WASHINGTON, September 25, 2017 – It seems that all the MSM wants to yak about in its Monday headline articles is the Trump vs. NFL controversy, siding with the phony NFL virtue-signalers. Wall Street, however, has been forced to pay attention not to the sorry decline of “professional” sports teams and broadcasting, but to news incoming from Capitol Hill in the Land of the Free to the skies over North Korea and beyond.
One result of that focus: Traders and investors seem to be “giving Washington the knee” in Monday Wall Street trading action thus far.
Back in the magical land where grossly overpaid idiots dwell, grossly overpaid and under-educated NFL players and most team owners were making asses out of themselves in response to the President’s latest bait-toss, even as the GOP-led Congress was outdoing itself in buffoonery Monday morning.
GOP Senator after GOP Senator is once again busy making excuses about why he or she couldn’t take one for the team and execute even a sliver of Obamacare repeal and replace – this despite promising their loyal
suckers voters over the past 7 years that they would do precisely that. If only voters would let them control the government. Where’s the Gipper when we need him? Washington seems to be trapped in an endless Groundhog Day of Whiskey Tango Foxtrot moments.
Oh, yes, chances for passing some sort of coherent GOP tax relief/stimulus plan seem just about as good as that Obamacare stuff, at least for now. Leave it to the Stupid Part to execute Epic Fail after Epic Fail. No wonder President Trump crossed the aisle for his recent deal making. How can you deal with the GOP Gang that Can’t Shoot Straight?
This ongoing wrangling and stupidity in Washington isn’t going over too well with investors this morning. It may not go over too well with voters in next year’s midterms, either. Have the GOP’s privileged wussies ever given that much thought?
Making matters worse is the latest chapter in the ongoing North Korean threat volley. Rocket Man is threatening to shoot down U.S. aircraft if they get too close to the Norkies’ territorial waters, something those aircraft actually did over the last 24 hours. Of course, the Norkies’ target-practice missile tests lofted right over territorial Japan have never counted as any kind of provocation from the peace-loving North Korean Stalinist dictatorship.
Whether Rocket Man’s current huffing and puffing is another Norkie plumage display or a genuine threat is actually irrelevant to Wall Street. Nervous investors and algorithms are taking it as real as a defensive default. Combined with the ongoing ineptitude of the Fools on the Hill, the market has reacted to it all with a modest display of red ink. All major averages off about 0.33 percent as we write this column, approximately 1:15 p.m. ET.
The continued battering of Apple (symbol: AAPL) shares isn’t helping the widely-followed-by-the-tourists Dow Jones Industrial Average, either. AAPL shares continue to sink, taking the big average down with them, despite a bit of help from major components in the oil patch, which are up, just like today’s price of crude.
According to the latest unsubstantiated stories, Apple has told its component suppliers to slow shipments of iPhone parts, clearly meaning that Apple will never make any money again, at least if you read the latest breathless reports from all those PC-centric writers who’ve hated Apple forever, just because.
On the other hand, today’s big market winner, given that latest act in our ongoing North Korean Reality Show, was gold. The yellow metal is up a whopping $15.20 per ounce as we write this, a gain on the day approaching 1.25 percent. Nice work if you can get it.
In many ways, it’s actually business as usual today, just another Monday in a typically risky, bad news-prone September. Hopefully, with just a week to go, September won’t gift us with one of its usual surprise waterfall declines. But you never know. Perhaps Mr. Market is saving that nasty surprise for early October. Or maybe we already saw it in the lousy August-September market stanza that’s nearly concluded.
Whatever. Seasonality typically improves in the year’s final quarter, and we’re certainly hoping that will be the case. It had better be. That’s because another dreaded “earnings season” is almost upon us. You can be sure that if quarterly numbers aren’t absolutely wonderful, traders and investors might have to endure a year-end Santa Claus Rally that shows up Missing in Action.
Fingers crossed. More as it happens. Have a good week, regardless.