FDX warned of a massive global slowdown. Maybe it has something to do with the fact that Amazon fired their asses and they’re fucked like mailmen now. Trump is out there heightening sanctions on the economic powerhouse Iran and we’re over here starving in the streets, begging for brioche.
And now this, fresh off the shit presses of CNBC:
The Business Roundtable said its members forecast U.S. economic growth this year will clock in at 2.3%, down from last quarter’s estimate of 2.6%.
The group, whose chairman is J.P. Morgan CEO Jamie Dimon, blamed tension with China and the stalled free-trade agreement with Mexico and Canada for its members’ downbeat assessment.
This quarter’s survey asked members to rate the impact of the trade war on their businesses over the past year. More than half of executives reported a somewhat or very negative impact on sales.
Whoa, did you read that? “A downbeat assessment.” Whatever will we do?
The Nasdaq is down 27, but gold is higher. Crude is acting like nothing happened to HALF of Saudi Arabia’s oil production, so the only logical thing to do is to sell short — right? We’re fucked. Growth is fucked. Xmas is months away. October is right around the bend. You know market crashes always happen in October. So we’re completely and entirely fucked. Go grab your kids out from school and head for the mountain range to live off the land.
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I’m on FED watch. Read this yesterday:
“According to the CME’s FedWatch Tool, which measures what the markets are predicting the Fed will do next, the probability of a quarter percentage point rate cut is only 56%, down from 92% just over a week ago.”
https://www.cnn.com/2019/09/17/investing/dow-stock-market-oil-today/index.html
If the 0.50 cut is off the table, and the 0.25 cut might not even happen, why is the market even close to 3000?
PS the same article mentions that the Saudi’s claim they will be at full production in 2-3 weeks.
Also, there will be no war with Iran.
No one trusts the Saudi’s word, except for Trump himself. In normal times, the US intelligence agencies would provide the final word (heck, that’s how we ended up in IRaq looking for WMDs), but thanks to Trump, no one trusts the word of te US either. Heck, even Trump himself has sh!t on US intelligence. Given that it is in the Europeans best interst to beleive that it wasn’t Iran, what/who would it take to convince them otherwise?
It’s remarkable that we’ve reached the point where Iran could launch missile/drone attacks agaisnt Saudi oil and would not face consequences, but it looks like that is where we are at.
Lots of words. What’s the play?
The same as usual: bullish exuberance. We go up because of “x”, but then when “x” doesn’t materialize, we don’t go back down.