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Donald Trump is talking about the stock market again.
While Michelle Wolf was dropping bombs — and, according to the president, just straight bombing — in front of an uncomfortable crowd at the White House Correspondents’ Dinner, Trump was firing up his adoring base some 500-plus miles away.
He made one particularly interesting point.
“The stock market could have been up 60%, but I have to do things,” Trump explained at his rally on Saturday night. “I can’t let other countries take advantage of us. The country is doing much better than the stock market.”
Maybe. But the anonymous blogger behind the Heisenberg Report doesn’t exactly see it that way.
“By ‘the country is doing better,’ I suppose he doesn’t mean how his lunatic decision to pile deficit-funded tax cuts that benefit him and his rich friends has put the U.S. on a path to fiscal ruin that will see America rank below Italy, Mozambique and Burundi in terms of debt sustainability by 2023 which, conveniently, will be right about the time it’s someone else’s problem,” he writes in a post.
Beyond that, the blogger took issue with the way Trump tends to present a rallying market as something he’s bringing to the forgotten Americans.
“That’s another thing a lot of people didn’t realize and again, the reason a lot of people didn’t realize it is because it’s blatantly false,” he says. “The people who benefit the most from rising stock prices are the people in whose hands those assets are disproportionately held.”
Which brings us to our chart of the day:
Those people could be benefiting today, with futures for the major indexes pointing to a higher open.
Futures for the Dow YMM8, +0.41% , S&P ESM8, +0.32% and Nasdaq NQM8, +0.52% are all higher. Gold GCM8, -0.47% and crude CLM8, -1.09% are in the red. Asia ADOW, +0.76% moved higher, and Europe SXXP, +0.06% is mostly gaining.
See the Market Snapshot column for more.
Eagle Bay Capital founder J.C. Parets just got back from a visit to his former home, New York City, and he’s returned to California with a bullish spring to his step.
Like, a REALLY bullish spring.
“The current bearish sentiment is consistent with higher stock market prices. And when I say higher, I don’t just means little bit higher. I think we go a lot higher,” Parets says in a post to his All Star Charts blog. “This bull market in stocks is just getting going … we are much closer to the beginning than any sort of end.”
His advice: Buy stocks. “Very, very aggressively.”
The point of his NYC visit was to gauge market sentiment among his comrades on Wall Street, and, ultimately, he came away with what he sees as a magical formula for bullish investors in the coming weeks, months, and maybe even years.
“The winners keep winning, the losers keep losing, things keep getting better, and people think they’re getting worse,” he says. “I like that combination.”
Parets explains that even some of his most bullish friends have turned bearish, joining the typically neutral crowd in the doom-and-gloom camp.
“With very few exceptions, I’m just not seeing the type of optimism that normally comes near key turning points,” he continues. “I worked and lived in that concrete jungle during some of the most historic times in market history. I know what goes on. I know who to talk to. I know how many cocktails they need to start opening up.”
And so there you have it. Drink up and let the bull run.
The boards of T-Mobile US TMUS, +0.66% and Sprint S, +8.33% have voted in favor of a merger of the two companies, according to the Wall Street Journal. The all-stock deal is expected to value Sprint shares near to Friday’s close of $6.50. Ahead of the bell, Sprint stock is getting hit hard. Watch for share of both companies to be active. Here’s what John Legere had to say about the whole thing:
💝I’m excited to be leading The New @TMobile as CEO, with @SievertMike stepping up as President and COO. You know #WeWontStop fighting for competition, fighting for innovation, fighting for YOU – our customers. #AllFor5G Get all the details: https://t.co/UkvtRb6h6z
— John Legere (@JohnLegere) April 29, 2018
In other deal news, Walmart’s WMT, -0.74% U.K. arm, Asda, has agreed to merge with British grocer J Sainsbury SBRY, +16.46% , and Marathon Petroleum MRO, -1.90% has confirmed that it plans to buy rival refiner Andeavor ANDV, -2.21% in a $36 billion deal.
Take that, Mr. Musk. Jeff Bezos’s Blue Origin reached new heights on Sunday with a successful test launch and landing of its New Shepard 2.0 rocket. Meanwhile, keep an eye on Amazon’s AMZN, +3.60% stock, which is also chasing new highs after last week’s strong earnings report.
Is it Twitter’s TWTR, -4.20% turn? Apparently, the company sold data access to the Cambridge University academic — yeah, that academic — who also obtained info on millions of Facebook FB, -0.33% users. Twitter shares are down early.
McDonald’s MCD, -0.38% is on the earnings docket before the open.
Here’s a look at that WHCD that set the Fox among the comms pigeons:
$630 million —That’s how much Disney’s DIS, -0.61% epic “Avengers: Infinity War” took home in a record-setting opening weekend. And it hasn’t even hit China yet. Disney now has nine of the 10 biggest box-office domestic openings of all time.
Ohio Governor John Kasich speaks to reporters.
“I’m still a Republican. I didn’t leave the Republican Party. The Republican Party left me” — John Kasich, in an interview Sunday on CNN’s “State of the Union,” in which the Ohio governor didn’t rule out running for president in 2020.
Does Kasich pose a threat to Trump? This tweet from the current president’s 2020 campaign manager suggests that maybe he does:
Is it really hard to figure out who @JohnKasich is really with? He is very chummy with @NancyPelosi. They want to control every part of your life. They want a political class that chooses the winners and losers. Our success should not come from politicians but our own effort. pic.twitter.com/hdYYjMfn33
— Brad Parscale (@parscale) April 29, 2018
The big number this week, of course, is the April employment report, but that doesn’t hit until Friday. Until then, we’ll get a some car sales, manufacturing data and an FOMC meeting. As for today, personal income and outlays for March hits at 8:30 a.m. Eastern Time, followed by pending home sales 90 minutes later.
A Pennsylvania senator is calling for an investigation, after a golf club phoned the cops to kick five black ladies off the course for slow play.
More and more Russians are turning to daytrading to pay the bills.
How the iconic PB&J took over the NBA.
Conflicting messages of millennial womanhood, from the New York Times: “I want to be rich, and I’m not sorry.”
Kanye West says Parkland survivor Emma Gonzalez is his hero. She doesn’t seem to feel the same way about him.
The message is clear: Climate change is here in a big way.
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