Mike’s Morning Brief – August 8, 2018

What’s going on in the world…

Market opens in the red on more trade war fears, though stocks have had an impressive run back near the all-time highs. The NAS has a 6-day win streak, something it hasn’t seen for months. The S&P is going for 5. The US is set to impose 25% tariffs on $16 Billion of Chinese goods beginning August 23rd. China responded in like kind. Global Markets were mixed overnight. Tesla was on a wild ride yesterday as Elon Musk took to Twitter and said he was considering taking the company private at $420. That sent the stock soaring 10% and reporters scrambling to determine the story’s legitimacy. There are far more questions than answers and there has never been a more divided investor base than I’ve ever seen in my career than Tesla shareholders. People generally either love it or hate it, and the feelings are deep. Earnings are coming to a close, but Disney took center stage yesterday with a double miss. The stock sold off immediately, but the conference call brought a reversal, and the stock is back near where it closed, around 52-week highs. There was a lot of activity for a seemingly sleepy Tuesday in August. Volume is low with many Americans on vacation. But the Market keeps moving. Oil is lower and Gold is higher while the Dollar keeps ticking up. Iran is pushing back on US sanctions. What’s next? We’re ready for anything.

Have a great morning,

Mike Frazier

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