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Happy birthday Marines ! Semper Fi !

DOW 27676 for Friday 11-8-19

Previous close 27674. 52 wk high 27774. 52 wk low 21712. Today's low 27578. High 27694.

NASDAQ : 8475 ▲

S&P : 3092 ▲

Soybeans : 9.19 ▼

Oil WTI : 57.41 ▲

Market up... Enjoy your weekend everybody.

December stopgap funding seems likely

Congressional leaders and the White House agree they’ll need another three or four weeks to wrap up negotiations on 12 annual spending bills, and are likely to extend stopgap funding to Dec. 13 or Dec. 20, a decision that may finally propel the fiscal 2020 appropriations process forward.

The biggest hurdle remains how to divvy up discretionary funds under the July budget caps agreement, which outlines a ceiling of $632 billion in nondefense appropriations, not counting certain extras above the cap negotiated in prior budget accords.

Democrats have argued that Senate Republicans shouldn’t be proposing an 8 percent boost for the Department of Homeland Security — including $5 billion for President Donald Trump’s border wall request — at the same time they are proposing just a 1 percent boost for the Labor-HHS-Education spending bill, given the limited resources.

Earlier this week, sources suggested the White House might not stick to its $8.6 billion border wall demand. But there is significant work to be done, Shelby and Schumer acknowledged.

DOW 27674

Previous close 27492. 52 wk high 27774 ( new 52 wk high ). 52 wk low 21712. Today's low 27712.

NASDAQ : 8443 ▲

S&P : 3085 ▲

Soybeans : 9.26 ▲

Oil WTI : 57.03 ▲

New highs for the markets!

China says ... will trump agree to cancel tariffs ?

China says have agreed with US to cancel tariffs in different phases

BEIJING, Nov 7 (Reuters) - China and the United States have agreed in the past two weeks to cancel tariffs imposed during their months-long trade war in different phases, the Chinese commerce ministry said on Thursday.

China and the United States must simultaneously cancel some tariffs on each other's goods for both sides to reach a "phase one" trade deal, said Gao Feng, spokesman at the commerce ministry.

The tariff cancellation is an important condition for there to be any agreement, he said at a regular press briefing.

The proportion of tariffs cancelled must be the same, and how many tariffs should be cancelled can be negotiated, Gao told reporters.

Looks like both sides are desperate to avoid a recession.

Moscow Muscles Into Libyan War

The snipers are among about 200 Russian fighters who have arrived in Libya in the last six weeks, part of a broad campaign by the Kremlin to reassert its influence across the Middle East and Africa.

After four years of behind-the-scenes financial and tactical support for a would-be Libyan strongman, Russia is now pushing far more directly to shape the outcome of Libya’s messy civil war. It has introduced advanced Sukhoi jets, coordinated missile strikes, and precision-guided artillery, as well as the snipers — the same playbook that made Moscow a kingmaker in the Syrian civil war.

The Russians have intervened on behalf of the militia leader Khalifa Hifter, who is based in eastern Libya and is also backed by the United Arab Emirates, Egypt, Saudi Arabia and, at times, France. His backers have embraced him as their best hope to check the influence of political Islam, crack down on militants and restore an authoritarian order.

Mr. Hifter has been at war for more than five years with a coalition of militias from western Libya who back the authorities in Tripoli. The Tripoli government was set up by the United Nations in 2015 and is officially supported by the United States and other Western powers. But in practical terms, Turkey is its only patron.

Russia had previously stayed in the background while the United Arab Emirates and Egypt took the leading roles in military support for Mr. Hifter. But by September, his assault on Tripoli seemed to have stalled and Russia apparently saw an opportunity.

Control of the central bank and the oil revenue has made Tripoli the war’s grand prize.

Mr. Hifter, 75, was a former army general under Colonel el-Qaddafi who defected and lived in Northern Virginia as a C.I.A. client for more than a decade. Returning to Libya in 2011, he sought but failed to win a leading role in the uprising.

Last November, Mr. Hifter was filmed at a table in Moscow with both the Russian defense minister and the head of the Wagner Group, Yevgeny Prigozhin, the close ally of Russia’s president, Vladimir Putin. Mr. Prigozhin is under indictment in the United States for involvement in the internet “troll farm” that sought to influence the 2016 presidential election.

Even though it officially supports the United Nations-recognized government, the United States has largely disengaged and President Trump has appeared to endorse Mr. Hifter. Mr. Trump called Mr. Hifter a few days after he began his assault on Tripoli to applaud his “role in fighting against terrorism.”

Now Mr. Hifter’s forces are conducting airstrikes against militias from western Libya that had previously worked closely with American military forces to expel a branch of the Islamic State from its stronghold in the city of Surt.

More than three times the size of Texas, Libya controls vast oil reserves, pumping out 1.3 million barrels a day despite the present conflict.

All about the oil. It's always been about the oil.

DOW 27492

Previous close 27492. 52 wk high 27560. 52 wk low 21712. Today's low 27407. High 27526.

NASDAQ : 8410 ▼

S&P : 3076▲

Soybeans : 9.15 ▼

Oil WTI : 56.50 ▼

US National Debt Passed $23 Trillion, Jumped $1.3 Trillion in 12 Months

The US gross national debt – the sum of all Treasury securities outstanding – passed another illustrious milestone, $23.01 trillion, the US Treasury department disclosed on Friday. And it got there at lightning speed just eight months after having passed the illustrious milestone of $22 trillion on February 11. Over the past 12 months, the US national debt has jumped by $1.33 trillion – and these are the good times, and not a financial crisis when everything goes to heck:

Over the 12 months through the third quarter, the US gross national debt rose by 5.6% from the same period a year earlier. But nominal GDP over the same period rose only 3.7%: meaning the growth of the debt is outrunning the growth even in what President Trump called two days ago, the “Greatest Economy in American History!”

DOW 27492

Previous close 27462. 52 wk high 27560. 52 wk low 21712. Today's low 27453. High 27560 (new 52 wk high).

NASDAQ : 8434 ▲

S&P : 3074 ▲

Soybeans : 9.22 ▼

Oil WTI : 57.20 ▲

DOW 27462

Previous close 27346. 52 wk high 27517 (today 11-4-19). 52 wk low 21712. Today's low 27402. High 27517.

NASDAQ: 8433 ▲

S&P : 3078 ▲

Soybeans : 9.26 ▲

Oil WTI : 56.50 ▲

Big up day for the markets.
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