WOW! And a "Flash Crash" we did indeed get! Yesterday I suggested that they might do another flash crash by showing Trump as a winner early and then steal it back later with some recount to give it to Hillary, but I'm shocked that they actually failed at rigging the election as Trump really won. Amazing! I guess they aren't a powerful anymore as they used too be? I view this as great news for America as we won't have another 4-8 years of the Bush-Clinton Cabal Gangsters. Now we'll have to hope that Trump follows through with all he talked about in his campaign. I think he's certainly a far better leader then Hillary, even-though I don't like his personality. As I've said before I like Paul Ryan, Ran Paul and even think Bernie Sanders would have been a good honest president. But we didn't have those people to choose from and now I'll support Trump. No doubt he's a sharp business man, so maybe he can get this country turned around? Who knows for sure?
Anyway, as for the market today, I'm not sure where to begin? We had a flash crash drop last night of "over" a 100 points down on the ES Futures and almost a 1,000 points on the DOW Futures. But, we have recovered about 70% of the move down now it seems. It was a "limit down" move so it kinda had to bounce I guess. I'm sure it was a big stop run on the bulls with this flash crash move. Now they are running the bears.
I don't think I can predict the market today as it needs a few days to settle down so the charts will start working correctly again as today's' moves (and yesterdays) are based on fear of the unknown... which is naturally hard to control, let alone pick the bottom or top. So give me some time today and tomorrow and when things get back to normal I'm should have a better forecast.
Oh, and afterhours the FP on the SPY from 10/28 showing 215.54 was hit to the EXACT penny... and that was the EXACT top in the futures as well. A short taken then would had made a fortune for people playing the futures. Unfortunately I don't play futures, but I'm sure some of you do. Hopefully you did well. Anyway, I'll post more updates throughout the day after something appears to help predict new levels of support and resistance. I've added a Fibonacci chart on the afterhours high to the low, which might be some levels to watch for support and resistance. Ok, that's it. As I said, I'll do new updates and charts and put them in the chatroom as I see new data show up.
Officials confirm problems occurred after reports machines switched Trump votes to Clinton
Multiple voters reportedly claimed that their votes for Republican Donald Trump were being switched to Hillary Clinton before their very eyes.
"I went back, pressed Trump again. Three times I did this, so then I called one of the women that were working the polls over. And she said you must be doing it wrong," voter Bobbie Lee Hawranko told CBS Pittsburgh. But "she did it three times and it defaulted to Hillary every time," he said.
Officials claim the machines have been recalibrated and that the problem is fixed.
CLINTON TOWNSHIP (KDKA/AP) – Today is Election Day and for the most part, voting has been smooth.
Many areas are already seeing long lines with some officials saying they wouldn’t be surprised if voter turnout topped 80 percent.
However, there have been some scattered issues where voters are encountering problems.
“Every time I would push a candidate for the Republican party, it would come up for the Democratic candidate,” said voter David Drane.
Election judges in Clinton Township, Butler County confirmed there were issues with two of their eight automated voting machines. Most of the issues came when people tried to vote straight party ticket.
However, others said they specifically wanted to vote for Republican Donald Trump only to see their vote switched before their eyes to Democrat Hillary Clinton.
“I went back, pressed Trump again. Three times I did this, so then I called one of the women that were working the polls over. And she said you must be doing it wrong. She did it three times and it defaulted to Hillary every time,” Bobbie Lee Hawranko said.
Pennsylvania State Representative Daryl Metcalfe went to Clinton Township to check on the reports for himself.
“If somebody has an issue, they should certainly let the judge of elections at the precinct know and also call their county bureau of elections as folks have done here this morning,” Pa. Rep. Daryl Metcalfe said.
Happy Election Day! Be sure to go vote for Satan or Lucifer today as every vote counts... not really as only 538 "electoral" people do the voting but you can get a cool badge that says you voted so it must be something.
Ok, yesterday near the close I said I thought today would be a "pause" day where we trade sideways to slightly down as the short term charts are too overbought. I'll stick with that forecast and only add that there could be a late day rally after the 60 minute chart and possibly this 2 hour chart work off most of the overbought conditions. I don't think that's the way SkyNet has it planned but it's possible (especially if they surprise us with a Trump victory). I think most America's know the elections are rigged and Krooked Killiary has already be chosen, so assuming she wins we should rally up Wednesday to hit the FP on the SPY from a week or so ago. That's not too much higher so again... "if" for some reason they rally into the close today to tag that FP then we might be looking at some surprise tomorrow.
My thoughts on it are that they would pull some move that hints at a Trump victory where wall street panic's and dumps the market Wednesday and then they recount them and say Hilliary won and the market rallies back up. It's all just a game to steal your money with these wild swings up and down. Any trader with that can do any critical thinking would have put two and two together and come to the conclusion that the FBI re-opening the email case on Hilliary a week before the election was just staged to benefit her when the weekend before the election they come out and say she's innocent and that they are dropping the case. Total bullshit of course but it trapped the bears short with the big squeeze up yesterday, which I'm sure was planned as well. Traders should not expect much on the downside today as once SkyNet traps the shorts it rarely gives them any chance to get out.
So, assuming we don't rally up into the close and tag the FP on the SPY, I'm expecting a choppy sideways day today and the rally up tomorrow after Hilliary gets elected. But if we rally today instead and hit that FP then I'm looking for some kind of scare that Trump won to drop the market on Wednesday. Another "Flash Crash" I guess you'd call it? Then on Thursday you recount the votes and give to Hilliary as that was always the plan anyway. But a "fake out" drop is worth Trillions of dollars to them if they turn it into a flash crash. Never under estimate these criminals that run the market guys. Let's not forget that Wednesday is also 11-9-2016, or 911 backwards. I'm not saying anything is going to happen but I'd be a bear again if the FP on the SPY is hit by the close today. Remember, the last big drop (mini-crash) was on 9-9-2016 and 2+0+1+6=9, or 999... flipped is 666. These Satanist that run the market love their ritual numbers, so be on guard.
The world’s largest e-commerce platform, China’s Alibaba, is aiming for a record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in 2020 from 3.09 trillion this year, Reuters reports, quoting the company.
According to Alibaba founder Jack Ma, the company also wants to quadruple the number of customers to 2 billion by 2036, up from 423 million buyers in 2016.
Ma has pledged to intensify the fight against counterfeit products and intellectual property rights violation.
"I promise you guys that counterfeits, fake products, and intellectual property theft - we are more and more confident than ever that we can solve the problem," he said.
In April, Alibaba became the world’s largest retailer, surpassing Walmart. The company says its online trading accounts for 10 percent of all retailing in China and has generated 15 million jobs.
Last November, Alibaba hit a record $14.3 billion in sales on Singles’ Day, a Chinese holiday intended to celebrate single life. This is more than double the e-commerce sales in the US from Thanksgiving, Black Friday, and Cyber Monday combined. Alibaba has been holding these sales since 2009. November’s $14.3 billion smashed 2014’s total of $9.3 billion in gross sales.
The company also holds the title of the biggest IPO in history, raising $25 billion in four days in September 2014, $7 billion more than Visa and $9 billion more than Facebook and General Motors.
Alibaba generates more revenue than Amazon and eBay combined
Chinese e-commerce giant Alibaba has blown away earnings expectations in the quarter ending September 30. Revenues increased 55 percent to 34.29 billion yuan ($5 billion), more than Amazon and eBay combined.
“We reported robust revenue growth of 55 percent this quarter, with strong growth in each of our four reporting segments,” said Maggie Wu, Chief Financial Officer of Alibaba Group.
“Our highly profitable and cash flow generative core commerce business enables us to invest in our future growth areas of cloud computing, digital media and entertainment and innovation initiatives. We expect each of these businesses to drive long-term value for both our customers and shareholders,” she said.
Alibaba’s revenue of 34.29 billion yuan (about $5 billion) in the three months through September beat the average estimate of 33.9 billion yuan from 24 analysts polled by Thomson Reuters.
Revenue from the company's core e-commerce business grew 41 percent over the year before to 28.49 billion yuan ($4.2 billion), driven by sales in China.
Net income slid to 7.1 billion yuan ($1.05 billion) from 22.7 billion yuan ($3.35 billion). Alibaba pegged the fall on a large one-time item.
"Beyond the strong performance of our core commerce business, we are pleased with the continued rapid growth of our cloud computing business," said Daniel Zhang, CEO of Alibaba Group.
Alibaba’s media and digital entertainment business, which was consolidated under a new entity on Monday, saw revenues rise 302 percent year on year, mostly due to the consolidation of Youku Tudou, the local alternative to YouTube, which is blocked in China.
The company’s report comes just days before China’s Singles’ Day on November 11, the world's biggest online shopping event, which is 10 times bigger than US Cyber Monday. Last year, Alibaba earned a world record breaking 91.2 billion yuan ($14.32 billion) during the day.
Happy Bear Squeeze Monday Guys! Looks likely that the multiday losing streak (9 days) that hasn't been seen in 36 years will come to an end today as the futures are ready to open up over 25 points this morning. Looking at this 60 minute chart we see the futures have hit the falling trendline this morning and has backed down from it a few points. Consider how overbought we are short term that fall trendline might hold the bulls back at least during the first half of today if not all day. While I don't expect some big down move from here I also don't see much more on the upside today. Most likely we'll stay up here in this range all day and try to push through this mornings' current high later today near the close. This is my preferred scenario.
My 2nd scenario is that we push through the resistance early in the day and make a run for the higher falling trendline (in brownish red) coming in around 2123 today. The last scenario would be a pullback to half the gap up, which I think has the lowest odds. I see the highest odds are the "sideways most of the day and some attempt to rally late in the day" scenario I mentioned first. Then the "push through the resistance early" as the next likely plan. Overall I see this gap up holding this zone and/or pushing higher. I don't see an gap fill today and "at best" I could see the gap window tested (around 2102.50). The markets are still worried about the election on Tuesday so while I think we'll hold this level today I don't think this is over with yet on the downside.
This is likely just a bear squeeze that will end in days to weeks with a peak high still lower then the all time high. We have a possible FP on the SPY that could be the upside target? However, that doesn't mean it will turn back down once it's hit... it only means that the market will likely go up and hit that level. After that it might chop around, rollover, or trade sideways for awhile and push up more? Don't know? Of course the election tomorrow is a wildcard as we just don't know what will happen after it's over. So for now let's just stick will today and expect either sideways trading with some odds of a pullback to gap window, or a push through on up higher with the next resistance at 2123.
NEW YORK — The slow, steady retreat of the stock market ahead of the 2016 election continued Friday, with the market falling for a ninth straight day. Wall Street is now in its longest period of decline in more than three decades.
Investors continue to focus on the U.S. presidential election, which has become too close for comfort for some investors and has put the market on the defensive.
The Dow Jones industrial average lost 42.39 points, or 0.2 percent, to 17,888.28. The Standard & Poor's 500 index lost 3.48 points, or 0.2 percent, to 2,085.18 and the Nasdaq composite lost 12.04 points, or 0.2 percent, to 5,046.37.
The last time the S&P 500 fell for nine straight days is December 1980, nearly 36 years ago. Ronald Reagan wasn't even president yet.
However the nine days' worth of declines has been relatively minor, comparatively speaking. The S&P 500 fell 9.4 percent during the 1980 nine-day losing streak, according to Howard Silverblatt at S&P Global Market Intelligence, compared with the 3.1 percent decline in this sell-off.
Investors point to one reason for the drop: Donald Trump.
With only a few days left until the election, Hillary Clinton is still leading in national polling but Trump appears to have considerably narrowed the gap, particularly in swing states. Investors like certainty, and Clinton is seen as likely to maintain the status quo. Trump's policies are less clear, and the uncertainty and uncomfortable closeness of the polls has caused jitters in financial markets.
"Some investors are afraid of Donald Trump becoming president," said Michael Scanlon, a portfolio manager at Manulife Asset Management.
Other portfolio managers and market strategists have made similar comments, saying that it is likely a drop would continue on Wall Street if Trump were to prevail, at least in the short term. The VIX, a measure of volatility nicknamed Wall Street's "fear gauge" because it allows investors to bet on how much the stock market will swing in the next 30 days, has surged 40 percent this week. It is at its highest level since June, when Britain voted to leave the European Union.
"No one really knows what Trump would do should he get into power, probably not even himself," said Joshua Mahony, market analyst at IG. "It is that uncertainty that is driving the market negativity that has dominated this week."
Some encouraging news on the U.S. economy did keep the market higher most of the day, but the gains faded in the last hour of trading. Traders did not want to hold positions into the weekend with the election and retreated to their usual hamlets of safety: U.S. government bonds and gold.
U.S. employers added a solid 161,000 jobs in October and raised pay sharply for many workers. The Labor Department's monthly employment report Friday sketched a picture of a resilient job market. The pace of hiring has been consistent with a decent economy. The unemployment rate fell to 4.9 percent from 5 percent. And average hourly pay took a big step up, rising 10 cents an hour to an average of $25.92. That is 2.8 percent higher than a year ago and is the sharpest 12-month rise in seven years.
"This is really good for the U.S. consumer, especially as we head into the critical holiday shopping season," Scanlon said.
With the election coming up in less than a week, the October jobs report is likely to give the Federal Reserve enough ammunition to raise interest rates at its December meeting, economists said. Fed policymakers ended a two-day meeting on Wednesday where they decided to hold rates steady.
"It seems that the only remaining obstacle to the Fed hiking in December would be a significant adverse financial market reaction to the U.S. presidential election," said Chris Williamson, chief business economist at IHS Markit, in an email.
In company news: GoPro, the maker of wearable cameras, lost 78 cents, or 6.5 percent, to $11.16. The company reported a 40 percent drop in revenue in the quarter, and gave a negative outlook for the holiday season. Like Fitbit, GoPro is showing signs of being unable to expand the audience for its product line. The stock did recover part of an earlier loss.
In energy, benchmark U.S. crude oil lost 59 cents to $44.07 a barrel on the New York Mercantile Exchange. Brent crude, the international standard, declined 77 cents to $45.58 a barrel in London.
Heating oil fell 3 cents to $1.43 a gallon, wholesale gasoline fell 4.5 cents to $1.38 a gallon and natural gas futures fell less than 1 cent to $2.767 per 1,000 cubic feet.
U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.78 percent from 1.81 percent the day before.
The euro rose to $1.1117 from $1.1109 and the dollar rose to 103.13 yen from 102.99 yen.
Gold rose $1.20 to $1,304.50 an ounce, silver fell 5 cents to $18.37 an ounce and copper rose 2 cents to $2.27 a pound.
Well the jobs report this morning seems to be a dud as the futures just yawned at them it appears. I remember in the old days we'd see 10-20 point moves in one direction or the other just shortly after the 8:30 am report was released. But this morning we are barely up. Today doesn't look like it's going to do a whole lot of nothing at this point. The 60 minute MACD's here are under zero still but don't act like they want to go above it as the hit it and rollover. The 3 hour charts are climbing up from -7.5 to -5.0 right now and the 6 hour chart is trying to turn back up.
This all looks to me we'll have a choppy day that should close green but I don't see any huge rally starting. There's just nothing to suggest some squeeze to start. I don't see anything but chop around this low area in the morning and possibly a little stronger move up late in the day as traders cover short before the weekend. I'd lean toward them drifting down a little lower in the first half of today and then back up to close green late in the day. Charts are mixed with no clear direction. Any strong rally up at this point doesn't look like it will start until next week.
My thoughts for today... take it off. We could go up or down today but I don't see any clear high odds alignment for a long or short. Moves will probably be small up's and small down's leading to just chop, and for most people that's just isn't worth trading. Later in the day we might see a more bullish move but this just feel's like a market that wants to close out the week down near the lows. It's all about the elections at this point it seems...
The futures are up slightly this morning as it keeps riding the green falling trendline down and bouncing off of it. The move up also has broken out of the falling wedge on the futures, which generally means another drop is coming to backtest the breakout, which would be at a lower level if it happens. It also "usually" happens early in the day, like right after the open... and then it turns back up and rallies the rest of the day. If for some reason it rallies early instead it will open the doors for a late day sell off that has higher odds of going much lower then it would in the morning. Remember, as time passes by the falling trendlines go deeper.
What I see on the technical side is a 60 minute chart that will be overbought by midday or so, but the 3 and 6 hour charts are pointing up nicely. They could provide the strength to keep the early backtest from happening. The bulls would rather dip this early to have better strength on a rally. The bears would like to see a straight shot up to the FP on the SPY where the bulls will be exhausted with overbought charts everywhere allowing for another big drop to lower lows to happen shortly there after.
My thoughts? I'm a little mixed on how this is going to play out but if I just think about how it should be done based on the coming news events I'd go up early and down late today to make a slightly lower low and red close. Then I'd use the Non-Farm Payroll report (now called "Employment Situation") to create the strong rally. Then I'd continue it all day Friday and into the election where the FP could be hit to top out the bounce and allow another move down after the election. The charts can support this scenario as well as I think they can provide enough support to push the futures up early in the day and not allow it to rollover until later near the close.
I could see a push toward that falling trendline pointing to 2115 today, but I'm not sure if it will get that high or not? I guess it will based more on how much time has went by as the longer it takes the more the charts get extended and possibly overbought. However, that's probably too high for today as there's a lot of trapped bulls just overhead in the 2102-2107 area, so I wouldn't expect a lot today. It's still mixed chartwise. Odds are good for one more shakeout move down at some point today. Whether that is early in the day or late in the day I'm not sure. I'd do it going into the close but I'm not SkyNet so it might have other plans. However, if we close red today I think we'll see a nice up day on Friday from the NFP report.
Looks like we should rally some today. I got yesterdays' call wrong thinking we'd chop around while waiting on the FOMC meeting today but the market took a nose dive instead, tagging and piercing the 2100 level. I guess you can't get them all right, no matter how hard you try. For today it looks like it's setting up to rally. With the FOMC meeting at 2pm we might see some chop in front of it but both the ES Futures and SPX Cash are oversold on their charts and look ready to turn back up. The SPX is lagging behind and might not turn until closer to the meeting, which again leads me to think we'll have some chop in front it... like maybe a small wave 1 up and wave 2 down, and then the wave 3 (or ABC waves with the 3 being the C) up into the close.
However, I don't think the selling is over with for the week. While we might not take out 2100 again, as it looks pretty strong now with its' double bottom test yesterday, the Employment Situation (formerly called the Non-Farm Payroll Report) is another market mover and might cause another move down if we rally up in front of it and hit the FP on the SPY from Friday. Of course if we are still in chop mode just dancing around this current low range going into Friday morning then the opposite would be true as it might then be used for a rally up to the FP target. We'll worry about that bridge when we get there.
The road today is still in front of us and it suggests some early chop (again, a wave 1 up and 2 down... which might be labeled "A up" and "B down") in front of the meeting seems likely. If all we get is some wave 1 up in front of it then the wave 2 down would be the move right after the FOMC meeting to shake out the longs. The the 3 up into the close. The exact nature of how the waves up and down play out aren't that easy to predict, so just focus on the big picture for today... and that is find a spot for a long into the close. There should be some pullbacks today to shake rattle and roll all the longs out, and then the move up should take us into the close.
They have already tested the low from yesterday in the afterhours/premarket session on the futures so I don't expect another test, but it still might get close. Overall the early part of today should be where they carve out a bottom while they wait on the SPX Cash to catch up... which when it does the move from it should again be up. I do not know the strength of this move today as while we aren't expecting the Fed's to raise rates in today's' meeting they still might hint at something for December which might keep the rally up kinda weak. Resistance is the falling trendline that's pointing to around 2120 area, and above that is the reddish brown falling trendline pointing to around 2132 or so. Those level would be the first targets I'd expect to give the bulls trouble at should we rally. If we drop and go through yesterdays' low again, it could get ugly. Let's just worry about that if it happens. For now let's go with today closing green and look for good spots to take a long at.
We have been very, very suspicious of Donald Trump since he began his political run.
Many believed he was an outsider who was our “only hope” to tame the US federal government beast. But it has become very clear he is not.
First, Wikileaks showed that Killary herself actually approved Trump to be her competitor. According to an email sent from an assistant at the Clinton campaign, Hillary was aware that Trump was going to run before the political process was fully underway.
Clinton advised the mainstream media to push his legitimacy as a “pied piper” candidate because she realized, after looking at the poll numbers, that she wouldn’t stand a chance at winning the presidency against any of the establishment republicans without making them “pied pipers” – it just so happened that Donald was the easiest to play the role considering his long history of friendship with the Clintons.
In addition, the mainstream media was more than complicit in creating a narrative that the 2016 presidential elections were about Hillary Clinton vs Donald Trump from the get go.
But, barely reported in the media, was that after the 3rd presidential debate, Clinton and Trump went out for a night on the town together… and where they went is of great interest.
They went to an annual Jesuit function which is usually full of New World Order types.
THE JESUITS
One of the more interesting things that occurred right at the end of the Jubilee year in early October, was that the Jesuits installed a new Superior General, with the date to commence being actually at midnight on the end of Jubilee.
We found this interesting because there is plenty of evidence that the Jesuits are at least one major arm of what you can call the illuminati.
In fact, the Jesuits were founded in Spain by what various reports call “crypto Jews” – those who are Jewish but pretending to be Catholic. Certainly at that time in Spain it was safer not to be a Jew.
Even Wikipedia, which wouldn’t recognize a conspiracy if it were directly presented by its participants has this to say about the Jesuits:
… In the first 30 years of the existence of the Society of Jesus there were many Jesuit conversos (Catholic-convert Jews) including the second Father General Diego Lainez … The original founder Ignatius … said that he, “would take it as a special grace from our Lord to come from Jewish lineage.”
At the beginning of the Al Smith dinner party after Cardinal Dolan was introduced, a joke was even made by a speaker that “everyone in attendance is doing their part in supporting their charitable efforts and that it couldn’t be done without the support of many of the other devoted “Catholics” on stage like Henry Kissinger, Howard Rubenstein, and Mort Zuckerman” – all of whom are obviously Jewish so this remark was naturally met with a lot of laughter…
In fact, an extraordinary amount of controversy swirls around Jesuits. They are said to constitute the “Black Church” and thus adhere to the same Satanic religion as the world’s elite bankers supposedly hold.
The leader of the Jesuit order is commonly recognized in conspiratorial circles as the “Black Pope” whose signature staff is a crooked cross. Historically, the Jesuit Order has been seen as one that shirks no crime in expanding the power of the Church.
Lest this sound entirely outrageous, one must note that the Jesuits are, for instance, the inventors of concentration camps, which they established in Paraguay in order to incarcerate and then torture the native indians of the area.
But the litany of attributed Jesuit evil is even darker than that according to those who believe in the order’s continued malicious pursuit. The supposed founder of the Bavarian-based Illuminati, Adam Weishaupt, was a Jesuit.
In fact, the order is reputed to have been deeply involved in the Illuminati’s initial expansion, and chances are it is still deeply involved.
One more thing that highlights the evil of the Jesuits is their extreme oath of induction which all superiors must take in order to be elevated to the higher rungs of the organization. This is taken from the book Subterranean Rome by Carlos Didier, translated from the French, and published in New York in 1843 and reads in part,
“…promise and declare that I will, when opportunity present, make and wage relentless war, secretly or openly, against all heretics, Protestants and Liberals, as I am directed to do, to extirpate and exterminate them from the face of the whole earth; and that I will spare neither age, sex or condition; and that I will hang, waste, boil, flay, strangle and bury alive these infamous heretics, rip up the stomachs and wombs of their women and crush their infants’ heads against the walls, in order to annihilate forever their execrable race. That when the same cannot be done openly, I will secretly use the poisoned cup, the strangulating cord, the steel of the poniard or the leaden bullet, regardless of the honor, rank, dignity, or authority of the person or persons, whatever may be their condition in life, either public or private, as I at any time may be directed so to do by any agent of the Pope or Superior of the Brotherhood of the Holy Faith, of the Society of Jesus…”
One of the most poignant quotes regarding the malevolence of the Jesuits comes from Marquis de LaFayette 1757-1834; who was a French statesman and general who served in the American Continental Army under the command of General George Washington during the American Revolutionary War.
His quote is as follows:
“It is my opinion that if the liberties of this country – the United States of America – are destroyed, it will be by the subtlety of the Roman Catholic Jesuit priests, for they are the most crafty, dangerous enemies to civil and religious liberty. They have instigated MOST of the wars of Europe.”
THE BIG BASH
When evaluating Jesuit behavior and influence, please keep in mind that both Donald Trump and Hillary’s VP, Tim Kaine, are Jesuit educated. And it should be of GREAT interest, therefore, that practically on the eve of the US election, Donald Trump and Hillary Clinton partied the night away at a Jesuit function that included such prominent Jesuit-trained attendees as Henry Kissinger.
Not only did the two not look like sworn enemies… they looked like two star crossed lovers going to their first prom.
We have long held to our stance that Killary will be the next President of the US. The amount of vote rigging, murders and shenanigans to even get her to where she is so far has been tremendous… and it won’t stop.
That said, if by some fluke, and the Diebold machines malfunction or people in the US wake up slightly and Donald Trump gets elected… it is pretty clear they are on the same team and, as we’ve said previously, nothing major will change.
So, if you were hoping that this election could change things in the US… get over that hope right now. It might change things, but only for the much, much worse.
This charade is being played right in front of everyone’s eyes and most do not understand what is happening or why jokes like the “Catholic” joke is actually funny to these elite people.
They are laughing at the peasants’ stupidity and lack of understanding, not because the men mentioned are Jews… anyone with half a brain knows that.
… The groundwork for global governance has been laid, don’t let them blindside you as they attempt to carry out their nefarious plot. Donald Trump even stated at the dinner, “We’ve got to come together, not only as a nation, but as a world community.”
Above image – the chief staff of EU paying homage to their emperor, the Jesuit pope.
These people are called Magis because they can do magic, and the basic tenet why these Magicians are so very successful is that most people want to be fooled.
Aside from the fiat monetary scam and bloodsoaked petrodollar, another significant source of funds for the Nazionist Khazarian Mafia is the “healthcare” industry which registered a whopping $3.09 trillion in 2014, and is projected to soar to $3.57 trillion in 2017, in the US alone. We believe that this is just a conservative figure.
We can all help the revolution by avoiding all Khazarian pharmaceutical drugs, defeat any viral attack and scaremongering, like the Zika virus, easily by knowing how to build our own comprehensive antiviral system. Find more about how we can kill three birds with one stone, right here.
This morning is starting to look a little more bullish as we can see some coiling action with the futures going up and back down, up and back down and now up again. I guess in elliottwave wave it might be a series of 1 waves up and 2 waves down that suggest a wave 3 up coming soon, but EW is so "iffy" as you can go back and change the count afterwards when the move turns out wrong.
I'd go with the technical analysis first and try to make the wave count fit in what I see with the MACD's and Histogram Bars, and they do lean most bullish this morning. But the problem is that the market is waiting on the FOMC meeting tomorrow and therefore these technical's and wave counts mean nothing until the news event is over with, and then the market will move.
As for today I'd love to tell you that we are going have a strong rally that takes us up to the FP on the SPY but there's just not enough evidence to say that. I'm only slightly more bullish this morning then bearish but overall the charts are mixed as they wait on the FOMC meeting Wednesday. The inverted head and shoulders is bullish, the technical's are most bullish (or mixed) but the "reason" to move the market isn't until tomorrow.
So today could be another choppy day with no clear direction just like yesterday was choppy with a slightly bearish alignment. Of course if I see something before the close today I'll do another chart update but right now before the open I've got nothing clear. Taking the morning off and waiting until later in the day seems like the best plan I think.
Happy Halloween Everyone... Today I'd normally say the expected light volume would all the market to float higher but with the reopening of the case on Hillary for treason with those emails and with the uncertainty about what the Fed's say at this Wednesdays' FOMC meeting, I'm thinking the market will chop around or drift lower. The small fear there is usually enough to keep traders on the sidelines and not get too excited about going long until such events pass. Plus we are still stuck in the lower middle of a range and I'm sure there will be more interesting in buying with a retest of the 2100 level then the current level.
However, we did a new FP on the SPY afterhours on Friday so at some point I do see them rallying up to that level. Will that be before the FOMC meeting or after? I'm not sure but I don't see some short squeeze up to that print starting today. The charts are mixed but overall still bearish. I we can get another move down today into the close then we should be oversold enough to bounce back up on Tuesday and at least start the move up to the FP on the SPY. I'd like to see 2100 tested but that's not required. Just another down day today would probably do it, but I'd like to get close to the 2112.50 low that happened over the weekend, not just some one or two point red close.
If for some strange reason we close green today then I don't think the charts will be oversold enough to produce that starting rally to the FP, but instead just push off the down move until Tuesday. We've been making higher lows since the 2100 low with a 2107 low on the 13th and over the weekend we hit 2112, so we don't have to break that before the FOMC meeting but we should at minimum get close to it again. They might be too afraid to let the market fall to retest 2100 now as they fear it will not hold. So making higher lows is all they can do for now so they can get this short squeeze started tomorrow and into Wednesday/Thursday. I'm not sure on where we bottom at if we drop today, but I do think it's needed before going higher again.
My thoughts are this, we'll drift lower through the day. The noon time period we could see a turn as traders go to lunch, but I see nothing here in the charts or the news to spark a rally today. If we can close down 5,6,7 points or more, making a higher low (or lower low) on the futures today then I think we'll be oversold enough to start at least the first wave up tomorrow. I do see one more squeeze up coming but I don't see it starting today. Maybe it starts tomorrow or after the FOMC meeting? I'm not sure yet. I only think that I'm a bear today but not a super excited one as it feels more like it's going to just do a "slow drift" down instead of a cliff dive. It might even chop around until noon first and then drift lower? It's just not a clear setup for today, but more bearish then bullish.
Scientists are planning to release an army of millions of modified mosquitoes in areas of Brazil and Colombia.
They say the unusual approach is an attempt to provide "revolutionary protection" against mosquito-borne diseases such as Zika and chikungunya.
The mosquitoes are infected with a bug called Wolbachia which reduces their ability to spread viruses to people.
The $18m dollar project is funded by an international team of donors, including the Bill and Melinda Gates Foundation.
The scheme - which aims to start in early 2017 - is also financed by local governments in Latin America, the US and the UK.
Wolbachia is a naturally occurring bacterium that infects 60% of insect species worldwide, but scientists say it does not harm humans.
The bug does not usually infect the Aedes aegypti mosquito - the species mostly responsible for spreading a host of diseases such as Zika, dengue fever and cikungunya.
But over the last decade researchers working for the Eliminate Dengue Program have found a way to inject the bug into Aedes mosquitoes.
And researchers say small-scale observational trials in Brazil, Colombia, Australia, Indonesia and Vietnam have shown that once released, the modified mosquitoes can cut the spread of dengue to humans.
It has been shown to do the same for Zika and chikungunya in laboratory-based tests.
Dr Trevor Mundel, of the Bill and Melinda Gates Foundation, said: "Wolbachia could be a revolutionary protection against mosquito-borne disease.
"It's affordable, sustainable, and appears to provide protection against Zika, dengue and a host of other viruses.
"We are eager to study its impact and how it can help countries."
Researchers now plan to expand the trials to large urban areas in Bello in Colombia, other parts of Antioquia, and the greater Rio de Janeiro area in partnership with local governments.
Scientists say once released, the infected mosquitoes breed with uninfected ones, passing on the bug to future generations.
They will monitor the programme closely for the next three years, checking to see if cases of dengue fever, Zika and chikungunya fall.
Prof Scott O'Neill, of the Eliminate Dengue Program, told the BBC: "In the communities we have already worked with there have initially been two concerns.
"One was that the mosquitoes might harm them in some way or that there might be some unintended consequences.
"It is testament to our community engagement teams working really closely with communities to answer questions that all the communities we work with are fully supportive.
"We explained Wolbachia bugs are present in so many insects worldwide that millions of humans come into contact with them everyday with no problems.
"And in the six years we have been doing these trials there have been no problems."
'Resource competition'
Researchers say it is likely that the Wolbachia approach works in two ways.
According to Prof O'Neill, Wolbachia appears to boost the immune system of mosquitoes, making them resistant to viruses like dengue.
And Wolbachia may compete with dengue and Zika for resources essential to replication. The viruses lose out and do not replicate as successfully, making it harder for them to be passed on when a mosquito bites a human.
What a total bunch of bullshit!
Bill Gate is a criminal that should be arrested to for murder of millions of people from his forced vaccinations on poor people in Africa... and now he's acting like some savior again trying to help. I promise you those mosquitoes are going to be use to kill... not to stop the spread of diseases. The opposite is the real plan.... meaning they will use them to SPREAD more viruses!
The last two days have be tough to forecast as wild intraday swings were fast and furious. In morning update yesterday when the market was up 10 points I thought it would grind higher the rest of the day but boy was that wrong! It rolled over and went negative by 10 points and then reversed back up again to go positive and then back down one more time into the close... wild day for sure!
Just before the end of the day I did another update for what I thought about today and I really wasn't sure (still aren't) but leaned bullish. However, I didn't have any really strong opinion and suggested everyone to just not trade anything overnight, long or short, as the direction was still unclear.
As we can now see this morning the only thing I got right was to say "don't trade" as the futures are just slightly green before the open and can still go either direction today. In the overnight session we can see they made a lower low as they tagged 2116 around 4 am in the morning. They seem to be in rally mode now as they have come up quite a bit from that early low... but the question is, will the SPX Cash also need to make a lower low today also?
What generally happens in cases like this is the SPX/SPY will rollover early in the day to make a slightly lower low then their close yesterday but the ES Futures will make a higher low then the 2116 low this morning, but will be lower then the 2122 low at the close yesterday. That will likely setup the rally as the lows will have been put in on the futures early this morning and cash index shortly thereafter the open.
So, my thoughts would be to watch the futures closely for a pullback to below 2122 but above 2116 so the SPX/SPY can go negative slightly as well and make their lower low then yesterday. At that point I think the market can turn back up from and get a rally started. I don't know how much as I still don't see anything but range-bound trading until after the FOMC meeting next Wednesday.
Now, if the market rallies up early in the day and fails to put in that lower low like the futures did then we might see it later today into the close or even Monday... but it's rare to see some lower low on the futures without the cash index having one too. They get delayed sometimes but they usually have a lower low as well. For those people long you should not overstay your welcome on this morning rally. When you see it running into resistance and appearing to lose momentum I personally would exit. I don't see any stronger bottom until the SPX also has lower low as well. Again, this might happen early today, late today or Monday... don't know? But odds say it's coming.
Early pullback for lower low on SPXY/SPY (and higher low on futures) = stronger rally. No pullback today suggests 2116 low might not hold and a lower low could happen by Monday.
My thoughts on it are that it will happen late today or Monday. The reason is that they seem to take the market down in front of many FOMC meetings and then ram it up afterwards. A Monday low would be ideal for the bulls I think, especially if it re-tagged the 2107 or 2100 prior lows over the weekend. That would be a lower low then this mornings' 4 am low of 2116 of course, which again, I don't think will be broken today, but could be over the weekend. Anyway, whether that is the low or we dip lower before Monday I do think the SPX/SPY will have another lower low either today or early next week. I'd exit longs when possible today and go flat until the close when I can get a better feel for what might happen over the weekend and Monday.
What a wild day yesterday was! While we did finally see the move up to the 2138-2140 range it dropped just as quick and then reversed again to rally up with a slightly lower high then the first burst up. After that it calmed down and just drifted lower into the close leaving me clueless as for what to expect for today. The head and shoulder pattern formed stood out like a sore thumb therefore I did not believe it would be that simple. But, didn't see anything supporting some strong move up either. I went into today neutral with no preferred or expected direction.
Ok, so here we are this morning and the market decided to go up, which really shouldn't be any big surprise as we all know they are keeping this pig up in this range until after the election... but it wasn't something I could see in the charts yesterday. Anyway, once again the bulls seem to be making a run for the falling trendline that's stopped them so many times since the high of 2182 back on 9/8 before the big drop. I don't foresee them getting through it on this attempt either but I won't rule it out before the election as next week we have the FOMC meeting which I'd think they will use as fuel to do a quick squeeze up the week before they crown Krooked Killary or Crazy Donald as the next puppet. Of course they plan to rig the elections for Killary but I think the market will fall right afterwards regardless of the winner.
For today I don't see any trades as (again) the biggest move seems to have happened afterhours/premarket. What I expect is a slow grind up all day into that 2150 range of resistance from various trendlines meeting. And if the charts setup the way I think they will (meaning very overbought by the close) then we could have a very nice setup for a short by the end of today. This move up is NOT supported by the SPX Cash charts and they want to go down.
This is just some short term re-alignment (point up) of the small time frames on the 60 minute charts of both the spx and futures. The daily, weekly and monthly charts want to rollover. What's needed today for Friday to go down is a move up just high enough to take out some stops the bears have just over 2150 or so. If we can see that going into the close and the short term chart realign back to bearish then we might see a good short into Friday. Of course it's early now and I can only guess at where the charts should be by the close today so I won't know until then, but for now that's what I'm thinking will happen.
Do note though guys, even after a move down on Friday (if it does setup that way by the close today) I don't see them breaking the 2100 level before the election. Any move down could just be blamed on a little fear from traders not knowing what the Fed's will say next week at the FOMC meeting, which as we've seen many times happen. They tend to drop in front of the meetings and then rally after them.
This possible pullback on Friday (possibly into Monday/Tuesday) could be the last move down before they rally up through overhead resistance and make a run for a double top going into the election. So for now I'm looking for a grind up into the close with the goal of the 2150 area being tagged and pierced a little to take out some stops. Then later today we'll see what the close gives us with chart alignments and go from there.
43 here, 109 there and pretty soon 443 employees are dismissed
Bank has to file ‘WARN notices’ with New York state agency
The first “plant layoff” notice came in February: 43 people would lose their jobs.
The second arrived six weeks later, increasing the cuts to 109 workers. Then a third, in April, for 146 more. And a fourth, in June: 98. Three more notices followed, including 20 dismissals announced last week.
The “plant” in question — Goldman Sachs Group Inc.
Like all big companies in New York State, the firm is required to file a “WARN notice” with state authorities when it plans to shed large numbers of employees as part of a plant closing, or “mass layoffs” involving 250 or more. Employers also must inform the state of smaller reductions under certain circumstances, and Goldman Sachs cited a “plant layoff” in each case. Last week’s notice brings this year’s job-cut tally to 443.With the run of notices, seven since the start of the year, the bank has signaled its intention to dismiss hundreds of employees in New York without placing a single, headline-grabbing number on the overall reduction, already its largest since 2008. The company’s approach differs from competitors, including Morgan Stanley, who have shown a preference for larger, one-time cuts.
Big Number
“When there’s a big number, people right away get that something is happening at that firm — it’s a negative,” said Jeanne Branthover, a partner at New York-based executive-search firm DHR International. “This is more, ‘We’re having layoffs and we don’t want to explain it.’ It’s more under the radar screen.”
The 20 people in the latest reduction were notified either this month or last, according to a person with direct knowledge of the matter, who asked not to be identified discussing staffing decisions. The terminations will take place between Nov. 7 and Jan. 5, according to the notice posted on the state Labor Department’s website. The workers aren’t represented by a union.
Gena Palumbo, a managing director and the bank’s global head of employment law, is the sole Goldman Sachs contact listed on each of this year’s WARN notices. In 2008, the firm dismissed 900 people in New York in two different sets of cuts as the financial crisis raged. A spokesman for the bank declined to comment.
Goldman Sachs set aside $9.2 billion for compensation and benefits this year through September, 13 percent less than the first nine months of last year. Total employees, including consultants and part-time workers, fell 5.4 percent to 34,900.
While Goldman prefers a scalpel, its rival Morgan Stanley wielded an ax. That firm took steps to shrink in the fourth quarter, cutting 1,200 employees, including about 25 percent of the fixed-income trading staff, or about 470 traders and salesmen. When asked about how Morgan Stanley decided to make the changes, trading chief Ted Pick said he favored a bold move.
“We took the view of taking tough medicine,” Pick, 47, said in February.
Slower Approach
Goldman Sachs’s slower approach may reflect a desire to avoid cutting too much if trading or dealmaking comes roaring back. Chief Executive Officer Lloyd Blankfein has spoken about staying nimble to respond to revenue opportunities when they arise.
It also may reflect an outlook that got cloudier as the year progressed. In January, a person familiar with the firm’s thinking said Goldman Sachs was mulling cuts to more than 5 percent of its fixed-income staff. By March, that would expand to more than 5 percent but less than 10 percent. And by May, 10 percent.
The job cuts continued after first-quarter revenue was the worst for the start of a year in Blankfein’s decade-long tenure. While trading business bounced back in the second and third quarters, total trading revenue for the first nine months declined 11 percent from last year.
The WARN notices don’t capture firings outside New York and they don’t include voluntary retirements. More than a half-dozen partners have left Goldman Sachs this year, according to internal memos obtained by Bloomberg.
“Everything Goldman does is scrutinized,” Branthover said. “This may be a signal or a sign that there are changes being made internally, or there are businesses and areas that are not performing satisfactorily. I would keep an eye on it.”
The ride-hailing giant teamed up with AB InBev to transport beer in an autonomous vehicle, which they say is the world’s first such commercial delivery.
A tractor trailer full of beer drove itself down Colorado’s I-25 last week with nobody behind the wheel. Uber Technologies Inc. and Anheuser-Busch InBev NV teamed up on the delivery, which they said is the first time a self-driving truck had been used to make a commercial shipment.
With a police cruiser in tow, the 18-wheeler cruised more than 120 miles while a truck driver hung out back in the sleeper cab, the companies said. The delivery appears to be mostly a stunt—proof that Otto, the self-driving vehicle group that Uber acquired in July, could successfully put an autonomous truck into the wild.
“We wanted to show that the basic building blocks of the technology are here; we have the capability of doing that on a highway,” said Lior Ron, the president and co-founder of Uber’s Otto unit. “We are still in the development stages, iterating on the hardware and software.”
AB InBev said it could save $50 million a year in the U.S. if the beverage giant could deploy autonomous trucks across its distribution network, even if drivers continued to ride along and supplement the technology. Those savings would come from reduced fuel costs and a more frequent delivery schedule.
Proving the viability of autonomous trucking has become more important amid mounting regulatory and public scrutiny. Surveys show most Americans aren’t sold on the technology. The U.S. trucking industry is particularly sensitive to it. While fatalities in the industry far exceed those of other businesses and could therefore benefit from improved safety, it employed 1.5 million people in September, jobs that may be threatened by autonomous vehicles.
The death of a driver using Tesla Motors Inc.’s autopilot system in May has focused political attention on self-driving vehicles and hastened calls for regulations to keep pace with the technological advances. The U.S. Transportation Department released policy guidelines for autonomous driving, which acknowledged the technology’s life-saving potential while warning of a world of “human guinea pigs.”
Uber’s Otto team worked with Colorado regulators to get permission for the delivery and to arrange for police supervision of the shipment, said Ron. Otto spent two weeks scoping out the driving route from Fort Collins to Colorado Springs, carefully mapping the road to make sure the technology could handle it. The team wanted the trip to take place in the early morning when traffic would be relatively light and on a day when the weather was clear. Those conditions were met last Thursday, when the delivery took place.
Ron said Uber does not plan to build its own trucks and instead wants to partner with automakers, as it’s doing with Volvo on self-driving cars. He said the company’s discussions with truck manufacturers are in early phases.
The software still has a long way to go, too. The autonomous drive in Colorado was limited to the highway, meaning truck drivers shouldn’t have to worry about finding a new profession anytime soon. “The focus has really been and will be for the future on the highway. Over 95 percent of the hours driven are on the highway,” Ron said. “Even in the future as we start doing more, we still think a driver is needed in terms of supervising the vehicle.”
In yesterday's morning update I suggested that we'd chop around holding the 2145 zone, but that failed to happen and instead the futures broke support and fell 5-7 point to find the 2138-2140 area where they chopped at most of the day. On the update I put out later in the day before the close I suggested the futures will drift lower afterhours and/or premarket to find support on either the yellow rising trendline (making the lower line in a rising wedge) or the green falling trendline. Looks like the yellow trendline was the target and it looks like the futures are trying to turn back up as suggested might happen as well.
Guessing the alignment of the charts before they happen isn't always easy as I thought we'd align up today for a for a strong rally but now it's looking more like an average rally could occur that only makes a lower high then the recent 2150 high yesterday. First this move down has to end about where is currently is as if it continues down lower to the falling green trendline then they'll likely be too much technical damage for the bulls to recover and we should be heading to either 2107 or 2100 area.
For now though let's assume it holds and see what should be expected today. When comparing this futures chart with the SPX Cash chart (including different time frames) the rising wedge on the SPX will be broken at the open and any rally back up would only back-test it most likely. That level would be about 2145 on this futures chart (2150 on the SPX), which would make a nice "Right Shoulder" on a very clean looking "Head and Shoulders" pattern. But, I have too worry about that as we rarely get such clean looking patterns these days as SkyNet knows them as well and usually fools us with some straight down open that falls 100 points (like BREXIT and the 999 day in September).
My thoughts are that any rally will get will stall out in yesterdays' range area of 21138-2140 and not make it up to 2145 to make the perfect right shoulder. I just see it as tough for the futures to get much going on the upside with the SPX charts breaking the wedge and looking bearish on their MACD's right now. I'd give this some time this morning to do bounce and retest before thinking about a long as while it looks like the MACD's are ready to turn up on this 2 hour chart the 60 minute SPX chart will likely need a little time at the open to decide. It feels more like it's going to dance around this low for the first few hours of the day to find a bottom and then turn back up around midday to the afternoon session.
Again, assuming it turns up, I do not see a strong rally to 2150 or more but instead see 2138-2140 area as more likely (should it rally of course). More updates throughout the day of course but so far this is what I see as most likely to happen... which is find a bottom early in the morning, rally midday to afternoon to make a lower high then yesterday and a right shoulder of a head and shoulders pattern. If the current area gives way and we go lower then the 2122 prior low last week then this right shoulder bounce is wrong and I'd then be looking for 2107 or 2100 to be tested.
The futures are doing pretty much as expected. They are trading slightly higher to sideways while the reset the charts together pointing up. They recaptured the 2145 horizontal trendline and are building support on as they trade sideways. It also makes a "cup and handle" pattern, which is bullish.
So while we aren't seeing any strong moves up intraday if the bulls can hold this level long enough we'll likely see one. For today though it looks overbought again on the 2 hour chart, trying to reset on this 60 minute chart and extended on the 4 and 6 hour charts. Normally we'd see a pullback from what I see in those charts but I don't think the bulls will allow it. It's again one of those periods where they plan to get the price level trading sideways long enough to allow the charts to reset pointing back up.
Meaning, I just don't see some strong rally up today as charts just aren't aligned together to support some kind of C wave up or Wave 3 up. Instead it's looking like another day similar to yesterday. The bulls are going to try to push up but it's going to be hard to gain any ground with the charts looking bearish. Plus you have the falling trendline of resistance overhead as well to deal with (around 2151 or so). Basically I don't see much of anything right now. There's no clear direction setup or setting up. I don't them allowing the market to pullback much this morning, but I also don't see much upside either. We'll have to let today play out more I guess, and then hopefully they'll be some trade setup show up in the charts that could be taken. For now though today looks like a whole lot of nothing.
Wall Street Heavyweight Goldman Sachs Launches Its Consumer Lending Platform Marcus
Goldman Sachs, one of the most storied investment banks in the world, is getting into the consumer finance business with the launch of an online lending platform, Marcus.
Named after one of the banks founders, Marcus Goldman, the business will offer unsecured personal loans of up to $30,000 and is targeting prime borrowers who may be looking to consolidate their credit card debt, or those that are frustrated with the fees and complexity of other lenders. The Marcus platform will offer two-to-six-year fixed rate loans at interest rates of between 5.99% to 22.99%, and is being positioned as a consumer friendly lending alternative due to a lack of origination and prepayment fees, flexible payment dates, and overall simplicity.
“For many who manage debt payments on high-interest rate credit cards, a straight-forward personal loan is a better solution,” said Harit Talwar, head of Marcus by Goldman Sachs. “Marcus offers an option for consumers who are searching for a simpler alternative to credit card borrowing, where rates can change and multiple fees can be charged,” Talwar added.
Consumer lending is new territory for Goldman Sachs, but the investment bank believes its strengths in risk management and technology have an application in Main Street finance. This is especially the case as borrowers move their banking to digital-first platforms and begin to adopt new lending models such as marketplace loans.
Goldman Sachs Group Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Oct. 7, 2016.
Goldman also sees an opportunity to enter the market as fintech firms like LendingClub struggle with operational problems and large banks rationalize brick and mortar branch networks. On one hand, Goldman has been on the forefront of this fintech revolution, seeding platforms ranging from Kensho to Symphony and training many of Wall Street’s most successful quantitative traders. But the bank also has a near $900 billion balance sheet from which it can give a lending operation heft versus standalone platforms.
“Digital technology is making large brick and mortar branches questionable… The traditional distribution strengths of of some of the large banks, in my view, have become legacy costs,” Talwar said in a recent podcast detailing Marcus by Goldman Sachs. He noted that new developments in fintech have given lenders the ability to make loans based on formulas and quantitative metrics, instead of qualitative judgement, something that plays into Goldman’s hands.
“Leveraging risk management, data analytics has always been in our DNA.,” Talwar said.
Interestingly, it is Goldman’s decision to convert into a bank holding company in 2008 to stay afloat during the crisis that laid the foundation for its consumer push. As a bank holding company Goldman now holds traditional deposits, some 3% of its balance sheet assets are wealth loans to high net worth customers, and it is regulated alongside the likes of JPMorgan, Wells Fargo, Bank of America and Citibank. Recently, the firm’s been building its consumer services by buying $16 billion in deposits from General Electric and launching an online bank, GS Bank.
Perhaps, Marcus and GS Bank’s crisis-era DNA also speak to the risks that Goldman takes in moving into consumer finance.
As Talwar noted on his podcast, Goldman is one of the most scrutinized financial institutions in the world. Left unsaid is that while Goldman is seen as a blue chip firm across Corporate America, many ordinary Americans see it as the poster-child for Wall Street excess. As such, Talwar says Goldman will grow its lending capabilities in a deliberate and careful way, mindful of the spotlight that the bank faces.
But there seems to be a quiet confidence that Goldman can win over Main Street with consumer friendly features like a lack of fees, and the ability for consistent borrowers to defer payments at no extra cost during a cash crunch. Perhaps, Goldman’s image will also be bolstered if it winds up offering a new standard of service to a wider swath of the economy.
Initially, Marcus will be made available to millions of prospective customers in an email campaign. Then the bank will make a broader rollout. The tagline for Goldman is that consumer lending will be a startup franchise within the iconic firm.
“Marcus by Goldman Sachs is a new business that benefits from the firm’s 147-year history of financial expertise, risk management and customer service,” the bank proclaims
In addition, the mainstream media was more than complicit in creating a narrative that the 2016 presidential elections were about Hillary Clinton vs Donald Trump from the get go.
THE JESUITS
These people are called Magis because they can do magic, and the basic tenet why these Magicians are so very successful is that most people want to be fooled.
