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The Flying Pig Gets Grounded

09-21-2018

The market was mixed through midday, with the Dow and S&P a little higher and the Nasdaq slightly lower. After appearing to win at beat-the-number and seeing its stock price pop a couple of bucks after hours last night, Micron, aka the Flying Pig, was weaker and ultimately closed a couple of dollars lower, as the twin vices of oversupply and saturation (plus tariffs) are making themselves felt in the memory world.

Stop the MU-dness When I saw the news last night I thought it could have implications for other chips stocks, and it did, but only slightly. For the most part it would appear that the news was ignored and certainly deemed to be company specific, which is true for some chip companies, but not others. It is all part of the mindless madness we see on a daily basis.

Continuing on the topic of speculation from the last couple of days, the weed stocks were smashed today, so perhaps that mini melt-up is behind us. Although whether it means anything I have no idea.

In the afternoon, the market softened such that by day's end the Nasdaq lost 0.5% while the S&P/Dow were mixed, with small changes.

Metals Mélange Away from stocks, oil was 0.5% higher, fixed income was a bit higher as well, green paper was stronger, especially versus the British pound, and the latter appeared to be the cause of about a $20 line job in gold, as when negative news on Brexit hit and the pound tanked, gold collapsed and dragged the rest of the metals complex with it. Then, shortly after the open in New York, silver and copper shrugged off the news (in fact, copper appeared to benefit from it). Gold tried to rally, but it didn't get too far before it fizzled and by day's end had lost 0.75%, while silver grudgingly gave up two cents (and copper gained 4%). Positions in stocks mentioned: none.