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04Dec2017 Pre-Market Commentary: Wall Street Back In Full Blown Rally Mode, Stock Futures Jump Strongly After Senate Approves Tax Bill, Crude Prices Slip, US Dollar Rises On Big Tax Victory

Written by Gary

US stock market index futures move sharply higher and pointing to new historic highs for Wall Street (SPY +0.6%), DOW futures up 200 points, Dollar pushes higher as investors focus on tax-plan progress.


Here is the current market situation from CNN Money

European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.47% while France's CAC 40 is up 1.15% and London's FTSE 100 is up 0.42%.

What Is Moving the Markets

Here are the headlines moving the markets.

CVS-Aetna deal to change how big employers buy health benefits

NEW YORK (Reuters) - CVS Health Corp's proposed purchase of Aetna Inc will change the way many major U.S. corporations buy health coverage for employees and raise new questions over the cost of those benefits, benefit consultants said.

Stock futures jump after Senate approves tax bill

(Reuters) - U.S. stock futures pointed to a solid open for Wall Street on Monday after the U.S. Senate passed its version of a tax overhaul bill, bringing closer to reality President Donald Trump's promise of cutting corporate taxes to spur growth.

CVS Health to acquire Aetna for $69 billion in year's largest acquisition

(Reuters) - U.S. drugstore chain operator CVS Health Corp said on Sunday it had agreed to acquire U.S. health insurer Aetna Inc for $69 billion, seeking to tackle soaring healthcare spending through lower-cost medical services in pharmacies.

Broadcom lists 11 nominees for Qualcomm board

(Reuters) - Chipmaker Broadcom Ltd took its first formal step toward a hostile bid to take over Qualcomm Inc on Monday, unveiling a list of 11 nominees to the board of the U.S. semiconductor firm.

Shares of big U.S. banks rise as Senate approves tax overhaul

(Reuters) - Shares of the biggest U.S. banks were higher after the Senate approved a tax overhaul bill on Saturday, which will provide significant tax cuts for businesses.

Bitcoin dips below $11,000 after setting another record high

LONDON (Reuters) - Bitcoin dipped back under $11,000 on Monday, coming off a record high just shy of $11,800 it hit on Sunday after a surge from less than $1,000 at the start of the year.

Exclusive: EU set to approve easyJet purchase of parts of Air Berlin - sources

BRUSSELS/LONDON (Reuters) - British budget airline easyJet is set to win unconditional EU antitrust approval to buy parts of failed German peer Air Berlin , people familiar with the matter said on Monday.

VW aims at ride-pooling market with all-electric minibus

BERLIN (Reuters) - Volkswagen has unveiled an all-electric minibus to target urban customers who prefer to pay for use rather than own a vehicle, furthering the German company's push into new forms of online-controlled personal transport services.

Confusion reigns as banks scramble to price FX, bond research under EU markets revamp

LONDON (Reuters) - How much are you worth? For the FX and bond analysts covering the world's biggest markets, how much to charge for their time and research remains in question just a month away from sweeping new rules that require fund managers to pay for these services.

Trump Backs Roy Moore, Blasts Doug Jones As "A Pelosi/Schumer Puppet"

For the first time, President Donald Trump has endorsed Alabama Senate candidate Roy Moore after previously defending the embattled Republican in a series of offhand comments to reporters last month.

Last month, the Washington Post published a bombshell story including allegations from a woman who said she had sexually inappropriate contact with Moore when he was a 32-year-old assistant DA and she was a 14-year-old high school student. Since then, seven other woman have come forward to accuse Moore of pursuing them when they were teenagers.

Moore has repeatedly denied the allegations, saying they are politically motivated.

Until today, Trump had been unwilling to openly endorse Moore, though he did defend him and question the veracity of the women's claims.

In a tweet, Trump argued that "Democrats refusal to give even one vote for massive Tax Cuts is why we need Republican Roy Moore to win in Alabama. We need his vote on stopping crime, illegal immigration, Border Wall, Military, Pro Life, V.A., Judges 2nd Amendment and more. No to Jones, a Pelosi/Schumer Puppet!"

He later added: "Putting Pelosi/Schumer Liberal Puppet Jones into office in Alabama would hurt our great Republican Agenda of low on taxes, tough on crime, strong on military and borders...& so much more. Look at your 401-k's since Election. Highest Stock Market EVER! Jobs are roaring back!"

Initially, the White House said Trump believed "the people of Alabama should decide" who deserves to win the seat. Later, Trump cast doubt on the allegations against Moore, saying the incidents in question happened more than 40 years ago.

Democrats refusal to give even one vote for massive Tax Cuts is why we need Republican Roy Moore to win in Alabama. We need his vote on s ...

What's the Point, Gold and Silver Report 3 Dec 2017

A reader emailed us, to ask a few pointed questions.

Paraphrasing, they are:


  1. Who cares if dollars are calculated in gold or gold is calculated in dollars? People care only if their purchasing power has grown.

    What is the basis good for? Is it just mathematical play for gold theorists? How does knowing the basis help your readers? Is it just a theoretical explanation of what has already happened?

    Prove that if someone has known the basis for the last four years, he has benefitted.



He also added:

"Most websites on gold I've seen I have no respect for. They are snake oil salesmen trying to sell gold. Yours is not. So in that sense you guys are honest."

That number, again, is 1-800-GOT-GOLD!

Just kidding. Thank you, sir, for your kind words and now let's address your questions.

First, we have a general response. It is good to know the truth, for its own sake, even if there is no immediate or obvious practical benefit. The world works a certain way and, speaking for ourselves, we want to know what that way is. As they say, knowledge is power. This is doubly so with gold, where there is so much misinformation, disinformation, and rubbish economics. Some of it is mainstream, such as quantity theory of money. Some of it is unique to the gold market, such as allegations of manipulation.

Perhaps this particular set of truths about the gold market is of interest only to gold theorists. We are gold theorists, so it is of interest to us. Gold theorists number among our readers, too. But we argue that this particular set of truths should be of interest to everyone.

The greatest danger of our era is the coming monetary collapse. It is the inevitable consequence of irredeemable currency, exponentially rising debt, and falling interest. Many know that gold is part of ...

Frontrunning: December 4



Stock futures jump after Senate approves tax bill (Reuters)

Tax Bill Marked by Blinding Speed (WSJ)

Corporate Winners and Losers in the GOP Tax Bill (BBG)

Flynn's Guilty Plea Sparks Clashing Interpretations (WSJ)

Irish border deal reported settled as May meets Juncker (Reuters)

Houthi radio says ex-president Saleh killed in Yemen fighting, no confirmation (Reuters)

Oil falls after U.S. drilling picks up (Reuters)

FBI Agent Removed From Russia Probe Had Key Role in Clinton Email Investigation (WSJ)

As Brokers Line Up to Offer Bitcoin Futures, Others Are Quiet (BBG)

Goldman Sachs tried to cut its debt exposure to Altice (FT)

HNA's Units Are on a Borrowing Spree, Swallowing High Rates (

Trump Holding Secret Evening Meetings With Aides To Evade Kelly's West Wing Clampdown

"Stop Bickering, Get in Early, Make an Appointment" - in the five months since John Kelly took the helm as Trump's Chief of Staff, the former marine has reportedly turned the West Wing from a free-for-all of division and disorganization into a well oiled machine.

Mountains of unchecked paperwork no longer cross the Resolute Desk. Gone is the ability for aides and associates to simply swing by the Oval Office and have a chat with President Trump - including his own son-in-law Jared Kushner and daughter Ivanka who began reporting directly to Kelly. Senior staff meetings which once began at nearly 9 a.m. were moved to 8 a.m. in the Roosevelt Room - in sharp contrast to the wandering discussions held by Kelly's predecessor, Reince Priebus - often with the TV blaring in the background of his office.

Moreover, Kelly has instructed staff not to simply patch calls through to President Trump from friends outside the White House who wanted to chat about current events - instead requiring that they make appointments. Indeed, it appears that Kelly's clampdown on the Trump White House have turned it into an efficient, streamlined, militaristic operation...

Then there's Trump, who according to a report in the Wall St. Journal has been calling White House aides to his private residence in the evening where he gives them new assignments - asking them not to tell Mr. Kelly.

Trump, it appears, cannot be tamed. But we knew that.

"John has been successful at putting in place a stronger chain of command in the White House, requiring people to go through him to get to the Oval Office," said Leon P ...

Economy Has Room to Grow, Here's Why

Recent reports overstate how fast the U.S. economy is growing, but strength overseas and the tax plan should give it a boost

Hipsters Go Glamping, and RV Makers Soar

Recreation vehicle manufacturers like Thor Industries and Winnebago are riding a boom fueled by younger buyers, but their share prices have rallied too far.

Chinese Battery Champion Has Fully Charged IPO

China has the world's largest market for electric cars and wants its companies to dominate globally when it comes to the batteries that power these vehicles. That makes the initial public offering of a turbocharged player at the center of that effort well worth watching.

Amazon wants to disrupt the neighborhood pharmacy—but its sketchy health products could get in the way

The online retailer sells supplements making grandiose health claims and at least one medical device without government oversight.

Suze Orman has a killer question for your retirement

The high cost of bad advice.

Peter Morici: Congress is a bigger risk than the yield curve is

Peter Morici explains why a flattening yield curve is not a harbinger of recession.

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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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