Note: Yesterday, December 8th active traders rolled forward to trading the March 2017 futures contract. For the sake of the IndexModel, today’s price levels will be reported using the December /NQ contract.
NASDAQ futures are coming into Friday gap up after an overnight session featuring normal range and volume. Price worked up to new weekly highs overnight, and as we approach U.S. open prices are holding above Thursday’s high.
On the economic docket today we have the preliminary reading of U. of Michigan confidence. With futures rolling over, this preliminary reading can be used to jostle the market. Be aware of this 10am announcement.
Yesterday we printed a normal variation down. The gap up was quickly sold to fill down to Wednesday’s close before a bidder stepped in. The rest of the session was balanced but sellers did manage to extend the range lower, albeit briefly, toward the end of the day. Prices quickly recovered during the Ramp Capital hour.
Heading into today my primary expectation is for buyers to squeeze higher, up through 4881 triggering a move up to 4895. We are likely to settle into two way trade from here.
Hypo 2 full-on move for the highs, sustain trade above 4895 and a move above 4907 to make new highs. Look for some traffic around 4900.
Hypo 3 sellers push down to 4864.25 before two way trade ensues.
Hypo 4 a liquidation triggers, down through overnight low 4852.50. Look for buyers down at 4847.25.
Does anyone know if this is real? Bloomberg published an open letter Wednesday from the man who owns Foxconn, the work camp where iPhone’s are assembled.
Read this. Terry Gou sounds alpha AF:
Dear Mr. Trump,
You don’t know me but I’m Terry Gou, the man who makes your iPhone.
Let me start by congratulating you on the election. Your victory made me consider running for office myself. Next time you talk with the president of Taiwan, it might be me on the other end of the line.
We have a lot in common, you and I. We’re both billionaires (although I am richer), we both like to build things, we’re both married to gorgeous younger women, and we both hate Wall Street.
I know that you’ve been telling your constituents that you’re going to create a lot of jobs, so I want to give you some advice. First, you don’t actually have to create any jobs, you just have to make people think you’re going to create them. I am sure you’re familiar with the concept.
Actually, I can help you with that. If you look at Brazil, Indonesia, India and half a dozen Chinese provinces, you’ll see that my work speaks for itself.
Take Indonesia, one of my proudest achievements. Oh no, I haven’t built a single iPhone there and probably never will. During closed-door discussions, they allowed themselves to believe I might invest $10 billion in a mobile-phone factory. It’s not my fault some over-eager politician, keen to burnish his reputation as a can-do leader, blabbed to the media.
All I need to do is lay out my demands and watch while the bureaucrats and politicians argue about whether they can afford to have me or risk falling short on a campaign pledge.
So that’s where you and I need to talk. I hear you’ve been telling people you’re going to get Apple to build stuff in America. Well, you see, Tim Cook doesn’t build things, I do. In fact, I got $75 billion in revenue from them last year.
I am a doer, Mr. Trump. I get things done. When Apple told me to start making iPhones in Brazil to get around import tariffs, I made it happen. It didn’t create much employment, mind you, because I just exported pre-fabricated iPhones for the locals to slot together — kind of like Lego — but it got the job done. And by job, I mean kept Apple’s and Brazil’s leaders happy. And who do you think paid for it? Not me.
If you want iPhones to be made in America, I can make that happen, too. Heck, I can set up a production line in Trump Towers if you like, but the costs will be yuuuge. I have to cover my expenses, which include factories, labor and transport. You see, I don’t manufacture in China just because it’s cheaper, but because thousands of suppliers are there, within spitting distance of my factories and the one million people I employ during peak season.
I can deploy more robots in the U.S., sure, but it can take months to train them whereas humans can be taught in a few hours. Besides, more robots means fewer jobs.
Bumping up your import tariffs won’t change the equation much, but give me tax breaks, subsidies to hire workers, cheap electricity and free land, and I’m sure we can come to some arrangement. Let me know what numbers you want to Tweet, and I’ve got your back.
But just remember: Like that wall you’re planning to build, somebody’s going to have to pay. And it won’t be me, let me tell you.
Chairman, Foxconn Technology Group.
Mr. Gou doesn’t shy away from the fact that he occasionally employs a million seasonal laborers and is a master at gaming globalism for Apple. The world craves straight talkers. Perhaps this is an effective tactic in the People’s Republic of China also. He hints at running for office in a place where ‘fake news’ does not exist, only heavily censored news.
This has all the makings of a high powered billionaire showdown. The world is getting lit fam.
But I am confused, did the Foxconn owner actually write this letter or was it dreamed up by some shill at Bloomberg?
This is a no-brainer folks. There are no more good deals to be had in the early investment space anymore. They’re all gobbled up by VC funds, milked for everything they’ve got, then dumped onto the investing public at absurd valuations, enriching bastard venture capitalists in the process.
The opportunity to get into an exciting company at the ground floor and benefit from their parabolic growth is now reserved for the world’s elites.
You, Joe blow investor, are an ATM machine for VC funds.
Seeing the writing on the walls, Gene Munster is leaving his post at Piper Jaffray to launch his own VC fund.
Long considered the top analyst covering Apple Inc and other important tech names, Piper Jaffray senior analyst Gene Munster will be leaving the firm in order to start a new venture capital firm.
Munster will be joined by long-time associates Doug Clinton and Andrew Murphy to start Loup Ventures, a firm that will be investing in virtual reality, augmented reality, artificial intelligence and robotics.
Munster joined Piper Jaffray in 1995 and has covered the digital media space.
In addition to numerous blockbuster bullish calls on Apple, Munster was also considered a top source on big tech and internet names like Facebook, Google, Amazon, and Yahoo!
We can expect Gene Munster to serve us steaming piles of Twitters, Snapchats, and DJI’s to us someday soon.
PJC stock is up 1.5% today because, well we’re rallying and stocks are just binary bits married to the US exchange.
Shares of mega-conglomerate Textron spiked to a new 52-week highs this morning before reversing after unconfirmed chatter Bill Ackman has a stake in the company.
$TXT is one of those corporations you know is inherently evil because they do everything from manufacturing ‘finger of death’ drones to plastics to fiber optics and beyond.
With the majority of their endeavors being of the war variety, shares have performed well over the last few months.
It doesn’t seem like a Bill Ackman type of play, and many traders are dismissing the rumor, but perhaps he took a stake in the aerospace/war conglomerate to better align his funds with the incoming administration.
NASDAQ futures are coming into Thursday gap up after an overnight session featuring normal range and volume. Price balanced overnight and held the upper quadrant of Wednesday’s trend up. At 7:45am the ECB announced a tapering of their bond purchases to €60 billion. The news sent the NASDAQ into a 10-point gyration best resembling a ping pong match (no Comet).
At 8:30am Initial/Continuing jobless claims data was slightly better than expected.
There are no other economic events on the docket today.
Yesterday the NASDAQ formed a trend up. A morning attempt lower, testing just below the Tuesday low, revealed a strong responsive bid. Buyers then became initiative for the rest of the session working up and above the open gap left behind at the end of November.
Heading into today my primary expectation is for a move up through overnight high 4854. Sellers defend just above at 4857.25 and two way trade ensues.
Hypo 2 stronger buyers work up to 4871.50 before two way trade ensues.
Hypo 3 seller push down through overnight low 4836 triggering and test down to 4827.50 before two way trade ensues.
Hypo 4 strong selling pushes down to 4800 then 4789.25 before two way trade ensues.
Silicon Valley’s gift to the bedraggled auto industry, Tesla Motors, a company fearlessly led by the venerable Elon Musk (all Praise and Glory to The Leader) is seeing its shares spike higher Wednesday after voluntarily recalling more than 7000 charging adapters.
Not interested in creating the lithium ion version the the Fiero, the company is proactively recalling charging adapters supplied to them 6-months ago by an outside firm.
(RTTNews.com) – Tesla Motors Inc. voluntarily recalled more than 7000 charging adapters. The company said these adapters of Nema 14-30, 10-30 and 6-50 are sold separately as accessories.
Earlier in November, two customers had complained about overheating issue of Nema 14-30 charging adapters. Tesla confirmed in its recall communication that there were no other similar incidents or reports of injuries or property damage.
Going above and beyond, and doing what is right for spaceship earth, the scientists at Tesla said they will recycle all returned materials.
Bless their hearts.
You are, all of you are witnessing how an organization can be run with a conscience. This type of business drives short sellers insane because they’re hung up on present fundamentals in a world where fundamentals have been skirted and greatness is demanded.
Short sellers will burn for this. There will be a witch hunt, driven by the appreciation of Tesla shares, that will see each one of these frog-like misanthropes held underwater to test if they are, in fact, witches.
In the meantime, let us give thanks to The Leader (all Praise and Glory to The Leader) on the momentous day.
Tomorrow isn’t promised.
Writer’s note: I am long of Tesla shares in US Dollars and will continue to accumulate more shares and often. I also believe Elon Musk (all Praise and Glory to The Leader) is a living deity and will achieve intergalactic space travel.
NASDAQ futures are coming into Wednesday gap down after an overnight session featuring normal range and volume. Price held the Tuesday range overnight and the main feature of the session is a sell rotation that began around 5am and continues as we approach opening bell. At 7am MBA Mortgage Applications came in at -0.7%. Better than last week.
Also on the economic docket today we have JOLTS Job Openings at 10am, crude oil inventories at 10:30am, and Consumer Credit at 3pm.
Yesterday we printed a normal variation down. Price was choppy and balanced. In the morning we exceeded the Monday high by a few ticks before falling back into range. Then just before lunch we went range extension down by a tick before pushing back into range. Overall it appears the market is in balance and waiting for new information before exploring new prices.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4787.75. Sellers remain persistent and defend around the Tuesday close 4787.75 and then work down through overnight low 4775.75 setting up a move to target 4752.75 before two way trade ensues.
Hypo 2 buyers close gap up to 4787.75 then take out overnight high 4795.25 triggering a rally up to the open gap at 4821.50 before two way trade ensues.
Hypo 3 sellers gap-and-go lower, tag 4752.75 and two way trade ensues.
Hypo 4 strong sellers push down through 4750 and sustain trade below it triggering a liquidation down to the gap at 4738.25.
Bank of England Governor Mark Carney was woke AF on Monday, dropping truth bombs during a lecture at Liverpool John Moores University.
At the heart of his lecture was a warning about the issues with globalism, a game that only benefits what Carney calls “stateless corporations”.
Have you ever stopped to think about what a corporation is?
Their existence is something that only happens in our minds. In Sapiens: A Brief History of Humankind, the author uses the term inter-subjective-reality to describe them. They are not tangible, existing only on paper and only because we mutually agree that they are in fact an entity.
They can be immortal. Some are human-less. Many have no allegiance to any country, headquartering wherever they can hoard money at the lowest tax rate and building factories wherever they can source near-slave labor.
Governor Carney wants to see these global companies show some fucking patriotism.
“As the prime minister recently stressed, companies must be rooted and pay tax somewhere.”
The lecture is only the second major speech Carney has given since Brexit.
“Globalisation is associated with low wages, insecure employment, stateless corporations and striking inequalities.”
Contrarily, Business Insider loves globalism, and their social media team recently whipped up a fun video to show Americans just how stupid they are for wanting to buy American made wares:
For reasons unbeknownst to the average American, daytime media continues to press their globalist propaganda while ignoring the brutality of it all.
The below video does a good job of visualizing the numbers that most can’t seem to wrap their minds around, in terms of 3rd world populations and the ineffective ways developed nations try to improve their circumstances:
Governor Carney is no slouch. He sees major problems with the path being taken by stateless companies. BBC news is reporting that his lecture in Liverpool expressed serious concern that people could collectively turn their back on free markets.
“We need to move towards more inclusive growth where everyone has a stake in globalisation.”
Sounds like wishful thinking in the world of 1000 drone, soulless corporate entities.
Tesla motors, a company lead by honest Elon (all Praise and Glory to The Leader) and his team of scientists and engineers, saw its shares print what if affectionately known as an ‘inside day’ among the candlestick biologists.
This technical chart pattern has a scoville heat rating of about 150,000 and carries the potential to burn short sellers to a cinder:
As TSLA shares bounce along their multi-year range low, and given this chart anomaly, it is my belief that short sellers will soon fall victim to the potent thrust of a tech stock on the loose.
Writer’s note: I am long TSLA stock and will continue to accumulate shares. The duration of this holding will be determined by my offspring who will be tasked with handling the equity stake after I am cold and dead.
The freedom fighters over at Naked Capitalism, who’ve had to join the ranks of finance websites turned truth seekers amid a sea of liberal leaning MSM outlets, have raised the stakes on Washington Post. They’ve retained attorney Jim “First Amendment” Moody who is ready to press defamation charges against the ‘real news’ organization. They are also asking WaPo to apologize.
Early Monday morning Yves Smith of Naked Capitalism wrote a post outlining just how retarted the Washington Post is and how they intend to correct them unless they check themselves. Her tweet on the matter is seeing heavy circulation:
Expect more hellfire to rain down on the Washington Post for their discretionary list of “fake news” websites. This only gets worse for WaPo and the boys.
Attorney Jim Moody is no novice when it comes to high profile cases. Per Naked Capitalism:
You will notice that our attorney Jim Moody is a seasoned litigator who has won cases before the Supreme Court. He has considerable experience in First Amendment and defamation actions. Past high profile representations include Westomoreland v. CBS and defending Linda Tripp.
In what most realize is a ridiculously obvious scam, the Washington Post recently published a list of websites and organizations they deem fake.
Zerohedge took a less direct approach to the WaPo claims, instead dismissing them as “beyond laughable”.
We fully endorse Yves Smith’s efforts.
Additionally, we note that the only reason we haven’t followed up with a similar action is because i) the allegations were beyond laughable – we have rejected all of them on the record, and ii) there are simply too much other events taking place in what should otherwise be a quiet end to the year taking place to focus on what may be a lenghty, if gratifying, legal process.
You can be certain the good folks at iBankCoin also endorse your efforts Ms. Smith. And on a personal note: