Climbing ill tell you how its done. Market reached unheard of levels by triumphing over the concerns that caused Money Managers to stay on the sidelines to buy lower prices often hear we climb a wall of worry to get to exhausted levels but today we just didnt scale a wall but beached and busted through mine fields, force fields and cauldrons of boiling oil. This is a quite bull market. Tonight i want to go over obstacles weve overcome amazing list, outside of president on twitter seems to be celebrating is down. Challenges conquered thats a graphic obstacle number one, impeachment. I told you wouldnt matter to stock market based on bill clinton. Buying opportunity, not selling. But sitting president incredibly pro business and House Democrats are trying to take him down and stock market is ignoring whole process, maybe should impeach all president s works out for the averages obstacle number two, recession fears. Job growth is still robust versus the historical norm but over the summer
Up as opposed to a year ago. The president ripping china saying they cannot be trusted as trade talks resume in shanghai stocks are set to open lower g and p beats. And beyond meat tumbling a long tweet this the president hoping to weigh on futures today, quote, china is doing very badly, worst day that is the problem with china they just dont come through goes on to say, jim, if and when i win the election, a deal will be much tougher for them to get. Yeah. I have been saying the notion, that narrative that navarro was out or is not important is dead wrong. I interviewed the president back this the mid 20 0s he really felt that china was getting free ride. This is the china, no business, where is the soy bean buy, the machinery buy . It is outrageous that they agreed and they did nothing. I think the president s view this is what i was worried about. The president s view is we are going to put tariffs on 320 billion and if they start to play ball we will cut them rom reagan like. He h
Plus, verizons 5g focus. The ceo says 50 of consumers will have access to that technology and beyond meat is tumbling in the premarket, pricing a secondary at six times the ipo price and has new competition on the way. Stocks are looking to open higher after their worst day in two months yesterday the fed cuts rates by a quarter point, but the chair dampens expectations for more easing despite the selloff, the major indices still finished july in the green, their sixth positive month in seven, although were headed into the historically weakest two months of the year well, look, were making much too much of this mid cycle were going to forget what that means five days from now we wont be thinking about that. Well be thinking about it today until the market goes up then we say forget about it. He was in a spot hes in a spot because he has a president who cant fire him but would fire him, right . And send him down the elevator he wants to make it so that its not personal so he comes up wi
Simply trying to understand this onslaught of numbers, it can make your head swim. And you know im into this stuff. Even when a day like this one, dow slipped 67 points, s p dropped. 11, nasdaq advanced. 366 and some disturbing margin trends, but things could change in a moments notice for google. Thats just what happens the distortions caused by all these earnings coming at once are immense. So if youre listening to me, cfos and ceos, please, you need to rethink when you report, you can do it earlier, later, anything but this week youre not going to get the right prices for your stock. With that in mind, lets get right to the rest of the weeks business if theres a theme of weakness in 2017, its the autos. The consensus is the slowdown in car sales could signal that u. S. Industrial output might have piq peaked these are musts. Okay gigantic industrials report tomorrow morning, cat pill hear, 3m, United Technologies and the chatter is all there 3 will report better than expected number
Finance committee in about an hour. Well bring it to you live. Plus netflix boom ten years after launching its u. S. Streaming service. Netflix crushes earnings expectations. Not just its largest quarterly subscriber gain in history. And ecb leaving rates unchanged. Nasdaq futures pointing to a mostly flat open but dow on pace to drop for a fifth session in a row. First up, more trump cabinet picks heading to the hill for more confirmation hearings including Steven Mnuchin, president elects choice for secretary treasury to appear before Senate Finance in about an hour. Expected to be grilled on his role overseeing foreclosures while running one west which was indymac, also expected to be asked whether he agrees with weaker dollar policy, a lot to get to today. Look, i was involved with in indy mac, which he bought, people are willing to leave their homes before they leave their cars and it was the most reckless there was and they reamed me on it. And this guy went and bought indy mac a