Weekly Memorandum 6/1/2020
Equities are mixed this morning with the S&P and Dow up, but the Nasdaq is slightly down. Many may be perplexed as to why the markets aren't down given the riots witnessed over the weekend. The answer is the same reason why the markets rallied so much in the middle of the coronavirus pandemnic-- the market is a discounting mechanism that trades off the future, not the present.
Precious metals are mixed too, with gold slightly down, and silver up nicely. Crude Oil and T-Notes are flat, and so is Bitcoin. Overall, it's a quiet Monday morning for financial markets.
Undoubtedly, this has been a year for the historical record. It seems as though more changed in our society within a matter of a few months compared to the last 10 years. Such is the nature of history. Time doesn't care where we are in our lives, or what our plans are.
For the sake of all involved, we hope that justice can be served, and that cooler heads will prevail. Many people have seen their entire lives fall apart in the last few months. When people feel they have nothing left to lose, they turn to desperate measures.
Accountability and leadership is sorely lacking, not just in the United States-- across all levels of government, but all over the "West."
At this point, it's all about controlling the variables within your domain. Accept what can't be controlled, and leave the rest to fate.
2020 is the year of the harvest. That which is not harvested in time will go to seed. Make what you will of this.