Time For Americans To Focus On What’s Important
This morning, the $USD (77.20) and Euro/USD (1.4695) showed a move into the USD and away from the Euro as Crude Oil futures have dropped from 114.29 to 113.60 in the past 90 minutes.
The DJIA futures at 8:12am ET are now at 11693, up from 11682 in the past 90 minutes.
Earlier today, the Asia-Pacific equity markets were mostly down except for Japan: Australia’s All Ords index (flat again at 5043.5); Shanghai (-5.34% to 2319.87); Hong Kong (-1.09% to 20930.67); India’s Sensex (-0.53% to 14645.66); and Japan’s Nikkei (+1.12% to 13165.45).
At about 8:20am ET in Europe, markets have turned stronger after the open: the French CAC is up +0.79% at 4489; the German DAX is up +0.21% at 6460; and the UK FTSE is up +0.35% at 5474.
Spot gold, palladium, platinum and silver at 8:27am ET were a weaker than at 6:50am ET (price then in brackets): 791.40 (796.28), 278 (280), 1373 (1380), and 13.06 (13.09). These prices are close to Friday am at this time.
The US Presidential campaign conventions will now begin to focus Americans on how the country will be shaped under a new Administration. Too bad the backroom deals have already been cut and the decisions made that will help one group of vested interests versus another. Although the cameras will show the convention mobs, we’re not talking democracy here. The choices have been made and both men have been bought-and-paid-for.
As for the market, I don’t think one Party would do much different than another. We all know the myths, which aren’t borne out by facts. Truthfully, with all the lobby interests that must be dealt with by both Parties in their fight for the seat of power, the US is now appropriately being called the USSA.
None of that is news. What will determine the future course of US capital markets, which are still the world’s most important, is in the post-election period whether the people will come together with a single mind-set to create wealth or whether they carry on what has been endless internal bickering over politics.
During the next several months, traders will be looking for evidence of that potential for harmony. If it appears that the neo-con political groups or the self-serving Wall Street insiders who have been so influential in the past many years are going to carry on business as usual, I think the US equity market is going to turn out something like what the Fannie Mae shareholders are staring at today, which is not a pretty sight.
It’s time that Americans get re-focused on what’s important: economic wealth creation.