Financial Review

Consuming Oxygen


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…..Comey firing offers minor distraction on Wall Street. IMF concerned about growing corporate debt, warns of swift repricing. Senate sticks with limits on methane emissions. Oil prices pop on lower inventories. Aetna exits ACA exchanges. Tesla launches Solar Roofs. Sears’ Lampert confirms he is clueless. Snap snapped. Whole Foods reshuffled. Financial Review by Sinclair Noe for 05-10-2017 DOW – 32 = 20,943 SPX + 2 = 2399 NAS + 8 = 6129 RUT + 7 = 1399 10 Y + .01 = 2.41% OIL + 1.45 = 47.33 GOLD – 2.30 = 1219.80 President Trump’s stunning firing of the FBI director, James Comey, injected another volatile ingredient into the partisanship already engulfing the capital and threatened to overwhelm Republican efforts to turn their government control into legislative success. The abrupt decision has investors raising questions about whether the president’s pro-growth, tax-cutting reforms will stall as the focus shifts to why Comey was dismissed while the FBI was investigating possible Russian ties to Trump’s campaign. Every piece of Trump’s agenda just became harder to get through Congress. Wall Street is shallow that way. Whoever Trump nominates as Comey’s replacement will face a brutal confirmation hearing before the Senate Judiciary Committee. It will get saturation-level media coverage. There are legal implications that will take time to fully unravel. The Comey dismissal is going to consume most of the oxygen in Washington for the foreseeable future.   As US equity markets continue to price to perfection a grab bag of promised corporate giveaways, a ...
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Financial ReviewBy Sinclair Noe