Wednesday, June 19, 2024

Thursday Watch

Today's Headlines

Zero Hedge: 
Fox News:

The Epoch Times:

Around X:
  • @WallStreetSilv
  • California’s $20 minimum wage “Boomerang” wipes out tens of thousands of jobs and hikes prices on customers who were already struggling. Chipotle is now planning another 9% price hike in California — it’s 5th hike in 2 years. One study put the additional cost at $250,000 per outlet. And with 80% of consumers already seeing fast food as a luxury, they simply can’t pay it. Many locations are shutting down — especially in California’s heIIscape cities. Those who remain are investing in kiosks or machines to replace the workers for good. Government's own research shows minimum wages kiII jobs and hike prices. But they keep doing it. (video)
  • @WallStreetApes
  • @stkirsch
Night Trading
  • Asian indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 98.75 -1.5 basis points.
  • China Sovereign CDS 66.5 -.75 basis point.
  • China Iron Ore Spot 107.8 USD/Metric Tonne +.6%.
  • Bloomberg Emerging Markets Currency Index 39.3 -.02%.
  • Bloomberg Global Risk-On/Risk Off Index 60.1 +2.4%.
  • Volatility Index(VIX) futures 14.3 -.3%. 
  • Euro Stoxx 50 futures -.02%.
  • S&P 500 futures +.12%.
  • NASDAQ 100 futures +.28%.

BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer and financial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.

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