With stocks surging along with gold and silver and the dollar falling, this is the terrifying read of the day.
A portion of today’s note from Art Cashin: Algorithms And Jobs – A friend at a prominent Midwest law firm sent me an article on the growing influence of artificial intelligence in the legal services area.
Things like document and contract scanning (and even interpretation) are now being done by computers usually in hours, when it used to take teams days and even weeks to review.
At one point, my friend offered this rather downbeat assessment:
There is no more need for elevator operators and there will shortly be no need for taxi drivers or automobile assemblers. All of today’s “jobs” will eventually disappear and only those who perceive that change and fashion their lives to accommodate it will “have a job.” The “law of the jungle” will never change, any more than the rule that “capital follows cheap labor” will change. Perhaps the today’s auto assemblers will be robot assemblers of the future. If no one needs oil any longer, perhaps we can find a new use for Mideast sand. After all, most U.S. glass makers have disappeared, because plastic is cheaper.
I don’t know about the grains of sand option but robotic disruption of the labor force is an important concern. One that even the Fed should be thinking about.
Overnight And Overseas – Asian markets rally in a bit of a catch-up after their rather tepid rally yesterday. The same is true across emerging markets.
In Europe, the rally continues with a lot of help from crude. Volume is solid again. Turkish shares move lower after the attack.
Rally may be ready to fray a bit as yields are inching lower, which hints second thoughts.
Dollar is softer while gold and silver move higher. Yellen canceled her ECB appearance to return home early.
Consensus – Two things appear to be happening. First, markets seem to be adapting to a posture that Brexit will not be a Lehman moment but a slower process. Second, they are beginning to sense other vulnerabilities as Brexit begins to evolve.
Stocks will follow crude but you should also watch yields and the pound sterling.
Stay wary, alert and very, very nimble.
***KWN has now released the extraordinary audio interview with the top trends forecaster in the world, Gerald Celente, discussing what to expect in the aftermath of Brexit, gold, trends, and much more and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***Just Released: A Tidal Wave Of Money Is Flowing Into The Gold ETF And Gold Stocks Click Here.
***KWN has also now released the powerful audio interview with legend Art Cashin discussing the chaos in global markets in the aftermath of Brexit, gold, bonds, inflation, possible hyperinflation and much more and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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