Here is what you need to know about today’s trading.
On this day…
October 22 (King World News) – Art Cashin, Head of Floor Operations at UBS: On this day in 1921, America finally came to grips with a war. Well, at least they took the first step. No – it was not Vietnam or the Civil War – you’ve seen the year. Rather it was a conflict that today’s pundits call “a popular war.” (I suppose that means a war that young men sign up for and the others support with drives of various sorts.)
Well, the war may have been “agreed to” but “popular” that would be a stretch. And toughest of all was this period in 1921. The “Great War” had ended almost three years earlier and the boys were back. Well, that was part of the problem – not all the boys were back. Across America, parents or wives or sweethearts or just friends wondered where were the boys they’d hugged goodbye.
The Army had an answer – M.I.A. Missing In Action). But Americans had a tough time accepting and mourning.
So on this day, in several cemeteries across France, several “suspected American gravesites” were exhumed. Over the ensuing 24 hours, each of the remains was carefully examined to prove it was an American. No DNA you understand. The examinations were of wounds, shrapnel fragments, bits of uniform cloth, etc. The thing that disqualified, however, was any sign of “personal identity” – they were looking for anonymous Americans.
On the 24th of October, the four bodies which had passed all the tests were arrayed in a small chapel at Chalons-sur-Marne. Then a much decorated American soldier, Sgt. Eddie Younger, entered the chapel carrying a spray of white roses. He circled the four caskets three times, closed his eyes and placed the spray on one of the caskets. He left the chapel and a group of senior officers entered. They verified the placement of the spray and then they had an honor guard remove the designated casket. It was taken to Arlington National Cemetery. There the remains were entombed in a guarded site which we now call – The Tomb of the Unknown Soldier.
Thus America began to heal its wounds after “The War to End all Wars!”
(As we have recently learned, it is unlikely that there will ever be another unknown soldier. Not because there will be no future wars – much as we would hope. Rather, thanks to DNA, even unrecognizable remains can be identified.)
Traders did not need a DNA test to see that the bulls were ready to reassert control as Monday’s trading session began.
The bulls got some help on the trade front. Over the weekend, China’s Vice Premier, Liu He, said that both sides had made “substantial progress” in recent trade negotiations. Larry Kudlow said that the December tariff hikes might be canceled if talks went well.
Boeing continued to be a drag on markets as it was downgraded by several firms amid ongoing concerns around the 737 Max details.
The weakness from Boeing was offset to a degree by strength in Apple and other multi-nationals on the above noted trade hopes.
The good results in JPMorgan put a bid under several other financials. Even the energy sector saw bids despite further weakness in crude, itself.
By the close of business, the bulls had managed to close all three key indices higher. The Dow had the weakest performance due to the Boeing drag. The breadth was strong showing that the buying was rather broad. With the S&P closing above 3000, there was lots of talk about a potential retest of the highs in the next few weeks. Hold onto your trusty rabbit’s foot.
Overnight And Overseas – Tokyo is closed for a holiday. Hong Kong and Shanghai closed with modest rallies, while India saw a moderate loss.
Stocks in Europe are trading somewhat better. London is higher on some hopes on the new Brexit bill. Paris and Frankfurt are fractionally higher.
Among other assets, Bitcoin is hanging tough, continuing to trade around $8300. Gold continues to trade just below $1500. Crude has firmed slightly with WTI trading around $53.75. The euro is basically flat against the dollar and yields are a tick, or two, lower.
Consensus – Earnings and Brexit moves may hog the spotlight today. Pre-opening, the McDonalds results seem to have undercut an indicated rally in the Dow average. We expect the bulls to regroup.
Stick with the drill – stay wary, alert and very, very nimble.
What The Public Believes Just Hit An All-Time Record!
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James Turk’s powerful audio interview has now been released where he discusses exactly what to look for in the gold and silver markets, mining shares, the coming crisis, the U.S. launching QE4 and much more, and you can listen to it immediately by clicking here or on the image below.
More articles to follow…
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Greyerz – The Destruction Of The World Economy Will Unleash More Global Panic And Market Crashes CLICK HERE TO READ.
WE ARE SOON ON OUR WAY: One Of The Most Important Updates For Gold & Silver CLICK HERE TO READ.
Alasdair Macleod And Peter Schiff On Gold, Silver And Yesterday’s $104.15 Billion Of Not QE CLICK HERE TO READ.
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