The roller coaster continues. Beginning February 1, there have been 27 trading days. Of those, on the Dow, 15 have finished positive, 12 negative. It's fair to say that this has been essentially a directionless market for nearly a month-and-a-half, unless one takes the view that it's the beginning stage of a greater, cyclical bear market.
The Dow Jones Industrial Average closed at 26,186.71 on February 1. Today's disappointing close was 25,178.61, a little short of an 1100 point decline, but barely a blip on a logarithmic chart, a mere four percent.
What's more troubling than the small decline over the past five weeks is the time it has taken for the Dow to recover, and it hasn't fully regained all of the losses.
The low point - 23,860.46 - was February 8, so the Dow has recovered more than 1400 points since then, but, for a market that until recently had been racking up wins faster than a track star on steroids, the performance of late has been a real disappointment.
While the main driver to the downside may be nothing more than simple overvaluation, that alone is a real problem which can only be fixed two ways: 1) higher profits (EPS), or; 2) lower price per share.
It appears that the trend-setters in market-land have chosen door number two, because, while there may be adequate rationale to take a positive view of the economy, stocks have pretty much priced themselves out of any further upside. Real earnings, from increased sales, sound management, new product cycles, higher profit margins - those things which exist in real economies - are not to be found in many mature companies these days. Easy credit and stock buybacks have boosted share prices by diminishing the number of shares outstanding, thus making earnings appear better because they are divided by fewer shares.
Essentially, Wall Street has been playing three-card monte with investors, buying back stock, enriching shareholders and executives while doing little to nothing to improve the business. Capital investment has been sullen for the past decade, and, if stocks begin to tailspin, don't look for companies to begin investing in better infrastructure, more R&D, or ramp up employment. The people running these companies read from the same playbook, and they're more likely to become more entrenched, slash costs and lay people off, a recipe for disaster and a longer downturn.
The next few trading days should be quite instructive as a short-term chart pattern is possibly emerging. A close above 25,709.27 (February 26) would signal a reversal from the downtrend. Anything approaching the interim low of 24,538.06 (March 2) could be cause for alarm, indicative of fourth declines.
At the end of all this is the FOMC meeting on March 20-21, at the end of which the Fed will likely announce another increase of 25 basis points to the federal funds rate, a move which will put the overnight lending rate at 1.50-1.75% and would be the fourth increase in the past 13 months. The Fed first raised rates off the "zero-bound" in December 2015, but moved cautiously, not raising again until December of 2016. Since then there have been three ore 25 basis point hikes, in March, June, and December of last year.
This expected hike could be one too many, and too soon. With the economy still doodling along at 2.3% for 2017, the Fed may be too far out in front of their inflation and expansion projections.
There is much to digest between today and the FOMC meeting, but it appears the Fed has already made up its mind.
At the Close, Monday, March 12, 2018:
Dow Jones Industrial Average: 25,178.61, -157.13 (-0.62%)
NASDAQ: 7,588.32, +27.51 (+0.36%)
S&P 500: 2,783.02, -3.55 (-0.13%)
NYSE Composite: 12,898.40, -20.42 (-0.16%)
Monday, March 12, 2018
Sunday, March 11, 2018
Friday's Moonshot Sends Stocks to Positive for March, Year-to-Date
After losing nearly 500 points the first two trading days of March, the Dow Jones Industrial Average rebounded to positive for the month - and the year - with gains every day excepting Wednesday, when the Dow shed another 82 points. However, the big days occurred on Monday, with a gain of 336 points, and Friday, when the Dow and other major averages put the dismal days of February and March mostly behind them, as the industrials skyrocketed 440 points.
Amazingly, all of this optimism came in spite of endless growling over President Trump's steel and aluminum tariffs and synchronized shouting - from the halls of congress and the canyons of lower Manhattan - about an impending trade war.
Friday's burst higher was credited largely to the impressive February non-farm payroll report, which was a blockbuster, showing 313,000 new jobs created and a 4.1% unemployment rate in the shortest and coldest month of the year, numbers nobody could claim as anything other than positive, the mere hint of good news now capable of sending the stock market back to dizzying, overvalued heights.
Indeed, the NASDAQ closed at an all-time high, though the other indices still have a way to go to exceed the marks set on January 26, though another week like this one, with gains of more than 2.8% on each of the individual indices, would smash the old records on the S&P 500, and get the Dow and NYSE Composite within spitting distance.
How likely that is to happen is a matter of some conjecture, as the FOMC meets March 20 and 21, and is expected to raise the federal funds rate another 25 basis points. This is seen as a headwind to continued expansion, but, with seven days to trade up to the release of the new "policy," the day-trading demons of the financial world will have plenty of time to ramp up and then deflate, choosing either to sell the news or buy into the continuing expansion narrative, even as the bull market passed the nine-year mark on Friday.
There's been no absence of volatility or fluctuation to start off 2018, with massive gains in January, huge losses in February, and possibly an evening out in March. To those who believe the bull is weary, standing on only two legs, the word is "so what," with the punditry claiming - rightly so - that bear markets only last, on average, 12-14 months. What they do not want to discuss is the depth of those bear markets, nor the time taken to get back the losses incurred.
The past two bears, in 2000-2001 and 2007-2009, are good cases in point, using the Dow as the barometer, even though, in the case of the 2000 crash, it was the NASDAQ that collapsed more than anything, which could again be the case should history repeat.
On December 1, 1999, the Dow closed at 11,497.12, and bottomed at 7,591.93 on September 1, 2002, making the duration of the bear market a full 34 months, or nearly three years. It wasn't until September of 2006 that the index surpassed the old high (11,679.07), a period of nearly seven years from peak to peak, a period which seemed like eternity for some. Of course, the bull had been underway since the bottom in '02, and finally apexed in October of '07, blowing through 14,000 before beginning to pull back. (For the record, it took the NASDAQ 13 years to exceed it's pre-crash 2000 highs.)
The ensuing collapse fell just short of catastrophic calamity, as the housing market went bust, along with its many derivative trades, taking all of corporate America down for the count, with the Dow closing at 6,547.05 on March 9, 2009, a date which could arguably be called the end of the '07-09 bear market (16 months) and the beginning of the Fed-inspired bull run to the present, now 114 months old, the second-longest expansion in market history, with gains from the bottom to the recent peak quadrupling the investment, truly an inspiring, incredible, nearly inexplicable accomplishment.
The average of the last two bear markets supplies a possible scenario. If the bear market began in February (which we humans will only know at some later date), the bear would run through March of 2020, or 25 months, the average length of the last two bear markets. It's at least worth consideration, because two years of losses might actually be enough time to clear the decks of much of the excess debt and mal-investment (and there's been lots of it) of the past nine years. Anything longer would be mostly unbearable, not only to Wall Street, but to the average Jane and Joe Americans, who have suffered enough at the start of this century. Likewise, anything shorter would look like another band-aid for the corrupt banking and political system of cronyism and back-handedness toward the taxpaying public.
The mammoth gains over the past nine years are exactly why one should give pause and contemplation to the continuance of the bull market. In market terms, one would be buying at the highs if one would plunge in today, and why would anybody who saw $100,000 turn into $400,000, or a million into four million, even consider adding to positions?
Perhaps the view that President Trump will single-handedly usher in a era of increased prosperity and profit with his blustering "Make America Great Again" push can partially explain any euphoria surrounding the currency of the stock market and it's possible that he might be on the right track, even though he faces many hurdles and obstacles, not the least of which stem from his own party, people in his own administration, opponents on the Democrat side of the aisle and skeptics on Wall Street.
But, it's been proven time and again, Wall Street will play along with Washington if it serves their interest, which is, succinctly, more profits, and higher stock prices. This pits the speculators, gamblers, and traders of the world against the entrenched government "deep state," which cannot stomach Mr. Trump and is prepared to do anything within its power to besmirch and/or impeach him, including sending the stock market into a tailspin, making fundamental analysis of stocks, bonds, and just about any other investment vehicle, not only an exercise in economics, but in politics, as well.
Economic data has shown a mixed, slightly positive picture; politicians are hell=bent on discrediting the president, and, behind it all, an ocean of debt created by the Fed and their cohort central banks needs to be unwound, brought under control, and eventually retired, an exercise only the Fed has recently begun, with the ECB and Bank of Japan too to follow. The wild card is China, where the PBOC has created literal cities built on nothing but debt and speculation.
All that makes for one tricky trade.
Dow Jones Industrial Average March Scorecard:
At the Close, Friday, March 9, 2018:
Dow Jones Industrial Average: 25,335.74, +440.53 (+1.77%)
NASDAQ: 7,560.81, +132.86 (+1.79%)
S&P 500: 2,786.57, +47.60 (+1.74%)
NYSE Composite: 12,918.82, +173.81 (+1.36%)
For the Week:
Dow Jones Industrial Average: +797.68 (+3.25%)
NASDAQ: +302.94 (+4.17%)
S&P 500: +95.32 (+3.54%)
NYSE Composite: +360.83 (+2.87%)
Amazingly, all of this optimism came in spite of endless growling over President Trump's steel and aluminum tariffs and synchronized shouting - from the halls of congress and the canyons of lower Manhattan - about an impending trade war.
Friday's burst higher was credited largely to the impressive February non-farm payroll report, which was a blockbuster, showing 313,000 new jobs created and a 4.1% unemployment rate in the shortest and coldest month of the year, numbers nobody could claim as anything other than positive, the mere hint of good news now capable of sending the stock market back to dizzying, overvalued heights.
Indeed, the NASDAQ closed at an all-time high, though the other indices still have a way to go to exceed the marks set on January 26, though another week like this one, with gains of more than 2.8% on each of the individual indices, would smash the old records on the S&P 500, and get the Dow and NYSE Composite within spitting distance.
How likely that is to happen is a matter of some conjecture, as the FOMC meets March 20 and 21, and is expected to raise the federal funds rate another 25 basis points. This is seen as a headwind to continued expansion, but, with seven days to trade up to the release of the new "policy," the day-trading demons of the financial world will have plenty of time to ramp up and then deflate, choosing either to sell the news or buy into the continuing expansion narrative, even as the bull market passed the nine-year mark on Friday.
There's been no absence of volatility or fluctuation to start off 2018, with massive gains in January, huge losses in February, and possibly an evening out in March. To those who believe the bull is weary, standing on only two legs, the word is "so what," with the punditry claiming - rightly so - that bear markets only last, on average, 12-14 months. What they do not want to discuss is the depth of those bear markets, nor the time taken to get back the losses incurred.
The past two bears, in 2000-2001 and 2007-2009, are good cases in point, using the Dow as the barometer, even though, in the case of the 2000 crash, it was the NASDAQ that collapsed more than anything, which could again be the case should history repeat.
On December 1, 1999, the Dow closed at 11,497.12, and bottomed at 7,591.93 on September 1, 2002, making the duration of the bear market a full 34 months, or nearly three years. It wasn't until September of 2006 that the index surpassed the old high (11,679.07), a period of nearly seven years from peak to peak, a period which seemed like eternity for some. Of course, the bull had been underway since the bottom in '02, and finally apexed in October of '07, blowing through 14,000 before beginning to pull back. (For the record, it took the NASDAQ 13 years to exceed it's pre-crash 2000 highs.)
The ensuing collapse fell just short of catastrophic calamity, as the housing market went bust, along with its many derivative trades, taking all of corporate America down for the count, with the Dow closing at 6,547.05 on March 9, 2009, a date which could arguably be called the end of the '07-09 bear market (16 months) and the beginning of the Fed-inspired bull run to the present, now 114 months old, the second-longest expansion in market history, with gains from the bottom to the recent peak quadrupling the investment, truly an inspiring, incredible, nearly inexplicable accomplishment.
The average of the last two bear markets supplies a possible scenario. If the bear market began in February (which we humans will only know at some later date), the bear would run through March of 2020, or 25 months, the average length of the last two bear markets. It's at least worth consideration, because two years of losses might actually be enough time to clear the decks of much of the excess debt and mal-investment (and there's been lots of it) of the past nine years. Anything longer would be mostly unbearable, not only to Wall Street, but to the average Jane and Joe Americans, who have suffered enough at the start of this century. Likewise, anything shorter would look like another band-aid for the corrupt banking and political system of cronyism and back-handedness toward the taxpaying public.
The mammoth gains over the past nine years are exactly why one should give pause and contemplation to the continuance of the bull market. In market terms, one would be buying at the highs if one would plunge in today, and why would anybody who saw $100,000 turn into $400,000, or a million into four million, even consider adding to positions?
Perhaps the view that President Trump will single-handedly usher in a era of increased prosperity and profit with his blustering "Make America Great Again" push can partially explain any euphoria surrounding the currency of the stock market and it's possible that he might be on the right track, even though he faces many hurdles and obstacles, not the least of which stem from his own party, people in his own administration, opponents on the Democrat side of the aisle and skeptics on Wall Street.
But, it's been proven time and again, Wall Street will play along with Washington if it serves their interest, which is, succinctly, more profits, and higher stock prices. This pits the speculators, gamblers, and traders of the world against the entrenched government "deep state," which cannot stomach Mr. Trump and is prepared to do anything within its power to besmirch and/or impeach him, including sending the stock market into a tailspin, making fundamental analysis of stocks, bonds, and just about any other investment vehicle, not only an exercise in economics, but in politics, as well.
Economic data has shown a mixed, slightly positive picture; politicians are hell=bent on discrediting the president, and, behind it all, an ocean of debt created by the Fed and their cohort central banks needs to be unwound, brought under control, and eventually retired, an exercise only the Fed has recently begun, with the ECB and Bank of Japan too to follow. The wild card is China, where the PBOC has created literal cities built on nothing but debt and speculation.
All that makes for one tricky trade.
Dow Jones Industrial Average March Scorecard:
| Date | Close | Gain/Loss | Cum. G/L |
| 3/1/18 | 24,608.98 | -420.22 | -420.22 |
| 3/2/18 | 24,538.06 | -70.92 | -491.14 |
| 3/5/18 | 24,874.76 | +336.70 | -154.44 |
| 3/6/18 | 24,884.12 | +9.36 | -145.08 |
| 3/7/18 | 24,801.36 | -82.76 | -227.84 |
| 3/8/18 | 24,895.21 | +93.85 | -133.99 |
| 3/9/18 | 25,335.74 | +440.53 | +306.54 |
At the Close, Friday, March 9, 2018:
Dow Jones Industrial Average: 25,335.74, +440.53 (+1.77%)
NASDAQ: 7,560.81, +132.86 (+1.79%)
S&P 500: 2,786.57, +47.60 (+1.74%)
NYSE Composite: 12,918.82, +173.81 (+1.36%)
For the Week:
Dow Jones Industrial Average: +797.68 (+3.25%)
NASDAQ: +302.94 (+4.17%)
S&P 500: +95.32 (+3.54%)
NYSE Composite: +360.83 (+2.87%)
Thursday, March 8, 2018
Stocks Steady As Trump Softens Steel, Aluminum Tariffs
As seen through the eyes of Wall Street computer algorithms, President Trump's 25% tariff on steel imports and 10% on aluminum aren't so bad after all.
Stocks ended the day in the green, but it was a bumpy ride getting there, with most of the gains coming in the final half-hour of trading, during and after Trump's announcement.
In realistic analysis, Thursday's trading amounted to less than nothing, focused so heavily upon the tariff issue, as if that were all that mattered. Tomorrow's non-farm payroll report for January, released at 8:30 am, prior to the opening bell, will likely impact markets more decidedly.
Stocks, with the Dow Jones Average in particular, have made essentially no progress since February 14, when it closed at 24,893.49. There's still a mountain to climb to get back to all-time highs from January 26 (26,616.71). The Dow remains in the red for March.
Elsewhere, oil closed just a hair above $60/barrel, at $60.33, a multi-week low, gold was down to $1322.50 per ounce, while silver held steady at $16.50 the ounce. Bonds continued to hold firm, with the 10-year-note finishing with a yield of 2.87%.
Dow Jones Industrial Average March Scorecard:
At the Close, Thursday, March 8, 2018:
Dow Jones Industrial Average: 24,895.21, +93.85 (+0.38%)
NASDAQ: 7,427.95, +31.30 (+0.42%)
S&P 500: 2,738.97, +12.17 (+0.45%)
NYSE Composite: 12,745.01, +38.00 (+0.30%)
Stocks ended the day in the green, but it was a bumpy ride getting there, with most of the gains coming in the final half-hour of trading, during and after Trump's announcement.
In realistic analysis, Thursday's trading amounted to less than nothing, focused so heavily upon the tariff issue, as if that were all that mattered. Tomorrow's non-farm payroll report for January, released at 8:30 am, prior to the opening bell, will likely impact markets more decidedly.
Stocks, with the Dow Jones Average in particular, have made essentially no progress since February 14, when it closed at 24,893.49. There's still a mountain to climb to get back to all-time highs from January 26 (26,616.71). The Dow remains in the red for March.
Elsewhere, oil closed just a hair above $60/barrel, at $60.33, a multi-week low, gold was down to $1322.50 per ounce, while silver held steady at $16.50 the ounce. Bonds continued to hold firm, with the 10-year-note finishing with a yield of 2.87%.
Dow Jones Industrial Average March Scorecard:
| Date | Close | Gain/Loss | Cum. G/L |
| 3/1/18 | 24,608.98 | -420.22 | -420.22 |
| 3/2/18 | 24,538.06 | -70.92 | -491.14 |
| 3/5/18 | 24,874.76 | +336.70 | -154.44 |
| 3/6/18 | 24,884.12 | +9.36 | -145.08 |
| 3/7/18 | 24,801.36 | -82.76 | -227.84 |
| 3/8/18 | 24,895.21 | +93.85 | -133.99 |
At the Close, Thursday, March 8, 2018:
Dow Jones Industrial Average: 24,895.21, +93.85 (+0.38%)
NASDAQ: 7,427.95, +31.30 (+0.42%)
S&P 500: 2,738.97, +12.17 (+0.45%)
NYSE Composite: 12,745.01, +38.00 (+0.30%)
Is The Global Economy About To Roll Over?
Recent pullbacks in stocks, and, more importantly, their inability to recover, is a sure sign that trouble lies directly ahead for the global elite chieftains of central banks which have dominated economics since the Great Financial Crisis of 2008.
The central banks are not the only culprits when it comes to how poorly economies of countries are engaged, elected and unelected officials in government need at least a share of the blame. Both parties promote endless debt in a finite world, a construct which cannot endue without obvious pitfalls and the troublesome realities of mathematics.
Central banks issue currency as debt. Politicians tax and spend money they don't have. Between the two, the only profiteers are those large enough to engage and/or endanger the system, i.e., very, very rich people and large banking interests, otherwise known as commercial banks, investment banks, insurance companies and ultra-large, multi-national, monopolistic corporations like McDonald's, Wal-Mart, Google, Facebook, the six big oil companies.
Nothing against big companies and very, very rich people, except that they've benefitted from a very, very unlevel playing field of economics which takes - by way of interest, taxes, and various fees - from the common and remits to the oligarchical controllers of said economies.
This world is ending because of inertia and entropy. Individuals and small business cannot keep up with rising taxes, inflating prices the result of increasing interest rates. Credit has skyrocketed near all-time highs in America, and the wallets of those individuals tasked with repayment are thin - as thin as they've been since 1999, the last time incomes kept pace with inflation or the meanderings and maneuverings of the central banks and governments.
The stock market is not a cause of wealth or decline. It is a symptom, and it is breaking down.
It's only a matter of time before the symptom of excessive valuation falls prey to the reality of diminishing returns.
Dow Jones Industrial Average March Scorecard:
At The Close, Wednesday, March 7, 2018:
Dow Jones Industrial Average: 24,801.36, -82.76 (-0.33%)
NASDAQ: 7,396.65, +24.64 (+0.33%)
S&P 500: 2,726.80, -1.32 (-0.05%)
NYSE Composite: 12,707.01, -13.76 (-0.11%)
The central banks are not the only culprits when it comes to how poorly economies of countries are engaged, elected and unelected officials in government need at least a share of the blame. Both parties promote endless debt in a finite world, a construct which cannot endue without obvious pitfalls and the troublesome realities of mathematics.
Central banks issue currency as debt. Politicians tax and spend money they don't have. Between the two, the only profiteers are those large enough to engage and/or endanger the system, i.e., very, very rich people and large banking interests, otherwise known as commercial banks, investment banks, insurance companies and ultra-large, multi-national, monopolistic corporations like McDonald's, Wal-Mart, Google, Facebook, the six big oil companies.
Nothing against big companies and very, very rich people, except that they've benefitted from a very, very unlevel playing field of economics which takes - by way of interest, taxes, and various fees - from the common and remits to the oligarchical controllers of said economies.
This world is ending because of inertia and entropy. Individuals and small business cannot keep up with rising taxes, inflating prices the result of increasing interest rates. Credit has skyrocketed near all-time highs in America, and the wallets of those individuals tasked with repayment are thin - as thin as they've been since 1999, the last time incomes kept pace with inflation or the meanderings and maneuverings of the central banks and governments.
The stock market is not a cause of wealth or decline. It is a symptom, and it is breaking down.
It's only a matter of time before the symptom of excessive valuation falls prey to the reality of diminishing returns.
Dow Jones Industrial Average March Scorecard:
| Date | Close | Gain/Loss | Cum. G/L |
| 3/1/18 | 24,608.98 | -420.22 | -420.22 |
| 3/2/18 | 24,538.06 | -70.92 | -491.14 |
| 3/5/18 | 24,874.76 | +336.70 | -154.44 |
| 3/6/18 | 24,884.12 | +9.36 | -145.08 |
| 3/7/18 | 24,801.36 | -82.76 | -227.84 |
At The Close, Wednesday, March 7, 2018:
Dow Jones Industrial Average: 24,801.36, -82.76 (-0.33%)
NASDAQ: 7,396.65, +24.64 (+0.33%)
S&P 500: 2,726.80, -1.32 (-0.05%)
NYSE Composite: 12,707.01, -13.76 (-0.11%)
Wednesday, March 7, 2018
Cohn's Departure Shakes Wall Street; What is WABOL?
Stocks spent the better part of the session pondering the unchanged line, bouncing from gains to losses back to gains by the end of the day, but those gains were marginal, as the bigger news broke after the close.
Supposedly in response to President Trump's proposed tariffs on imported steel and aluminum, Chief Economic Advisor to the president, Gary Cohn, resigned his position just before the nightly news broadcast at 6:00 pm ET.
Cohn, former president and COO at investment bank, Goldman Sachs, is highly regarded on Wall Street, thus, his departure from the administration puts the nation's major corporations (and especially those in the financial services sector) at odds with the president. Add to that defections from his own party in the form of comments from House Speaker Paul Ryan and the dutious declarations of defiance from Democrats in House and Senate, and the president is again on his own, skating on some very thin ice.
With stocks reacting in varied fashion - the Nikkei and Hang Seng were both down overnight, while European exchanges were mixed at midday - Trump's foray into the international trade arena has sparked no small degree of interest and disparagement.
While Trump has only announced his intention to impose steel and aluminum tariffs of 25% and 10%, the reactions have been vociferous and without restraint. It remains to be seen whether the president actually goes ahead with his plan (he likely will) and how actual trade will be affected, with reciprocal tariffs and retaliatory measures sure to come from trading partners around the world.
*********
What is WABOL?
Fearless Rick, publisher and chief writer for the Money Daily blog and parent Downtown Magazine has coined a new internet acronym, referenced as WABOL, for "What A Bunch Of Losers."
As such, the acronym WABOL can be employed in any situation involving two or more people that may be the subject of negative commentary, for example:
The New England Patriots
Any gathering of politicians
Public employees
You get the idea. Fearless Rick coined the term. Yes, he did, and this is proof.
WABOL
Dow Jones Industrial Average March Scorecard:
At the Close, Tuesday, March 6, 2018:
Dow Jones Industrial Average: 24,884.12, +9.36 (+0.04%)
NASDAQ: 7,372.01, +41.30 (+0.56%)
S&P 500: 2,728.12, +7.18 (+0.26%)
NYSE Composite: 12,720.77, +40.04 (+0.32%)
Supposedly in response to President Trump's proposed tariffs on imported steel and aluminum, Chief Economic Advisor to the president, Gary Cohn, resigned his position just before the nightly news broadcast at 6:00 pm ET.
Cohn, former president and COO at investment bank, Goldman Sachs, is highly regarded on Wall Street, thus, his departure from the administration puts the nation's major corporations (and especially those in the financial services sector) at odds with the president. Add to that defections from his own party in the form of comments from House Speaker Paul Ryan and the dutious declarations of defiance from Democrats in House and Senate, and the president is again on his own, skating on some very thin ice.
With stocks reacting in varied fashion - the Nikkei and Hang Seng were both down overnight, while European exchanges were mixed at midday - Trump's foray into the international trade arena has sparked no small degree of interest and disparagement.
While Trump has only announced his intention to impose steel and aluminum tariffs of 25% and 10%, the reactions have been vociferous and without restraint. It remains to be seen whether the president actually goes ahead with his plan (he likely will) and how actual trade will be affected, with reciprocal tariffs and retaliatory measures sure to come from trading partners around the world.
*********
What is WABOL?
Fearless Rick, publisher and chief writer for the Money Daily blog and parent Downtown Magazine has coined a new internet acronym, referenced as WABOL, for "What A Bunch Of Losers."
As such, the acronym WABOL can be employed in any situation involving two or more people that may be the subject of negative commentary, for example:
The New England Patriots
Any gathering of politicians
Public employees
You get the idea. Fearless Rick coined the term. Yes, he did, and this is proof.
WABOL
Dow Jones Industrial Average March Scorecard:
| Date | Close | Gain/Loss | Cum. G/L |
| 3/1/18 | 24,608.98 | -420.22 | -420.22 |
| 3/2/18 | 24,538.06 | -70.92 | -491.14 |
| 3/5/18 | 24,874.76 | +336.70 | -154.44 |
| 3/6/18 | 24,884.12 | +9.36 | -145.08 |
At the Close, Tuesday, March 6, 2018:
Dow Jones Industrial Average: 24,884.12, +9.36 (+0.04%)
NASDAQ: 7,372.01, +41.30 (+0.56%)
S&P 500: 2,728.12, +7.18 (+0.26%)
NYSE Composite: 12,720.77, +40.04 (+0.32%)
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