CNN’s Drew Griffin Saves Man From Beaumont Flood

Hero.

Big moves in the Nasdaq today. I’m blogging from an old iPhone in my car. I’m nearly done with summer vacations. I have 1 planned vacation left, the Berkshires in October. After that, it’s all work and no play.

Breadth is not too strong today, but the true nature of the tape can be found in stocks like OLED and SHOP — two of today’s strongest growth trading stocks.

My bubble basket is higher by 2% today, indicative of a market that embraces risk.

I’m glad to be away for a little bit, as I’m sick of the news and especially politics.

I’ll be checking in later.

Ciao.

A shivering toddler was found clinging on to her drowned Mother in Texas, but an analyst at Wedbush felt it was necessary to remind us that JACK stands to lose $0.007 per day due to its exposure to Houston.

This is what we’ve come down to, after you strip away the humanity — dollars and no sense.

Wedbush feels JACK, FRGI, CHUY, CAKE and BJRI have the most exposure to Hurricane Harvey in their coverage. They est ~20% of Jack in the Box company-owned restaurants are in Houston. They have no Qdoba exposure. They est ~27% of FRGI’s Taco Cabana restaurants are in Houston (14% of total co-owned Pollo+Taco restaurants), 9% of Chuy’s units, 3% of CAKE’s units and 2% of BJRI units. Firm expects SSS growth impact to either be backed-out or quantified, with investors focusing more on margin and EPS impact. They also note that they are not updating their models with this note as the impact is ongoing. Their goal is to put parameters around the possible impact as stores remain closed. Jack in the Box exposure could be as high as $0.007 in EPS per day; FRGI exposure could be as high as $0.005 in EPS per day; CHUY exposure could be as high as $0.004 in EPS per day; CAKE and BJRI exposure could be as high as $0.002 in EPS per day.

On a related note, crack spreads are now +50% since Harvey hit.

WTI continues to trend lower, while gasoline and heating oil move higher — a combination destined to make your cost at the pump more expensive.

I’m in coastal NJ for ‘vacation’ in a hotel that can only be described as ‘bohemian’. The bartender didn’t have faintest idea how to make a proper French Martini, so I opted for ordinary dirty ones. I was in the lobby all night due to the torrential rains, with my family and also my sister — a rare occasion.

Since we were stormed in, food was ordered into the lobby, a place beset upon by at least 30 people, drinking and playing board games and billiards — an odd pastiche of people ranging from orthodox jew to NJ shore moron. My dog was present, barking at anyone who made odd movements, which I encouraged, much to the chagrin of Mrs. Fly.

I tried my hand at billiards tonight, something I hadn’t done in at least a decade. I approach the table with supreme confidence, having played this game every weekend during most of my teenage years. At first I was impressive, hitting balls at a fast pace with extreme precision, reminiscent of a pool shark you might’ve seen on the teevee or even in person. It wasn’t long before that shine wore off, exposing my amateurish skillset. I imagine this is how many of you feel trading on a daily basis. For that, I am deeply sympathetic.

God damn it, I wasn’t any good. As a matter of fact, it was a disgraceful display of adult athleticism. I looked like a god damned blogger out there, hitting and missing — knocking balls off the fucking table in front of an audience of cynical fucked faces.

All in all, this place should be condemned. No human should have to live in quarters as lowly and valueless as this. Nevertheless, I press on, enduring this personal shame and indignity for the benefit of my family. Some might say this makes me a ‘great man.’ To those people, I say thank you and strongly suggest avoiding hotels with pool tables in the front lobby.

I have a long morning ahead of me tomorrow and I am busy reading old newspapers, so I’ll see you when I see you.

If you thought CNN wouldn’t politicize Hurricane Harvey, you’re wrong.

Look at how evil our President is, showing zero empathy of the victims of Hurricane Harvey. Trump is done. Why doesn’t he go back to Moscow to live out his days as an oligarch there with his boy Putin?

And what’s up with Melanie, wearing stilettos and shit as people drown in the water of the gulf?

IMPEACH DRUMPF NOW!

The damages inflicted upon Houston will cost upwards of $50 billion. The fact that only 10 people have died from the storm is truly amazing, considering the widespread damage. Bear in mind, Houston is not a place where flooding is supposed to happen.

Unlike Katrina, where most citizens in the afflicted areas were insured, only 20% of the people hit by the flooding have flood insurance. This is going to be a GIGANTIC boon for insurance companies in the future, who will descend upon Texas like the wrath of God — scaring them into buying flood insurance. In the meantime, construction related stocks are moving higher, in anticipation of the rebuilding efforts.

You want to own Texas based companies, for obvious reasons. STRL is being gobbled up by greedy investors, up 25% over the past week.

Florida based engineering firm, NVEE, is moving higher — due to their expertise in flood related pollution.

Houston wire and cable (HWCC) has enjoyed a 17% weekly run, thanks to the vast amount of infrastructure damage done to the region.

According to Exodus, there are 193 publicly traded companies based on Texas. Here are today’s top performers.

Having traded through several natural disasters, I can tell you that this hype will soon fade. The infrastructure and sheet rock story gets old fast. But what lasts are the changes made to the region, such as a brand new customer base for insurance outfits.

One should presume PGR will see more flood insurance policies thanks to Harvey, as well as TRV, MET, AIZ and ALL.

Other obvious plays are trucking companies like CVTI, ARCB, KNX and YRCW. Then you have the whole demand for steel, copper and supplies that make up the rebuilding efforts. This is what traders are looking to trade now, even if it’s the stupidest fucking trade on the planet.

I awoken from my slumber around 11am today, without a care in the world. School will be starting soon, which means that “The Fly’s” morning breakfast eatery and car service, ferrying the kids to and fro school, will be in full effect. This being the last week of August, marking yet another summer gone by without the world ending, I am Sancho Panza of the blogging world — taking siestas and eating large vegan meals whenever I want.

As you could imagine, I was delighted to see both BBY and FINL shot to pieces this morning. The latter offered horrendous earnings and guidance, something I had been warning about since last year.

Releases Q2 preliminary results; sees Q2 sales of $469.4 mln vs. $477.8 mln Capital IQ Consensus Est, sees EPS of $0.08-0.12 vs. $0.38 consensus; lowers comps sales through remainder of FY18 to declining 3-5% versus its prior guidance for an increase in the low-single digit range; lowers FY18 EPS guidance below consensus; guides Q3 EPS below consensus; guides Q4 EPS below consensus

I will reiterate my thesis.

The sneaker trade is dead. The NBA is the greatest generational short of our lifetime. It is the new hockey and the numbers will soon reflect that reality. Incomes aren’t rising enough to justify $300 sneakers. Ergo, FINL, FL, NKE and others will get flushed down the toilet.

BBY is down sharply too and the mall, as we know it, is dead.

I spent $99 at Whole Foods yesterday or a half bag of vegetables and some meat for company. All of the shit on sale was non-organic — because they’re gouging the good people of Princeton — a people who raise irreverent children who frantically cycle throughout the streets cursing at gentlemen — making fun of their cool hats.

Copper is collapsing too, as predicted. Shares of FCX are a sell.

The market isn’t any good here. Save yourselves. Hop aboard the ark, via TLT, or get inside the mine, via GLD. Let this phase of the market pass and get back in after the dust settles.

It’s just an excuse to head lower — truth be told. All of the ‘global fears’ have turned out to be great big giant nothing-burgers. Remember how scared people were of BREXIT?

Puhleeze.

The North Koreans are gigantic pussies and they don’t want to taste our nuclear dust. This is merely a ploy for attention — at least that’s what I like to tell myself.

S&P futures are lower by 14, NASDAQ 38. Gold is moving higher again, by 0.5% — which is great for me since I am heavily long.

Asian markets are moderately lower, between -0.5-0.8%.

If I’m being honest with myself, I’d like to see fire and brimstone and then MOAR fire.

I’ve been summoned to partake in MOAR vacation tomorrow, hotel by the beach for a little decadent R&R. Quite frankly, I’m not a big fan of vacationing. It feels like more work. My idea of leisure is sitting in my study, fucking around, listening to my jazz music, reading classic literature. The notion of dragging a hundred pounds of clothes in luggage onto an airplane and then dealing with the fucking logistics of boarding and dining being anything but chaos is fucking ridiculous. You stupid shitheads have been brainwashed into believing that seeing a fucking jungle in Africa is enriching. No it’s not. I never, ever have to see a jungle in Asia or Africa to live a rich life. I like first world living and do not care to partake in the lifestyle of savages.

See you in the AM. I am eating SPICY AS FUCK veggie dumplings now and can’t deal with posting anymore at the moment.

Get ready for WW3 to pop off. Early reports by NHK indicate that N. Korea fired a missile that flew over Norther Japan. No word on where said missile was heading. Perhaps it’s going to bomb out Santa Claus?

The missile launch prompted Japanese emergency sirens and warnings to its citizens.

I woke up with a Siren and an announcement that North Korea launched a missile that would possibly hit cities within Hokkaido. pic.twitter.com/RGiflzTqJT

— Joe (@jtnarsico) August 28, 2017

SEVERAL MISSILES WERE FIRED BY NORTH KOREA, JAPAN GOVT SAYS:NHK

— zerohedge (@zerohedge) August 28, 2017

UPDATE:

BREAKING: NORTH KOREA MISSILE BROKE INTO THREE PIECES, FELL INTO WATERS OFF JAPAN'S HOKKAIDO – NHK

— Dan Murphy (@dan_murphy) August 28, 2017

I don’t actually think he’ll get it done. They’ll likely kill him before he’s able to secure the border, fuck up NAFTA and the mechanisms of globalism. However, I do enjoy a good shit talking.

Take that Vicente Fox, you gigantic fucking faggot.