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DOW 28051 for Friday 11-29-19

Previous close 28185. 52 wk high 28174. 52 wk low 21712. Today's low 28042. High 28119.

Last Friday close 27875.

NASDAQ : 8665 ▼

S&P : 3140 ▼

Soybeans : 8.77 ▼

Oil WTI : 55.17 ▼

Post turkey day profit taking.

The deeper state...

Editorials, Op-Ed and Letters / NYT

How to Fix the W.T.O.

Twenty years ago this weekend, 50,000 people converged on Seattle to protest the World Trade Organization, which was holding a ministerial-level meeting in the city, and a plan championed by the world’s largest corporations to increase the organization’s authority over even more facets of people’s lives.

The W.T.O. asserts expansive power to set binding rules over a wide range of non-trade issues; countries are required to “ensure the conformity of its laws, regulations and administrative procedures” with W.T.O. rules — and, in turn, corporate financial interests. This includes limits on energy policy, financial regulation and food and product safety, as well as new monopoly protections for pharmaceutical firms to charge consumers more.

After a series of W.T.O. decisions in which tribunals cooked up new standards — never agreed to by member nations — related to anti-dumping and subsidy issues, the Obama administration initiated a protest. Last year, the Trump administration doubled down, blocking the appointment of new appellate adjudicators.

No doubt some American workers are bitterly angry and moved by Donald Trump’s trade rhetoric after having repeatedly been promised great gains from “trade” agreements. During the W.T.O. era, developed countries have lost millions of high-paying manufacturing jobs, especially after China joined in 2001. Income inequality between rich and poor countries, and within countries, has increased greatly.

Of course, the W.T.O. isn’t dead yet; the question is, will it see the looming crisis and undertake the reforms necessary to save itself? Unlikely: Its current priority is to set new limits on regulations regarding e-commerce and data privacy at a time when most people are clamoring for some check on the industry.

DOW 28165

Previous close 28121. 52 wk high 28174. 52 wk low 21712. Today's low 28075. High 28174.

NASDAQ : 8705 ▲

S&P : 3153 ▲

Soybeans : 8.82 ▼

Oil WTI : 58.12 ▼

New highs.

DOW 28121

Previous close 28065. 52 wk high 28146. (NEW HIGH) 52 wk low 21712. Today's low 28042.

NASDAQ : 8647 ▲

S&P : 3140 ▲

Soybeans : 8.85 ▼

Oil WTI : 58.36 ▲

More new highs.

Judge rules Don McGahn must comply with House impeachment subpoena

A federal judge ruled Monday that former White House counsel Don McGahn must testify under subpoena in the ongoing House impeachment inquiry, rejecting the White House's assertion that its aides are "absolutely immune" from congressional subpoenas.

"When DOJ insists that Presidents can lawfully prevent their senior-level aides from responding to compelled congressional process and that neither the federal courts nor Congress has the power to do anything about it, DOJ promotes a conception of separation-of-powers principles that gets these constitutional commands exactly backwards. In reality, it is a core tenet of this Nation’s founding that the powers of a monarch must be split between the branches of the government to prevent tyranny."

DOW 28065

Previous close 27875. 52 wk high 28090. 52 wk low 21712. Today's low 27917. High 28065.

NASDAQ : 8632 ▲

S&P : 3133 ▲

Soybeans : 8.92 ▼

Oil WTI : 57.98 ▲

Off to a good start for the week.

House, Senate reach agreement on subcommittee spending levels

The appropriations process appeared to get back on track Saturday after House Appropriations Chairwoman Nita M. Lowey and Senate Appropriations Chairman Richard C. Shelby reached an agreement on subcommittee allocations, according to two sources familiar with the negotiations.

The accord is a positive sign for appropriators, who have been waiting for months to learn how much of the $1.37 trillion in fiscal 2020 funding they would have to spend on each of their bills.

Appropriators have not yet begun discussing how to package the bills, but it's unlikely there would be a 12-bill omnibus, due to the handshake agreement to prohibit such packaging that went along with the July spending deal.

If negotiators can reach agreement on the full dozen bills, they'll likely pass in two or three packages, possibly on the same legislative day.

Fed's 42-Day Repo 2x Oversubscribed In Scramble For Year End Liquidity

Traders were keenly looking ahead to the result from today's 42-day repo as this was the Fed's first liquidity-injection providing dealers with funding to carry them over into next year, as the operation was the first to mature in 2020 or January 6 to be precise. And, as many had feared, year-end liquidity fears remain front and center as the $25 billion operation proved to be roughly half the required size to satisfy all liquidity demands.

Dealers submitted $49.05BN in bids for the 42-day op ($33.55BN in Treasurys, $5BN in Agency, $10.5BN in MBS paper), resulting in a nearly 2x oversubscription of the $25BN in available repo

As are reminder, while most US bank have a GSIB surcharge of around 2%-3%, JPMorgan remains an outlier - and is perceived as the "riskiest" bank - with its 4.0% surcharge. It's also the reason why the bank has been quietly pulling liquidity away from funding markets ahead of quarter-end periods.

Why Giuliani Eyed 2 Oligarchs to Help Dig Dirt

VIENNA — They were two Ukrainian oligarchs with American legal problems. One had been indicted on federal bribery charges. The other was embroiled in a vast banking scandal and was reported to be under investigation by the F.B.I.

And they had one more thing in common: Both had been singled out by Rudolph W. Giuliani and pressed to assist in his wide-ranging hunt for information damaging to one of President Trump’s leading political rivals, former Vice President Joseph R. Biden Jr.

Mr. Firtash’s relationship to the Trump-allied lawyers — Victoria Toensing and Joseph diGenova — has led to intense speculation that he is, at least indirectly, helping to finance Mr. Giuliani’s campaign. But until now he has stayed silent, and many of the details of how and why he came to hire the lawyers have remained murky.

Mr. Kolomoisky, a banking and media tycoon who is one of Ukraine’s richest men, is also known for financing mercenary troops battling Russian-supported separatists in eastern Ukraine. Earlier in April, The Daily Beast had reported, citing unnamed sources, that the F.B.I. was investigating him for possible money-laundering in connection with problems at a bank he had owned. He is also entangled in a civil lawsuit in Delaware.

Mr. Kolomoisky offered a warning of his own, predicting in the Ukrainian press that “a big scandal may break out, and not only in Ukraine, but in the United States. That is, it may turn out to be a clear conspiracy against Biden.”

++++++++++++ Looks like Fox news commentators are busy bees...

DOW 27875 for Friday 11-22-19

Previous close 27766. 52 wk high 28090. 52 wk low 21712. Today's low 27773. High 27898.

NASDAQ : 8519 ▲

S&P : 3110 ▲

Soybeans : 8.96 ▼

Oil WTI : 58.03 ▼

Good week for the markets. Stay safe and enjoy your weekend everybody.
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