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05Sep2017 Market Close: Wall Street Slides Into A Minor Correction, Idiot Kim Stomping Around In Cow Patties And Horses Apples

Written by Gary

US stock markets fell sharply today (SPY -0.7%), with the SP 500 sliding to its biggest single-day loss in about three weeks, as investors weighed fresh tensions with NoKo's crazy man.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Wall St. closes lower on North Korea concerns

NEW YORK (Reuters) - U.S. stocks sank on Tuesday, with the S&P 500 stumbling to its biggest single-day loss in about three weeks, as investors weighed fresh tensions with North Korea.

UTC touts $23 billion deal as stock drops, Boeing turns critic

NEW YORK (Reuters) - Investors and Boeing Co gave two thumbs down on Tuesday to aerospace and industrial company United Technologies Corp $23 billion plan to buy avionics maker Rockwell Collins Inc .

U.S. factory orders tumble, but business spending firming

WASHINGTON (Reuters) - New orders for U.S.-made goods recorded their biggest drop in nearly three years in July, but demand for capital goods was stronger than previously reported, pointing to a faster pace of business spending early in the third quarter.

Exclusive: Western Digital offers to exit Toshiba chip bid for better JV terms

TOKYO (Reuters) - Western Digital Corp has offered to drop out of a group bidding for Toshiba's coveted flash memory chip business to take a stronger position in their joint venture instead, two sources familiar with the matter said on Tuesday.

Exclusive: EPA eyes limits for agricultural chemical linked to crop damage

(Reuters) - The U.S. environmental agency is considering banning sprayings of the agricultural herbicide dicamba after a set deadline next year, according to state officials advising the agency on its response to crop damage linked to the weed killer.

Tronc buys New York Daily News in push into No. 1 media market

(Reuters) - Tronc Inc , owner of the Chicago Tribune and the Los Angeles Times newspapers, has gained entry into the United States' top media market by acquiring the New York Daily News from publishing and property mogul Mort Zuckerman.

Exclusive: Under pressure, Hyundai clashes with China partner over suppliers - sources

BEIJING/SEOUL (Reuters) - Hyundai Motor Co is at loggerheads with its Chinese partner over efforts to cut supplier costs, as they grapple with cut-throat competition and the impact of a stand-off between Beijing and Seoul, four people familiar with the dispute said.

Florida insurers shares tumble as Hurricane Irma looms

(Reuters) - Shares in Florida home insurers such as Heritage Insurance Holdings tumbled on Tuesday as investors braced for losses as Hurricane Irma appeared set to hit the state on Saturday.

Facebook takes the next step to monetize WhatsApp: WSJ

(Reuters) - Facebook Inc is gearing up to make money from WhatsApp, the messaging service used by more than a billion people every day, the Wall Street Journal reported on Tuesday.

Miami Mayor: "Expect Evacuation Order On Wednesday Or Thursday"

With Hurricane Irma, now an "extremely dangerous" category 5 storm bearing down on southeastern Florida, the Miami Herald reports that Miami Mayor Carlos Gimenez has told reporters that an evacuation order was "probably coming late Wednesday or early Thursday." According to the latest forecasts, the storm is expected to make landfall in the US this weekend, unless the jet stream pulls it in a more northerly direction.

As we reported earlier, the storm has shifted west more quickly than forecasters had anticipated. As of Tuesday, the storm was on track to slam Miami, though its eventual path may vary.

"Over the past couple of days, the track of the storm has shifted "a lot further to the west", and at this point it appears that Miami is the most likely to take the full force of the hurricane. But as we have seen, trying to forecast the behavior of hurricanes is not an exact science. Irma may never become a category 5 storm, and it may never hit the U.S. at all. Or it may zip past Florida to the south and end up making landfall in the Gulf of Mexico. The truth is that we just don't know."

Gimenez said county evacuation zones A and B would be the target of the order. Miami Beach and much of the coastal areas of Miami and southern Dade have a p ...

Tuesday Humor - Sovieta RX: A Prescription To Combat Russian Hysteria

Authored by Mac Slavo via SHTFplan.com,

Are those pesky Russians causing mass hysteria in your life? Is every aspect of your day consumed by thoughts of Russian hacking and election meddling? Well now, there's a prescription for you!

YouTuber "Red Pill Black" uploaded a video to the channel detailing the ways that one could overcome the Russian hysteria. Putin has been known to call it "political schizophrenia," but either way, we are sure you know what we're talking about.

If you or a loved one know of anyone who is suffering from"Russian Hysteria," Red Pill Black has the solution.

It has been known to reduce the word "Russia" from your vocabulary
by 73%.

Don't believe us, watch the video and try it yourself!

So try Sovieta RX today!

Goldman Issues Two Different Price Targets On Gold In The Same Day

In a day when gold is surging to the highest level since the Trump election, what better way to hedge what happens next than to issue two separate price targets. We bring this up, because that's precisely what Goldman Sachs did today.

First, in a note discussing the relative merits of gold as a "currency as a last resort", and which eyed the suitability of the yellow metal as a hedge to an escalating North Korean crisis (discussed earlier), Goldman's chief currency strategist, Jeffrey Currie issue the following trade recommendation:

In coming months, the unfortunate aftermath of hurricane Harvey suggests that Washington is going to have to overcome their differences, pass spending bills, try harder to avoid a government shutdown and pursue infrastructure projects sooner than later. Our economists believe the probability of a government shutdown has declined further from their prior assessment of 35% and now put it at around 15%. As a result, we are maintaining our end-of-year gold price forecast of $1250/toz barring a substantial escalation in North Korea.

So on one hand Goldman is expecting a drop of nearly $100 in the coming three months. Fair enough, Goldman's bearish bias on gold has been duly noted on these pages in the past.

What, however, makes Goldman's stance confusing is that just a few hours after the Currie report was released, Goldman's chief technician issued an analysis which concluded something completely different.

In her daily "Today's Top Tech" report focusing on precious and base metals, Goldman's Sheba Jafari writes that "Gold, Silver and Copper are all three showing potential to continue higher" and adds that "Gold and Silver have targets in the ar ...

The Broken-Window Fallacy Is Still Alive And Well

Authored by Robert McKeown via The Mises Institute,

As Hurricane Harvey, now tropical storm Harvey, makes its way across the southern US, estimates have already come in as to the cost of the storm. According to AccuWeather, Harvey is expected to cost upwards of $190 billion in damages, one percent of the national GDP. This makes Harvey the costliest storm ever to hit the United States, more than Katrina ($100 billion) and Sandy ($60 billion) combined.

Here Come The Clowns

As in the wake of every disaster, pundits and politically biased economists - including Larry Summers who declared Japan's 2011 Tsunami would boost economic growth - will wax elequently on how Harvey will end up being a boon for "the economy." CNBC, for example, reports that Hurrican Harvey may ultimately "raise wages." It will spawn government spending and insurance payouts to flood victims, we're told. These victims will spend that money in the economy which will put people back to work, employ the factors of production and so on and so on.

As usual, these types of talking heads forget Frederic Bastiat at their own peril. In his pamphlet, "That Which Is Seen and That Which Is Not Seen", he warns of the unseen conse ...

A Jobs Pause That Refreshes

If payroll growth is indeed cooling, then the Federal Reserve can focus on hard data without worrying about labor market slack and could well be on hold for the rest of 2017.

Meg Whitman Has a Different Mess to Clean Up

Hewlett Packard Enterprise faces many challenges, including earnings next week and the question of why its CEO was looking elsewhere.

Wait Before Investing in Music Industry's Recovery

Upbeat results from the world's largest music company aren't enough to make parent company Vivendi an appealing investment.

Key Words: Why Beanie Babies make for a better investment than bitcoin

In Merkel's latest bearish slam on bitcoin, "Where money goes to die," he explained why most of the players in the crypto market will eventually disappear and take the fortunes of late-to-the-party speculators with them.

Bond Report: Treasury yields plumb 10-month lows as North Korea triggers demand for havens

Treasury prices gain, pulling yields lower, on Tuesday after North Korea tested a nuclear bomb over the weekend, leading investors to seek government paper and other assets seen as havens.

Trump Today: Trump Today: President tells Congress 'do your job' on fixing immigration — in six months

President Donald Trump prodded Congress to act on immigration policy after he rescinded an Obama-era program, said he was allowing Japan and South Korea to buy more military equipment and was preparing to meet with congressional leaders on tax reform.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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