Morning 9-8

 The Selling Continues in Nasdaq ~-3%,Spoos -1.1%  ,Stoxx -1.5% Dax -1.2%,technology sector in Stoxx 600 -2.9%,Not just stocks  trading lower  Cl -7%,heating oil -6.5% gasoline -5%  Not helping tech Stocks today are some news items:

  • PRN 09/08 11:30 Nikola And General Motors Form Strategic Partnership; Nikola Badger to Be Engineered and Manufactured by General Motors Nikola (+40%)
  • Tesla not added to S&P 500 on Friday as some had hoped (Stock -~12%
  • (Bloomberg) — Apple shares look risky, as the company’s growth potential does not appear strong enough to justify the stock’s valuation, according to Goldman Sachs. Shares down 3.5%
  •  A point of Discussion on Bloomberg and elsewhere  Was the melt up in Nasdaq caused by Big Institutions or the small retail trader per zerohedge “The second reason cited by the FT for today’s tumble is that “retail investors, which make up 30 per cent of SoftBank’s shareholder registry, reacted particularly negatively to the company’s latest shift in investment strategy.”

 Nasdaq down roughly 10% over last 3 days Spoos -~7% the selling has permeated all Assets classes to one degree or another, Per Bloomberg “the speculative fever has gone on A bit too far” ….Some of the selling is to be blamed on a Big Unwind of a SoftBank  Nasdaq whale trade and here  and here again 

 President Trump once again  lashing out against China  saying “he intends to curb economic relationship with china” trump may announce a  Ban on certain types of Cotton from China-BBG  trump also threating U.S. Companies that create jobs overseas and forbid  companies that do business in China from winning Federal Contracts”  (BBG)   our old  Friend brext popping up today  AS U.K may rewrite or want to rewrite part of the Brexit agreement which deals with Northern Ireland  (Rabo bank) not much good news today    Pound -1.91% Gold and Silver lower .5% or so   fixed income higher , not a surprise and Dollar  +.6% not good for  Risk. Lumber called limit down again the adjustment there continues

Economic Calendar thin today Small business optimism Index released this morning showed improvement over last month, but metric is sideways over last

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