This is the market’s way of telling you to go do something outside today:
Everyone’s got a smart phone – just go and be free. Get a lapdance, buy a dog, whatever. If shit gets crazy, you’ll figure it out.
LOOK – this is what Marketwatch is headlining right now:
Truly a sign you’re wasting your life if you’re still reading this.
Look at this pile of boring garbage…
Aside from Home Depot and Lowes sucking taint, this is yet another sign that something greater awaits outside of doors.
So boring, except for Bitcoin – which is crashing today, down $500 from overnight highs.
Baby boomers across the land who recently read articles on Bitcoin at ‘record highs’ and instructed their adult children to ‘get them in’ woke up to carnage today
In what is shaping up to be a contentious battle over privacy rights and free speech, the Department of Justice has formally requested that web hosting firm ‘DreamHost’ turn over 1.3 million IP addresses and other information to ‘unmask‘ visitors to the anti-Trump Antifa website ‘disruptj20.org,’ as part of the investigation into crimes committed on and around the January 20 inauguration. DreamHost has challenged the request, claiming the scope of data requested violates the first and fourth amendments because it is too broad.
DisruptJ20.org was registered in October of 2016 by the ‘DC Anti-fascist Coalition,’ and promoted along with the hashtag #DisruptJ20 as a central resource for anti-Trump protesters to coordinate various plots over social media intended disrupt the presidential inauguration on and around January 20. The website connected users through mailing lists and planned meet-ups, and provided a calendar of anarchistic events as well as resources to help people prepare for the mayhem. The site also provides a ‘legal guide’ for those arrested.
Of note, organizers Luke Kuhn and Colin Dunn were caught on hidden camera at the infamous Comet Ping Pong Pizza restaurant in Washington DC, where they divulged plans to release butyric acid at the “Deploraball” Inauguration party, as well as “a series of clusterf*ck blockades, blockades of all the major ingress points in the city, shutting down major bridges and highway access points, as well as shutting down metro rail.” (video 1, video 2)
As a result of the undercover sting, both men in the video were arrested along with a third – however after inauguration related chaos ensued, much of which was coordinated through the DisruptJ20 website, 230 ‘black-bloc‘ protesters were arrested and subsequently indicted on felony rioting charges after the “anti-fascists” rioted in the streets – smashing storefronts, setting a limousine on fire, and injuring six police officers.
DOJ Request
Following the inauguration riots, the Department of Justice served DisruptJ20 website host, DreamHost, with a search warrant – requesting over 1.3 million IP addresses, as well as contact information, emails, photos, and browsing habits of visitors to the Antifa website.
DreamHost is currently challenging the request in court, and has hearing scheduled for Friday. In its most recent filing, the company claims “That information could be used to identify any individuals who used this site to exercise and express political speech protected under the Constitution’s First Amendment”.
Unsettling precedent
While authorities need to be able to gather evidence used in to help prosecute crimes – especially against violent leftists who have committed countless crimes in the name of tolerance, scooping up a shotgun blast of personal information from up to 1.3 million people sets a dangerous precedent – as it effectively opens the door to targeted data collection on all Americans, right down to browsing habits.
“In essence, the Search Warrant not only aims to identify the political dissidents of the current administration, but attempts to identify and understand what content each of these dissidents viewed on the website,” said DreamHost General Council Chris Ghazarian in a legal filing opposing the request.
Given recent revelations of the Obama administration’s illegal unmasking of thousands of Americans during the 2016 election, people are more aware than ever of the risk of government malfeasance when it comes to collecting, storing, and misusing the information of private citizens and organizations. Even if the Trump administration (packed with holdovers) promises to treat personal information with the utmost discretion, and somehow we could trust that promise – history has shown that the next despot to come along would gladly use it to target groups of people via illegal surveillance, tax records, or court-ordered production of a website’s user data – perhaps even the one you’re on right now…
Maybe the DOJ is attempting to use a hammer when a scalpel would suffice?
The following was published in the NY Post on Friday, reportedly from a former FBI agent, ripping the former FBI Director a new asshole for failing to convene a grand jury against Hillary Clinton, execute search warrants, and for being “cowardly” and “juvenile.”
Dear John: You recently criticized the FBI for its investigation of Hillary Clinton’s e-mails.
I am a retired FBI agent and extremely proud of my career and service. I feel compelled to write. Former FBI Director James Comey’s statements, testimony and behavior are truly abhorrent.
Comey admitted under oath before Congress that the bureau did not utilize a federal grand jury in the Hillary e-mail investigation.
Furthermore, he testified that in his experience, when dealing with attorneys, you can obtain information easier and faster than via a federal grand jury.
Never, I repeat never, in my 25-year career have I or any FBI agent known to me investigated a criminal case without the use of a federal grand jury, federal grand jury subpoenas, search warrants, etc.
Search warrants and/or subpoenas should have been executed at Clinton’s residences in Chappaqua and Washington and at Platte River Networks.
In fact, Comey frequently cites his vast experience. Well, I am certain that in every case with which he was involved (except this one, conveniently) he employed the use of a federal grand jury and all of the authority that encompasses.
Comey’s parsing of words to justify his cowardly decision was awkward and juvenile. These circumstances are indicia of Hillary’s intent (which, as we both are aware, is not a necessary element to satisfy the federal espionage statute) on which Comey placed so much emphasis.
Comey’s cowardice and lack of integrity is further exemplified in his surreptitious disclosure of confidential information through an intermediary to the New York Times.
Comey has created a disgraceful legacy. P.B.
Dear P.B.: I changed your initials and some other details because I’d like to speak with you and don’t want anyone to guess your identity.
My sources say Comey and three others made the decision on Hillary. The rest of the investigating agents weren’t consulted, and many were shocked by the decision not to pursue charges.
Family owned torch manufacturer Tiki Brand Products has distanced itself from the creepy white supremacist ceremony held during last weekend’s rally in Charlottesville, VA identical to a Ukrainian Neo-Nazi group’s.
“Tiki Brand is not associated in any way with the events that took place in Charlottesville and are deeply saddened and disappointed,” read a statement on the company’s Facebook page. “We do not support their message or the use of our products in this way. Our products are designed to enhance backyard gatherings and to help family and friends connect with each other at home in their yard.”
Many around the interwebs noted the irony of white supremacists using Asian-made, culturally Polynesian torches.
I like it when when racists march with tiki torches, in clothes & shoes made by Asians. You can hate us but you can't escape us boo 😉
The company received an outpouring of support over Facebook. “It’s saddening that you even have to make this statement,” one woman wrote. Another commenter said “Neo-Nazis always highjack [sic] good things and wreck them by association.”
Markets have sprung back to life as tensions between the United States and North Korea have simmered down following a claim by CIA director Mike Pompeo that there is no ‘imminent’ threat of nuclear war.
As of right now the Dow is up 145, S&P 500 is up 24.90, and the Nasdaq has tacked on an impressive 82 points – recovering about half of last week’s carnage.
Crude, meanwhile is trading near the lows of the day, down 2.56% to $47.58.
Market Heatmap
Looking at a market heatmap from Finviz, it’s green pretty much across the board with the exception of basic materials, Disney, and Home Depot.
‘Unite the Right’ organizer Jason Kessler was reportedly an Obama supporter involved in the Occupy movement as recently as November 2016, before establishing his white supremacist group “Unity & Security for America” in January, 2017.
Rumors abound on white nationalist forums that Kessler’s ideological pedigree before 2016 was less than pure and seem to point to involvement in the Occupy movement and past support for President Obama.
At one recent speech in favor of Charlottesville’s status as a sanctuary city, Kessler live-streamed himself as an attendee questioned him and apologized for an undisclosed spat during Kessler’s apparent involvement with Occupy. Kessler appeared visibly perturbed by the woman’s presence and reminders of their past association.
Kessler himself has placed his “red-pilling” around December of 2013 when a PR executive was publicly excoriated for a tasteless Twitter joke about AIDS in Africa.
Regarding the incident, Kessler stated “… so it was just a little race joke, nothing that big of a deal, she didn’t have that many followers, she probably didn’t think anybody was gonna see it,”
Regardless of Kessler’s past politics, the rightward shift in his views was first put on display in November, 2016 when his tirade against Wes Bellamy began.
Kessler was chased away from his own press conference on Sunday, given in the aftermath of the deadly riots the previous day.
Protesters chased Jason Kessler away from his own press conference in Charlottesville. Here's my view: pic.twitter.com/fTXctHgzsi
Internet sleuths discovered a CNN report on Occupy Wall St. from five years ago submitted by “CNN Assignment Editor Jason Kessler.” Same guy?
Something’s rotten in many states…
Nothing smells right about any of this. In fact, Lee Stranahan has connected the “Unite the Right” rally to an identical Neo-Nazi movement in Ukraine supported by John McCain and Hillary Clinton.
Tesla busted out with a very oversubscribed bond offering of nearly $1.8 billion last Friday in an expected cash infusion. Announced August 4 and originally slated for just $1.5 billion, the cash infusion consists of eight-year unsecured bonds at 5.3% – according to a SEC filing.
Tesla initially wanted to sell $1.5 billion worth of debt but enlarged the offering because of overwhelming demand, according to IFR, a Thomson Reuters unit. The yield was slightly higher than the 5.25 percent cited at the initial launch.
Cash proceeds will help finance production of Tesla’s Model 3, which it is banking on to hit the mass market bullseye and finally help the company turn a profit. Tesla aims to boost production to 500,000 cars next year, about six times its 2016 output. –MarketsInsider
With $3 billion in cash on hand and a burn rate of $100 million / week according to CFO Deeoak Ahuja, Tesla’s cash injection was expected prior to the Aug. 4 announcement, after spending over $2 billion in the most recent quarter. Most analysts, however, expected an equity raise instead of adding more debt to their existing $7.1 billion load.
“Without the proceeds from the note offering, Tesla’s liquidity position would be stressed,” analysts at Moody’s said, warning of risks to potential investors.
Bond investors will not be looking at whether Tesla’s stock is way up or way down, but rather at whether Tesla is likely to be able to service its debt through the maturity of its bonds. What Tesla is actually doing with its cash flow will come under greater scrutiny. And the source of that cash flow will also be under the microscope.
This means that Tesla’s ability to execute with its core business will be critical. Build cars, sell cars, and do it at a profit. In this context, veering off into semi-trucks and the freight business might look foolish — even self-driving, given the mountain of manufacturing that Tesla has to climb over the next year or two (500,000 deliveries by the end of 2018, a million by 2020), could be interpreted as a story-changer, rather than a move that would reverse Tesla losses and take the company out of recurrent capital-starvation mode. –Business Insider
Tesla plans to make 5,000 of its new Model 3 per week by the end of 2017, eventually ramping to 10,000 / week at it’s Fremont factory – an ambitious target. One wonders if Moody’s has considered whether or not Tesla would be able to service their new bonds if Federal electric vehicle subsidies disappear?
Electric car sales in Denmark plunged more than 60% year over year – a move attributed to the progressive phasing out of subsidies for electric cars, announced in late 2015.
Tesla, whose sales were skyrocketing at the time, lobbied against the move, with Chief Executive Officer Elon Musk warning during a visit to Copenhagen that sales would be hit.
The new tax regime “completely killed the market,” Laerke Flader, head of the Danish Electric Car Alliance, said in a recent interview. “Price really matters.” –Bloomberg
Will the U.S. government end subsidies for electric vehicles? Maybe, maybe not – but Trump can’t be happy about Elon Musk ditching his economic advisory council after the United States pulled out of the Paris climate accord – so who knows..
Iran’s parliament chanted ‘death to America’ on Sunday following a vote to increase ballistic missile production and boost the number of Revolutionary Guards in response to U.S. sanctions, less than a year after president Obama sent $1.7 billion in Euros, Swiss francs, and other foreign currencies strapped to pallets in exchange for U.S. hostages.
The vote to boost defense spending by US $520 million – less than one 10th of 1 percent of the $600 billion U.S. defense budget, was cast to counter “terrorist and adventurous actions” by the United States in the region, and will also be used to boost the ranks of Revolutionary Guards.
The measure came after President Donald Trump signed into law a bill passed by US Congress to impose new sanctions on Iran over its missile program in early August.
Washington’s new sanctions violate a 2015 nuclear deal with Iran both “in letter and spirit.” Tehran says its missile program does not breach a UN resolution which endorsed the nuclear deal.
Devising the Sunday motion, the Parliament took great care not to violate the nuclear accord and provide excuses for opposing sides, spokesman for Parliament’s Committee on National Security and Foreign Policy Hossein Naqavi Hosseini said.
In addition to military spending, Iran’s resolution tasks their Foreign, Intel, and Defense agencies with producing a comprehensive strategic plan aimed at countering “U.S. threats and bullying.”
While the Trump administration acknowledges that Tehran has not violated the nuclear agreement, in July the US still imposed new sanctions on companies and individuals allegedly supporting or involved in the country’s ballistic missile program.
The US and Iranian militaries have also been engaged in confrontations in the Persian Gulf. On August 8, an Iranian drone buzzed a US Navy fighter jet attempting to land on an aircraft carrier in the area. In July, American warships were involved in two incidents, firing warning shots at Iranian vessels in the Persian Gulf. Both incidents were blasted by Tehran as “unprofessional and provocative.”
How does Iran really think this is going to go?
Everybody’s got a plan until they get punched in the mouth. –Mike Tyson
After a week of unhealthy clenching amid flared tensions between the United States and North Korea, futures are decidedly back to risk ON after comments over the weekend from CIA director Mike Pompeo, who said there was no “imminent threat’ of nuclear war with North Korea.
Dow futures are currently indicating +100, S&P 500 +13.50 and Nasdaq +33.
Shares in Europe and Asia sprung back to life in overnight trade, with the Stoxx Europe 600 headed for its first gain in four trading sessions, and Japanese equities kicked ass after traders returned from a holiday.
While Eurozone bonds followed Treasuries lower to satisfy insatiable cravings for risk, Bitcoin surged past $4,000, kicking haters down mineshafts.
Here are events to pay attention to this week via Bloomberg
A crowded U.S. data docket will give some indication of whether second-half GDP will outperform the first half. July retail sales are expected to rise from June, while housing starts and industrial production may be muted.
On Wednesday, the Federal Open Market Committee will issue minutes from a July policy meeting that may hold clues on the next rate hike. The same day, Euro-area second-quarter GDP data is due.
Chinese tech titans Tencent and Alibaba are among companies reporting this week. After rising 73 percent in 2017, Alibaba shares trade at a multiple of 64 times earnings. Tencent is trading at 54 times profit after a 64 percent jump.
Russia’s factory output growth probably dipped to 3.3% in July year-on-year from 3.5% in June. The data is due in the early part of the week.
And here are the main moves in markets:
Stocks
The Stoxx Europe 600 Index gained 0.8 percent as of 8:02 a.m. in New York, the largest rise in more than a week.
The MSCI All-Country World Index increased 0.2 percent, the first advance in a week on a closing basis.
The U.K.’s FTSE 100 Index jumped 0.6 percent, the largest climb in more than a week.
Germany’s DAX Index gained 1 percent, the biggest rise in more than a week.
Futures on the S&P 500 Index jumped 0.5 percent, the largest advance in almost four weeks.
Currencies
The euro dipped 0.2 percent to $1.1798.
The Bloomberg Dollar Spot Index gained 0.2 percent, the largest rise in more than a week.
The British pound fell 0.3 percent to $1.2972, the weakest in more than a month.
Bonds
The yield on 10-year Treasuries increased three basis points to 2.22 percent.
Germany’s 10-year yield rose four basis points to 0.42 percent.
Britain’s 10-year yield gained three basis points to 1.09 percent.
Commodities
Gold declined 0.5 percent to $1,282.42 an ounce, the first retreat in a week.
West Texas Intermediate crude declined 0.6 percent to $48.55 a barrel, the lowest in almost three weeks.
Asia
Japan’s Topix index finished 1.1 percent lower. South Korea’s Kospi index advanced 0.6 percent. Australia’s S&P/ASX 200 Index rose 0.7 percent. In Hong Kong, the Hang Seng Index gained 1.4 percent, while the Shanghai Composite Index rose 0.9 percent.
The Japanese yen declined 0.4 percent to 109.58 per dollar, the first retreat in a week.
Bitcoin shoryuken’d through $4,000 for the first time on Monday, jumping 15% over Friday’s close to a peak of $4,125.17. The spike was credited to strong Japanese demand for the cryptocurrency amid tensions between the U.S. and North Korea, as well as a successful technology upgrade by Bitcoin to speed up transactions by shifting a portion of transaction data off the main network – a solution termed SegWit2x.
“Bitcoin is benefitting from geopolitical tensions – trading in Japan and Korea has increased significantly over the last few months,” Brian Kelly, a CNBC contributor and head of BKCM, which runs an digital asset strategy, said in an email. –CNBC
The digital currency has quadrupled in 2017 – up 40% in August alone, and has a market value of around $64 billion.
The plan was met with skepticism, with some suggesting the move might ‘break’ bitcoin. Concerned investors in the #1 cryptocurrency even created their own new version of the asset called Bitcoin Cash.
The split grew out of the tension between growing demand for the virtual currency and some of the design features that had fueled that popularity — the decentralized verification procedures that ensured against hacking and government oversight. While this month’s confrontation ended up as little more than a speed bump in bitcoin’s more than 300 percent rally in 2017, concerns remain around the capacity to increase transaction volumes.
“Up until now a lot of people didn’t really believe bitcoin could go any higher until the scaling issue is resolved,” said Arthur Hayes, Hong Kong-based founder of bitcoin exchange BitMEX. “With this actually being implemented on protocol, theoretically the amount of transactions that can be processed at a reasonable speed is going to be much higher, so a lot of people are very bullish about bitcoin now.” –Bloomberg
While Bitcoin’s upgrade to SegWit2x was successful, the cryptocurrency has another hurdle in November, as the ‘block size’ is set to double to 2 megabiyes, while others have argued that the “Bitcoin Cash” spinoff currency has obviated the need for another upgrade.
Enough technobabble nobody here understands – who’s been banking bitcoins in these parts?
