MAD Macro - Six Billion Dollar Club Champion
The Six Million Dollar Man – Action Hero
The Six Billion Dollar Man - Club Champion
Inflation has made the Six Million Dollar Man look weak compared to the Six Billion Dollar Man. Ex-President, club champion and now worth six billion dollars on paper. Speaking of inflation, the Baltimore Key Bridge cost $60 million to build in 1977. Adjusted for inflation that would be $300 million today. I will take the over on rebuilding the Key Bridge. I have not seen any estimates, but whatever the number is, it’s going to end with billions not millions. This might be the top for the Orange Mad King I and Truth Social. It feels like one of those George Costanza moments. It’s looking so good for the Orange Mad King I, but that usually means it’s time to sell for George. Although, value is in the eye of the beholder. The WSJ editorial board makes an interesting point in today’s paper, linked here. It’s titled “Trump’s Truth Social Enablers”. They point out that the press is outraged at the Truth Social valuation in the public market. They were never outraged by the valuations of the EV startups, Nikola, Lordstown, Lucid and Fisker when they went public via SPACs. I guess valuation depends on your viewpoint and the press definitely has a viewpoint on the Orange Mad King I.
The main stream press showed their true colors again today. NBC surprised no one when they announced that they would not be employing Ronna McDaniel as a contributor. It’s worth thinking for a moment about the statement NBC released. To quote, “After listening to the legitimate concerns, I have decided that Ronna McDaniel will not be an NBC contributor. No organization, particularly a newsroom, can succeed unless it is cohesive and aligned.” There is only one god, the progressive god. Maybe there is a future for Truth Social.
The Tin Man needs the real six million dollar do over. Just watching him walking in and out of his White House briefing on the Key Bridge collapse was nerve wracking. They should always have someone there to open the door, he forgot which way to turn the handle. The Tin Man is looking a little better in the polls today. He is still stiff walking like the Tin Man but his poll numbers in the swing states are improving. No surprise, this election was always going to be close. In fact, I think it could be a hung election with several months of recounts. Nothing like celebrating Christmas counting chads.
Markets have been range bound recently. Equities have been opening higher but fading during the day to close unchanged or slightly lower. The dollar, interest rates and commodities have been in very narrow trading ranges. The big economic news this week will be on Friday when PCE is released during a market holiday.
I updated the U.S. Dollar Index, U.S. 10yr yield, WTI crude oil, spot gold, bitcoin, Shanghai Composite, S&P futures and NASDAQ 100 futures charts below.
Interest rates and the dollar are unchanged.
Crude oil is lower but holding the $80 support level. Gold is higher testing the $2,200 level again. Bitcoin is unchanged.
It looks like the Shanghai Composite has failed at the 200 day moving average and has rolled over. S&P and NASDAQ 100 futures are both due to open higher.
Inflation has made the Six Million Dollar Man look weak compared to the Six Billion Dollar Man. Ex-President, club champion and now worth six billion dollars on paper. Speaking of inflation, the Baltimore Key Bridge cost $60 million to build in 1977. Adjusted for inflation that would be $300 million today. I will take the over on rebuilding the Key Bridge. I have not seen any estimates, but whatever the number is, it’s going to end with billions not millions. This might be the top for the Orange Mad King I and Truth Social. It feels like one of those George Costanza moments. It’s looking so good for the Orange Mad King I, but that means it’s time to sell for George. Although, value is in the eye of the beholder. The WSJ editorial board makes an interesting point in today’s paper, linked here. It’s titled “Trump’s Truth Social Enablers”. They point out that the press is outraged at the Truth Social valuation in the public market. But they were never outraged by the valuations of the EV startups, Nikola, Lordstown, Lucid and Fisker when they went public via SPACs. I guess valuation depends on your viewpoint and the press definitely has a viewpoint on the Orange Mad King I.
The main stream press showed their true colors again today. NBC surprised no one when they announced that they would not be employing Ronna McDaniel as a contributor. It’s worth thinking for a moment about the statement NBC released. To quote, “After listening to the legitimate concerns, I have decided that Ronna McDaniel will not be an NBC contributor. No organization, particularly a newsroom, can succeed unless it is cohesive and aligned.” There is only one god, the progressive god. Maybe there is a future for Truth Social.
The Tin Man needs the real six million dollar do over. Just watching him walking in and out of his White House briefing on the Key Bridge collapse was nerve wracking. They should always have someone there to open the door, he forgot which way to turn the handle. Although the Tin Man is looking a little better in the polls today. He is still stiff walking like the Tin Man but his poll numbers in the swing states are improving. No surprise, this election was always going to be close. In fact, I think it could be a hung election with several months of recounts. Nothing like celebrating Christmas counting chads.
Markets have been range bound recently. Equities have been opening up but fading during the day to close unchanged or slightly lower. The dollar, interest rates and commodities have been in very narrow trading ranges. The big economic news this week will be on Friday when PCE is released during a market holiday.
I updated the U.S. Dollar Index, U.S. 10yr yield, WTI crude oil, spot gold, bitcoin, S&PP futures and NASDAQ 100 futures charts below.
Interest rates and the dollar are unchanged.
Crude oil is lower but holding the $80 support level. Gold is higher testing the $2,200 level again. Bitcoin is unchanged.
S&P and NASDAQ 100 futures are both due to open higher.