Sunday, June 18, 2017

SATURDAY 6/17/17

SPX 2433. INDU 21384. COMPQ 6152. RUT 1407. NIKK 19943. SPASX200 5774. KOSPI 2362. SSEC 3123. HSI 25586. BSE 31056. DAX 12753. CAC 5263. FTSE 7464. MIB 200941. IBEX 10759. PSI 5274.

Bitcoin continues its crazy behavior jumping higher to 2680 traveling erratically through the 2100-3100 range.

General Electric announces plans to lay off salaried workers at two Pennsylvania plants. GE stock prints a near +5% gain this week after many months of lower prices. Getting rid of dead wood management is a plus for the stock price. General Electric, a giant industrial company providing equipment and services for the real physical world, continues struggling through a stagnant economy while high-flying tech stocks dealing in fantasy AI and social internet worlds are printing new all-time record highs day after day. The public prefers the escapism world over the real world as the bread and circus days continue.

The US Navy ship USS Fitzgerald and a large Philippine-flagged container ship collide in the Japan shipping lanes killing seven US sailors. The cause of the accident is unknown.

The third round of the US Open golf championship continues with Justin Thomas shooting the lowest-ever score a round of 63 (it only took him 63 hits of the golf ball to get around 18 long and brutal holes of golf). One dozen players shoot 68 or lower. Lots of rain has softened the course and there is no wind to contend with so the scores are very low. Brian Harman leads the tournament. Justin Thomas, Brooks Koepka and England’s Tommy Fleetwood are in second place. Fowler is in third.

Fleetwood sports a golf cap and golf shirt proudly displaying the Nike swish logo so NKE may feel some love in Monday trading after the weekend publicity. Thomas is sponsored by Titleist golf balls and equipment. Harman, the current star of the show going into the final round tomorrow, is sponsored by TaylorMade golf equipment and Adidas which will be trading happily in Europe on Monday morning if Harman can hold on in tomorrow’s final round.

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