As we move through trading in the middle of October, this is what is moving markets today.
Roosevelt Didn’t Even Know He Had Been Shot
October 15 (King World News) – Art Cashin: On this day (-1) in 1912, former President Teddy Roosevelt was out on the stump trying to regain the highest office in the land. He was trying to unseat Taft, his handpicked successor. Since the Republicans decided to stick with the incumbent, Taft; Teddy had to form his own party – the Progressive. But the press renamed the Progressive’s – The Bull Moose Party after Teddy had said he felt as fit as a bull moose.
Anyway, this day found Teddy in Milwaukee on his way to deliver a speech. Quietly, through the crowd moved John Schrank, a New York bartender. He reached between two people trying to shake the candidate’s hand, and fired a bullet straight into Teddy’s chest.
The force of the shot knocked Teddy back against a parked car as the crowd wrestled Schrank to the ground. His aides ran to Roosevelt and urged him to go to the hospital. He pointed out there was no blood around the bullet hole in his lapel and damn-it he had come to give a speech.
He walked to the podium and pulled his speech from his inside jacket pocket. Only then did he notice that the bullet had gone through all 100 pages of the double folded speech. What he didn’t know was that the bullet had gone four inches into his chest. And the reason there had been no blood was that the speech had compacted around the wound.
But Teddy meant to give a speech and a speech he gave – for over 50 minutes. Then, as the crowd cheered, he bowed and finally agreed to go to the hospital, where he was treated for shock and extreme blood loss.
To celebrate stop by the Rough Rider Lounge and have an ice-worm cocktail or two. And toast the fact that public officials today are probably as plucky and gritty as Teddy (try to say it with a straight face).
No one got shot or seriously wounded on the stock market yesterday. Rather than a trauma team, what traders needed was a steady supply of No-Doz as the tape hardly moved given holidays in the U.S., Canada and Japan.
Stocks opened somewhat lower on reports that China felt it needed to have further talks to nail down several details before it would sign any “agreement”.
The opening dip was rather short-lived and less than 20 minutes after the opening bell had rung, the Dow had crept back into plus territory.
The rebound was hardly robust and the Dow seemed to keep butting its head on resistance around 26850. It continued to do so throughout the morning and on into mid-afternoon.
It took its final shot shortly after 2:00 and then slowly drifted back into mild negative territory as we inched to the closing bell.
Overall, most traders saw the day as a waste of carfare and a clean shirt.
Overnight And Overseas – Japan reopened from holiday with a very strong rally in equities. Markets in Hong Kong and Shanghai closed with modest losses. India saw a moderate rally.
London is trading fractionally lower, while stocks in Paris and Frankfurt are somewhat higher as Brexit hopes swirl on the continent.
Among other assets, Bitcoin continues to churn around $8300. Gold is a shade higher but continues to trade just below $1500. Crude is slightly weaker with WTI trading just below $53. The euro is slightly softer against the dollar and yields are a bit lower.
Consensus – Hopes on some Brexit progress have put a bid under stocks in Europe.
Turkish lira and stocks are firming as the Trump sanctions appear less onerous than initially feared. That could push Trump to round two.
Earnings season kicks into first gear, led by the banks and the financials. While media types will look to see who misses and by how much, traders will home in on the outlook for 2020.
Stick with the drill – stay wary, alert and very, very nimble.
KWN has just released the powerful audio interview with Egon von Greyerz and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
10th Straight Month Of Plunging
READ THIS NEXT! Look At What Just Plunged For The 10th Straight Month CLICK HERE TO READ
More articles to follow…
Art Cashin – Focus Is On China, London And Syria CLICK HERE TO READ
Greyerz – This Is A Snapshot Of The Terrifying Collapse The World Will Endure CLICK HERE TO READ
Tom McClellan Update On The Silver Market CLICK HERE TO READ
Greyerz – This Is The Truly Shocking Thing About Gold’s Surge To $1,550 CLICK HERE TO READ
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