Monday – January 14, 2019

Market opens lower to begin the new week. The Federal government shutdown is now the longest in American history. Concerns are building now that this shutdown might last longer than anyone thought prior. The White House warned that the shutdown could continue even after a state of emergency is declared to build the wall. So there’s that. It’s just unbelievable that the United States of America allows for its government to cease operations in certain areas for political reasons. This is not the first time. Talks with China seem to have been constructive as the 2 nations try to carve out a path to a deal. President Trump plans to meet with Chinese officials next week while he is at the Global Summit at Davos. The Chinese economy continues to slide, so both sides need a deal. President Trump also sent a stern warning to Turkey which will keep tensions alive in Syria, increasingly so with US troop departure. PG&E plans to file bankruptcy this morning. It is absolutely a state of emergency at the Northern California utility. Q4 Earnings Season kicks off today and Citigroup led off with a mixed report. The banks are always first. It’s been a really tough go for the banks. JP Morgan reports tomorrow followed by BofA on Wednesday. More M&A at play. Newmont Mining is buying Goldcorp. Gold has been sleepy strong. Clearly, Newmont is positive about the outlook. Stocks are lower, Bonds are higher, Gold is catching a slight bid in early trading. Market volatility continues.

Have a great morning,

Mike Frazier

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