Trump has smart, experienced folks around him. Question is, will he listen to them?

If any of you happen to be cheering the latest rhetoric regarding foreign trade; specifically the notion that the U.S. will cut off trade with any country doing business with North Korea, and last week's head-scratching (given the timing) threat to abandon an existing trade agreement with South Korea, well, since we're here to talk about your portfolio, you might want to curb your enthusiasm.  

Fasten your seat belts! Maybe...

Have you heard the claim that September is the worst month for the stock market? Well, actually, that's correct -- historically speaking of course.

Worried about U.S. manufacturing? Don't be!

As we finished up our discussion on the economy -- during a client review meeting last week -- I said "if we could only track one indicator it would probably be the treasury yield curve. A close second would be the Institute for Supply Management (ISM) Surveys."

The U.S. market this year (as in all other years) offers nothing for either side of the political aisle to hang its hat on... And that's a really good thing!!

Yes, it's been a nice year for the stock market, the world stock market that is. The majority of our readers live in the U.S., thus, we're generally U.S.-centric in our discussions herein (plus, we are talking the world's largest economy). And, yes, the U.S. stock market has been nothing to sneeze at lately. However, as you'll see below, it's been anything but a world leader.

Quote of the Day: Jobs clarity "may prove elusive" for the next few months...

Economist Carl Riccadonna called today's jobs number perfectly. Yesterday I read his preliminary analysis where he pointed out August's strong tendency to miss consensus expectations. He also pointed out the tendency for the number to be revised upward in subsequent months.

Man! Capitalism and the Freedom to Trade Across Borders are Beautiful Things! Pg2

Here's Bloomberg adding fuel to the free trade argument!       emphasis mine...

The shutdown of almost a quarter of U.S. crude refining capacity in the wake of Hurricane Harvey is presenting a rare opportunity for fuel traders in Asia.

Man! Capitalism and the Freedom to Trade Across Borders are Beautiful Things!

From Bespoke Investment Group's morning message:     emphasis mine...

....gas prices in New York (where the NYMEX future is benchmarked) currently trade $15.48/bbl over where they trade in Rotterdam (Europe’s busiest port) net of quoted shipping costs. In Galveston, Texas (currently under partial operations) gasoline is $9.62/bbl over Rotterdam prices net of quoted shipping costs. In other words, if traders can buy Rotterdam spot gasoline, book passage on a refined product tanker, and sell it forward in New York, they could be looking at $9mm gross margins, including the $3.52 in shipping price. For this reason, we expect PADD 1 product imports to surge, and local gasoline price spikes in the US to be temporary amidst a loose global products market.