Good morning, everyone, and welcome to the shortened trading week. Earnings are now starting in earnest, with next week being the tsunami. As for the /ES, we’re down a bit, but frankly the thing has just been meandering ever since last Thursday when the CPI came out. That caused a tremendous jolt, but the tremors have been getting lighter and lighter.
The really meaty earnings reports come next week, but, as always, the big banks are at the top of the calendar. This morning, Goldman Sachs is taking a hit…..
…….while, in contrast, Morgan Stanley is adding to gains……..
I don’t have a single financial stock position myself. I do, however, have puts in three ETFs, one of which – FXI (China) is looking pretty decent for the moment.
If you want to know how unhinged the world has become (like you needed any more proof), I offer to you two tidbits of evidence. The first is that the FTX Token – – you remember FTX, right? – – the huge fraud? – – anyway, it’s up about 200% over the past couple of weeks.
The second is that the good people of the once-great city of San Francisco has, by way of its Reparations Committee, offered up their report and recommendations. The bottom line? A $5 million check to each and every black person in the city, along with a host of other benefits. If you’re curious about the folks comprising this committee, here ya go. I guess SF’s plan to finish itself off is going swimmingly.
