Business

Authored by Mike Shedlock via MishTalk.com,

Magazine covers tend to coincide with extreme sentiment. The Economist is particularly good at offering contrarian articles.

In December of 2016, The Economist nailed the peak in the US dollar with its “Mighty Dollar” issue.

• Republicans consider bipartisan healthcare talks (Reuters)
• Health Care Collapse Could Leave Trump Winless in His First Year (BBG)
• Republicans to Push Ahead on Repeal of Affordable Care Act (WSJ)
• Obscure Coal CEO Rains Money on Trump While Outflanking Rivals (BBG)
• GOP Tries to Regroup on Obamacare Repeal as Trump Lashes Out (BBG)
• Insurers start to press on subsidies (Reuters)
• Russian lawyer who met Trump Jr. says ready to testify to Congress (Reuters)
• Discovery, Scripps Networks in Cable-TV Merger Talks (WSJ)

“Time To Position In Gold Is Right Now” – Rickards 

After yesterday's stunning 40% plunge in Goldman's FICC revenue, market watchers and MS shareholders were nervously anticipating the release of today's Morgan Stanley Q2 earnings data. In retrospect, they had no reason to be worried, because moments ago MS reported revenue and EPS which both beat expectations, with Q2 EPS of $0.87 (est $0.76) on revenue of $9.5BN vs est. $9.13BN, up from $8.91BN a year ago.

In what has been a less exciting session than the previous two, the euro retraced some recent gains as traders grew concerned they may have overestimated the ECB's hawkish bias ahead of Thursday’s rate decision; in turn the dollar edged higher after the collapse of the GOP healthcare bill sent it to the lowest since September on Tuesday.

Not even Citi could infuse any  excitement in the overnight session, which its called "Purgatorial":