No Bull (on AI) – George Noble
Positions: None.
Treasury Auctions, Fed Speakers, Economic Calendar
11:00 a.m.: Treasury Announces a 4, 8 and 17 Week Bill Auction;
11:00 a.m.: Treasury buyback announcement (liq support); 1
1:30 a.m.: Treasury hosts a $75B 6-Week Bill Auction
Fed Speakers:
8:30 a.m.: Fed Bank of Cleveland President Hammack (Voter) gives remarks and participates in conversation on monetary policy co-hosted by the Cleveland Fed, the City Club of Cleveland, the Greater Cleveland Partnership, and the 50 Club of Cleveland, Cleveland, OH
Economic Calendar:
Positions: None.
ETF Action in the A.M.
Positions: None.
Charting the Morning Percent Movers
Positions: None.
Tweet of the Day (Part Four)
Position: None
El Capitan
Position: None
What Has Gotten Into Bank Stocks?
* The consumer is ‘spent up, not pent up’…
The same thing that has got into the shares of Walmart (just look at the sickly $WMT chart) and other consumer staples — a weakening consumer.
The low-end and middle-end consumer has lived on borrowed time — the dwindling savings rate (now at about 2.6%%) suggests the consumer, plagued by a weak jobs market and an acceleration in the rate of inflation, is spent up and not pent up:
The consumer forms the core foundation of most banks.
While the K-shaped economy has buoyed the wealthy (with large balance sheets, invested in stocks and real estate) — a crack in equities could adversely impact the resilient and higher-end consumer.
Position: None
Tweet of the Day (Part Trois)
Position: None
Tweet of the Day (Part Deux)
Position: None
Kuppy on Google
Position: None