Come, hear, Uncle John's Band. Playing to the tide.. Come with me, or go alone, he's come to take his children home... Well, he came.. and took Robert Hunter, "Home" .. Whether you are a "Dead Head" or not...If you have listened to music over the past 40 years you have likely heard a few songs by Robert Hunter. Hunter was the main lyricist for many of the famous Grateful Dead hits. Ripple, Friend of the Devil, Casey Jones, Box of Rain and LOTS more. RIP Robert Hunter, 78.
If you have been locked in a closet for the past day I am here to inform you that Nancy Pelosi has "Officially" opened an "Impeachment Inquiry" . HAHAHAHAH.. There has been an "Impeachment Inquiry" going on for three years. The Trump haters finally talked Nancy into being Trump's Campaign Chairman. She is claiming the, "Trump asked Ukraine to investigate a political opponent in order to help his election campaign" story proves he is GUILTY!!.. ahhh.. well.. Biden is not an official political opponent. Not yet, at least. He MIGHT be at some point. Unless Elizabeth Warren keeps kicking his butt. (She leads in the most recent poll). If we're just "impeaching over letters to the Ukrainian President asking him to keep investigating the opposition party" some Senior Democrats have a REAL problem. . Sens. Robert Menendez (D-N.J.), Richard J. Durbin (D-Ill.) and Patrick J. Leahy (D-Vt.) did that LAST YEAR !!! HERE ..
Anyways.. they are opening an "Inquiry" which is unlikely to lead anywhere. Biden is refusing to answer questions about the REAL scandal, (How he forced the former Ukrainian President to fire the prosecutor investigating Biden's son). Even if the looney left wing freaks manage to impeach the President that is where it ends. For those that do not understand the process: If Congress suspects the President it guilty of "Treason, Bribery, or other High Crimes and Misdemeanors" (That's what the Constitution says.. but doesn't define "High Crimes and Misdemeanors") they can call an impeachment vote. This vote is like a Grand Jury where the Congressmen vote on whether there is evidence to try the President. If they vote to impeach, then there is a trial in the Senate with the Senators acting as Jury and the Chief Justice of the Supreme Court is Judge. The reason this is such a JOKE is that the Senate needs a 2/3 Majority to "Convict and remove from office" a sitting President (or other elected official). This is a political stunt. There is NO WAY the Senate convicts even by a SIMPLE majority. This is a HUGE political error that I cannot believe Pelosi made. She must be ready to retire. If the inquiry leads to impeachment and no removal, she loses the American moderates. If the inquiry leads to no impeachment, she loses the American Moderate and HALF her base.
In OTHER swamp news .. Bernie Sanders is taking Elizabeth Warren's wealth tax to a NEW level. Sanders now says, "Billionaires should NOT exist" (Jealous that they back your opponents, Bernie?? ) .. and he will tax Jeff Bezos $9 Billion/Year until he is no longer a Billionaire. Not a joke. He REALLY said this, yesterday. ..and..
Massachusetts has banned ALL e-cigarettes. They are saying its for four months until "scientists can figure out what is causing the illnesses". Uhh.. people vaping stuff they are not supposed to be. That's the science. NEXT!!
I can't watch any more of this Greta exploitation. The alt-left Climate freaks should really go home an re-think their tactics. This girl is an Autistic 16 year old with Aspergers Syndrome and diagnosed depression. You freaks USE her to cry on stage in an attempt to further your cause. (If you think I am wrong.. go look it up..). I'll eat less steak if you leave her alone. DEAL? ...and..
In what seems like a never ending trend of High School Students having sex with teachers..we have a NEW angle in the defense. Its a Fourth Amendment "Equal Justice Under the Law" angle. It goes like this: The Age of Consent in Kentucky is 16. Teacher Haley Reed had a sexual relationship with a 17 year old student. Kentucky has a law that the "Victim" must be over 18 if the "Perpetrator" has a position of power over the victim. (So, teachers, counselors, etc). Reed is arguing that if the boy attended a DIFFERENT school there would be no "Crime" and that the Kentucky "Exception" violates the 4th Amendment. I gotta admit, That makes a LOT of sense. You know what makes MORE sense?? A 37 year old woman finding a date that's 21 or older!!!
SPORTS: MLB: Bryce Who? The Nationals lost Bryce Harper in the off season to Philadelphia. Then they started 19-31. Last night the Cubs lost (dropping them out of the Wild Card) and the Nats BEAT the Phillies and Bryce to clinch the Wild Card....and... GOLF: The Dunhill starts tonight (NY TIME) over at St Andrews and the PGA Event has practice rounds today in Napa... and ....we are ONE WEEK away from NHL Hockey. Capitals vs Blues, October 2nd!!! ..
CELEBRIDIOTS: Placido Domingo "rehearsed then resigned" at the Metropolitan Opera, yesterday. The 78 year old thanked the opera for 51 years and was saddened by our current society who "condemns without due process". I'd have to file him under #metoo-LITE. There was an allegation of "unwanted touching" but the bulk of his allegations were, "kissed too big" and (believe it or not) "late night phone calls". "Serial Sexual harasser?" Or a "guy from a different generation who was World famous for 50 years that came into contact with THOUSANDS of women and rubbed a few the wrong way?" YOU make the call !!!.. ...and...Let's hear it for Jessica Simpson. She was bragging that she lost 100 pounds since she gave birth. That's not the brave part. The Brave part is admitting that she weighed 240 pounds!!! Yes.. she is "down" to 140. HERE I still like the Dukes of Hazard Jessica.. HERE but.. WELL DONE, Jess.. You can be my Sugar Magnolia.. She's got everything delightful. She's got everything I need. Takes the wheel when I'm seeing double. Pays my ticket when I speed...
Equities turned lower yesterday after President Trump delivered a stinging rebuke of China's trade practices, while Democrats in Congress launched a formal impeachment inquiry into the president's dealings with Ukraine. "Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers and the theft of intellectual property," Trump told the United Nations General Assembly. Dow and S&P 500 futures are now down by 0.4%, while the Nasdaq is off by 0.6%, on the prospect of impeachment hearings adding to the market uncertainty. Go deeper: The Heisenberg breaks down current political implications.
The S&P 500 fell as much as 4.9% on October 8, 1998, the day the House voted to begin impeachment proceedings against President Clinton, before trimming losses to end the day down 1.2%. By the time Clinton was acquitted by the Senate in February 1999, the index was up 28%. Markets shrugged off an impeachment inquiry against President Nixon on February 6, 1974, but the S&P 500 fell around 30% until his resignation. There were other forces at play, however, including Nixon's decision to suspend the gold standard and a recession following the oil shock of late 1973.
Britain's House of Commons reconvened this morning after the Supreme Court’s landmark ruling yesterday against Boris Johnson’s suspension of parliament. The prime minister is now left with little option but to agree on a new withdrawal package with the EU before an Oct. 17-18 summit in order to deliver on his signature pledge to take the U.K. out of the EU on Oct. 31. Other possibilities include a Brexit extension, an election, or a long battle toward a no-deal Brexit.
Massachusetts is going further than New York and Michigan, which earlier this month banned the sale of flavored vaping products out of concern that those products appeal to teens. The state is imposing a four-month ban on sales of all vaping products amid a national health emergency that so far has been linked to nine deaths and has sickened at least 530 people. The period will give medical experts time to determine what aspect of vaping is causing the illnesses and to determine whether new regulations could allow for safer vaping products. Go deeper: Juul (JUUL) cuts staff as scrutiny intensifies.
The world's most popular cryptocurrency tumbled as much as 18% over the past session to $7,944.33, hitting its lowest level since mid-June. Reasons for the dip? $9,000 was seen as a "major support" level, while there was a sudden decline in the bitcoin (BTC-USD) network's "hash rate," a measure of the total computing power of bitcoin miners around the world. Investors also seemed to greet a new bitcoin derivative with a "lukewarm" reception after NYSE parent Intercontinental Exchange (NYSE:ICE) launched bitcoin futures contracts on Sunday night.
The drama at WeWork (WE) may be coming to an end. Co-founder Adam Neumann has agreed to resign as CEO and give up majority voting control as SoftBank (OTCPK:SFTBY) and other shareholders turned on him over a plunge in the company's estimated valuation. CFO Artie Minson and vice chairman Sebastian Gunningham will become co-chief executives, while Neumann will stay on the board as non-executive chairman. Although the delayed WeWork IPO is still unlikely to take place this year, it is a possibility. Go deeper: '10 Reasons Not To Invest In The We Company' by Christoph Liu.
Building on previous healthcare efforts, a new pilot is being launched for Amazon (NASDAQ:AMZN) workers in the Seattle area, offering a virtual primary care clinic with an option to send nurses to employees' homes. Amazon has already partnered with JPMorgan (NYSE:JPM) and Berkshire Hathaway (BRK.A, BRK.B) - on an effort called Haven - which explores how to move the needle on healthcare expenses for their combined 1.2M employees. In addition, the company has a pharmacy division under PillPack and an R&D group sometimes referred to as Grand Challenge or 1492.
Amazon (AMZN) is also staging an event in Seattle today to introduce its fall lineup of devices and expansion of the Alexa ecosystem. The tech giant has been tight-lipped about what it plans to announce, but reports suggest that it will show off a pair of Alexa-powered wireless earphones to compete with Apple's (NASDAQ:AAPL) AirPods. Amazon is also likely to unveil a new Echo device with a woofer and higher-quality speakers, as well as new products in the Fire TV lineup. Go deeper: Ratings on Amazon.
Saudi Arabia is considering doubling the stake to be offered in Aramco's (ARMCO) much awaited IPO on the back of attacks on its oil infrastructure, WSJ reports. The Saudi Royal Court and its advisers have been debating an eventual float of as much as 10%, doubling the country’s longstanding public intention to list just 5%. At a hoped-for $2T valuation, a 10% float could yield $200B, eight times more than the $25B Alibaba (NYSE:BABA) raised in the biggest IPO in history five years ago.
What else is happening...
First global index for carbon credits.
U.S. crude supply rose 1.4M barrels last week - API.
Tuesday's Key Earnings
AutoZone (NYSE:AZO) -4.4% as profit missed estimates. BlackBerry (NYSE:BB) -22.6% amid a stalling overhaul. Nike (NYSE:NKE) +5.5% AH posting another strong quarter. NIO (NYSE:NIO) -20.2% reporting major losses.
In Asia, Japan -0.4%. Hong Kong -1.3%. China -1%. India -1.2%. In Europe, at midday, London -1%. Paris -1.6%. Frankfurt -1.3%. Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.6%. Crude -1.3% to $56.56. Gold -0.2% to $1538.10. Bitcoin -14.2% to $8351. Ten-year Treasury Yield flat at 1.64%
Today's Economic Calendar
7:00 MBA Mortgage Applications 8:00 Fed's Evans: Economic Outlook and Monetary Policy 10:00 New Home Sales 10:00 State Street Investor Confidence Index 10:00 Fed's George “Facilitating Faster Payments in the U.S” 10:30 EIA Petroleum Inventories 11:00 Survey of Business Uncertainty 11:30 Results of $18B, 2-Year FRN Auction 1:00 PM Results of $41B, 5-Year Note Auction 7:00 PM Fed's Kaplan Speech
Roger “Raj” Searing firstname.lastname@example.org
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