches up with the market.
That said, election is coming, and trump supporters still don't think biden has a chance. Worries by them about tax plans may start up...
I've heard tonight that the rally was poorly attended. Lots of empty seats. The one pick I saw of people, they were bored. But that may have been a cherry picked pic. Apparently they sold 800,000 tickets (19,000 venue) many to teenagers punking them. That must have been fun. Hum,wonder what the tweets will be tomorrow. Well not too much.
If I had crystal ball, should have bought back Square.
ReplyDeletehttps://www.marketwatch.com/story/square-stock-on-track-for-new-record-high-2020-06-19
Land: One of my recent Small Ball ETF purchases has Square as a major holding.
DeleteGlobal X FinTech ETF (FINX)
$33.51 +$0.04 +0.12%
https://www.marketwatch.com/investing/fund/finx
As of yesterday, Square's weighting in that fund was at 6.27%:
https://www.globalxetfs.com/funds/finx/
I should buy some of these ETFs. A way to get into these with more diversity.
DeleteI just got a text that spx is below 15 ma again. ...but no message on 200 day, so I assume is still below.
Went to look and there's a cascade down.
CNBC is saying nothing about it. Finviz has nothing. Ameritrade has nothing. Has to be something.
Schwab has article that Apple plans to shutter more stores again. Maybe that's why the market move?
Deletehttps://client.schwab.com/secure/cc/research/markets/markets.html?path=/research/Client/Markets/NewsStory&docid=309-SI20200619122601-61JRPGRAF98A18NTJ8K1J92PLC
It's pretty 'wacko' when the market moves from spx 312 to 309 in one quick move... and I can't easily figure out why.
NOW there's an CNBC market alert about the apple news.
I have published a new post:
ReplyDeletehttps://tennesseeindependent.blogspot.com/2020/06/bpyup-ccne-cna-d-ddt-fnb-good-hrzn-htfa.html