WASHINGTON, November 25, 2014 – Not much to report today, as market participation continues to dwindle due to the upcoming national holiday. After nominally hitting new highs Monday, both the DJI and the S&P 500 are limping along in mostly negative territory Tuesday as the NASDAQ powers weakly higher.
The Ferguson jury delivered its widely expected finding of “nothing to see here folks” Monday evening, igniting the riots, gunfire and arson that had been pre-planned for weeks by the out-of-state communists, anarchists, race hustlers and other professional agitators. They, and not the locals, spearheaded another all-too-familiar, violently destructive bit of street theater whose main goal, as usual, was network camera time which provided cover for facilitated looting and income redistribution.
Even the liberal audience of the liberal Today show was convinced that the Ferguson police force, at least in the Brown incident, was guilty of nothing more than bad luck, as shown in this morning’s snap poll results which we’ve displayed above. But it was decided by a cadre of “community organizers” and race hustlers that a fire-sale was in order in that hapless Missouri town, and so it came to pass.
The Obama Administration has been at least passively supporting these destructive efforts, the better to keep their low-information base energized for whatever reason of the week. This is what Marxists, do, however, so we should not be surprised.
Without class struggle and class hatred, no matter how obviously it is engineered, hard-left governments tend to lose their collective raison d’être. Hence, last night’s lurid, violent street scenes in Ferguson, nearby St. Louis, New York City, Chicago, and other jurisdictions where lefties maintain permanent infrastructures of hate.
We’d been concerned about the inevitability of these outbreaks, and, given our market focus, concerned as well as to how they might influence investor portfolios. Thus far, at least, the answer seems to be “Not much.”
With traders headed for the holidays, the threat of another Snowmageddon looming in the Northeast corridor at precisely the wrong time, and even the HFT’s computers seemingly snoozing, market moves likely won’t mean much until sometime next week when everyone returns home and when Ferguson residents find they no longer have any functional stores or businesses remaining in their community.
We’ll provide a brief update tomorrow and possibly another during Friday’s half-day of trading. But, barring a major catastrophe, we don’t expect much from Wall Street until next week.