For the first time in two years, the owners of the Dow Jones Industrial Average have changed the benchmark’s divisor, the number used to determine how moves in the share prices of individual Dow components affect the level of the index.
The new divisor is now 0.145233969 from 0.146021281. With the new divisor, a $1 price move in any Dow component will translate to a swing in the level of the Dow between 6.8854 and 6.8483 points.
While hard data has been hovering at 2-year lows, soft data has been rebounding recently... until today - The ISM Services index saw its steepest m/m decline this month since the financial crisis.
Mueller headlines spooked stocks at the end of the day but the machines had one message for investors...
Authored by Bonner & Partners' Bill Bonner, annotated by Acting-Man's Pater Tenebrarum,
Bent and Distorted
This morning, we are wondering: How dumb is the Fed?
The question was prompted by this comment by former Fed insider Chris Whalen at The Institutional Risk Analyst blog...
Bonds bid, gold at 3-month highs, debt ceiling anxiety surging... Buy-The-Fucking-Record-Highs, Stupid!
CNBC was a little excited today...
Per CNBC-
Submitted by Lance Roberts via RealInvestmentAdvice.com,
As we conclude week two of the new Presidential cycle, it certainly has not been dull.