Halos for Horns
This from a reader who — in his own words — lives in a flyover state:
“Cynicism about the ‘shame-stream media’ used to be disparaged if not condemned. Today, cynicism is not only respectable, it is an indispensable survival tool if you’re looking for the news.
“Looking back at the Big 3 network news (some of us remember watching Walter Cronkite reporting from Vietnam) the leftist slant was on full display but, without a FOX News to contrast, all TV news consumers were little more than mushrooms — always in the dark and perpetually buried in bovine feces.
“With their ‘apolitical facades’ now completely destroyed, how can anyone not feel abused by the shame-stream media?
“Given today’s hypersensitive victimhood mentality, why aren’t ABC, CBS, NBC, PBS, CNN, MSNBC, NYT, WaPo and more than a few of their inferiors, class-action sued into nonexistence?
“At some point, liars should no longer be allowed to hide behind the First Amendment. It is past time to replace the media’s halo with a well-deserved pair of horns.”
We appreciate your feedback.
Your Rundown for Thursday, October 18, 2018…
The Shanghai Composite Index dropped 2.9% Tuesday; the index has plunged 12% so far in October. For the year? China stocks are down 26%.
In his 60 Minutes interview, Trump even compared China’s stock-market losses to what the U.S. stock market experienced in the 1920s. That’s depression territory.
And if U.S. investors think they’re immune to the vagaries of the Chinese market, they’re not.
Looking at the last 10 years, when the Shanghai index dropped 10% or more, all U.S. stock indexes experienced notable declines two-thirds of the time.
Major indexes aren’t alone in the correlation to China’s stock market. Commodities are vulnerable too.
Copper and oil both fell 78% and 70% of the time when the Shanghai index fell at least 10%.
Safe-haven plays like gold and the U.S. dollar actually rose more than 50% of the time.
Long story short, pay attention to the Shanghai index — especially come early November when the next round of tariffs take effect. And about those safe havens…
Market Rundown for Thurs. October 18, 2018
The S&P 500 is down 53 points to 2,756.11.
Oil’s just under $70 today.
Gold is up $1.90 to $1,129.30.
Bitcoin’s down by $67.21 to $6,377.
Have a great day. We’ll talk tomorrow.
For the Rundown,