***UPDATE: The DOJ is denying Rosenstein threatened to quit. This might be a case of fake news by Washpo.
Pardon the lack of interactive content in today’s blogs. I’m working from a hotel lobby on my dated iPhone.
Some of today’s important developments include a Washpo report suggesting the Deputy AG Rod Rosenstein threatens to quit over the Comey firing. Apparently, he took exception to the fact that he was being painted as the villain in all this. Truth be told, the White House should’ve just said we fired Comey for a fuuckload of reason, one of which was Rosenstein’s hatred and acrimonious seething anger towards Comey.
What the fuck did Jim ever do to Rod?
I believe this uncertainty is causing markets to sell off. This is a distraction that could derail some of Trump’s economic reforms.
The Nasdaq is feeling it most, off by 50+.
I think sentiment is getting hammered due to the collapse in SNAP too, this year’s tech darling. Amusingly, the lead underwriter of the deal, Goldman Ballsachs, is out defending them.
“While SNAP remains a near venture stage investment with all of the risks that implies, we continue to believe its audience and engagement represent a unique asset that will benefit from growth and diversification of internet usage and advertiser adoption as both mature,” Goldman analyst Heath Terry wrote in a note to clients Thursday.
Terry reiterated his $27 price target for Snap, representing 45 percent upside from Thursday’s price.
The clown show continues. Interesting times.
Top pick: 100% cash
The post Welcome to the Circus: Rosenstein Threatens to Quit, Markets Plunge, Snapchat Defended at Goldman appeared first on Trading with The Fly.
May 11, 2017 at 08:03PM
from Dr. Fly
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