Thursday, March 22, 2018

Well-Trained Monkeys

There's no sign of panic. Or life for that matter...

Sage advice from a Wall Street CEO, circa 2007:
"You've got to dance like a hairless monkey while the music's playing. That's how the system works"

Speaking of well-trained monkeys, this week is the trifecta of mega risks: Trump's trade war, a Fed rate hike, and the largest IPO of the year, all this week. Which means:

First the good news, the global trade war began promptly at 12:30 pm Eastern.

"Don't worry, this is just the first salvo of many. Our trade partners are going to love us. Trade wars are good and easy to win. Believe me"

Where to begin...



The top performing sector today was Utilities, one of the smallest sectors (lower right). The two largest sectors, Tech and Financials got monkey hammered

Not the slightest sign of concern. Or even vital sign.

2016 would be the best case scenario

With one caveat - there are no chairs left for dancing monkeys...

Today's top performer:

"Dropbox priced its IPO above expectations at $21 per share on Thursday night, a source told CNBC, setting the stage for the technology company's stock to hit the public market on Friday.

The company is likely offer 36 million shares, a source said, and shares are in demand. The offering is 25-times oversubscribed, the source said.

Dropbox's IPO will raise $756 million, the biggest tech IPO since Snap started trading last year."

"The perfect conditions for a large IPO"