Nasdaq De-FAANGed?

By Zachary Mannes – Re-Blogged From Silver Phoenix

We generally chart the regular NASDAQ — the NDX, QQQ, and the futures — but when you consider that a mere five momentum names, affectionately given the acronym “FAANG,” comprise nearly 40% of the weighting of the entire index, a glance at the Equal Weight version is not a bad idea. I prefer the First Trust  (QQEW) to the Direxion (QQQE) as it seems to chart slightly cleaner and the “EW” is easier to remember.

Watching for nuanced differentiation in the patterns between the QQEW and NDX, it is possible to see the potential for the former to lead a bit. For example, back in August/September of 2018, QQEW marked a divergent high. More recently, the QQEW began to count more like the blue 5th wave extension of (5) of Primary Wave 3 before the NDX shifted from it’s “(B)” wave.

More importantly, though, is that fact that the Equal Weight does not get pulled to such price extremes by the disproportionate momentum of a scant few stocks. The Primary Wave 3 in NDX has stretched all the way to the 223.6% Fibonacci extension as measured in log-scale off the July 2010 low for Primary 2. By contrast, the QQEW hit a more perfect 161.8% Fibonacci extension for it’s Primary wave 3 top.

The disproportionate extension, though, also appears to affect the downside corrective moves.

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BIS Immunities From Prosecution and Taxes

A reader of ours, Lucinda Shmulsky, sent this along “In case you would like to share this with your readers….”

The Charter signed by members of the Bank of International Settlements on January 20, 1930 included the following under Article IV

“Privileges and immunities granted to all Officials, The Officials of the Bank, whatever their nationality, shall

(a) enjoy immunity from jurisdiction for acts accomplished in the discharge of their duties, including words spoken and writings, even after such persons have ceased to be Officials of the Bank;

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Slowdown Confirmed

By Mike Savage – Re-Blogged From Gold Eagle

I have had a rough time for the last few weeks coming up with commentary that has anything new to say. It seems that we are bombarded day after day with talk of trade wars, tariffs and counter-tariffs.

Just today, April retail and industrial production numbers came out in China and in the USA. To say the least, the numbers were uninspiring at best.

In the USA retail sales for April contracted 0.2%. Much of the weakness was in auto sales because taking the auto numbers out there was a .1% gain in April. Electronics and building materials also fell. US industrial production, which has been stagnant all year, was not expected to grow in April either. It still surprised on the downside contracting 0.5%. That is the largest monthly drop since May of 2018.

Durable consumer goods dropped 0.8%. What caught my eye, however, was production decreased for business equipment, construction supplies and business supplies. This appears to confirm that 500,000 less people are actually working today than were at the beginning of 2019 even though we have “full employment”. What a joke that is! The only reason production wasn’t hurt worse was an increase in defense and space equipment materials.

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Elvis Calls for “Space Wilderness” to Protect Solar System From Mining!

By David Middleton – Re-Blogged From WUWT

I had to take a break from writing the sequel to How Climate Change Buried a Desert 20,000 Feet Beneath the Gulf of Mexico Seafloor after running across this gem on Real Clear Science this morning…

Malthusians in Space!

From The Grauniad’s “You Couldn’t Make This Sort of Schist Up If You Were Trying Desk”….

Protect solar system from mining ‘gold rush’, say scientists
Proposal calls for wilderness protection as startup space miners look to the stars

Ian Sample Science editor
Sun 12 May 2019 13.24 EDT

Great swathes of the solar system should be preserved as official “space wilderness” to protect planets, moons and other heavenly bodies from rampant mining and other forms of industrial exploitation, scientists say.
The proposal calls for more than 85% of the solar system to be placed off-limits to human development, leaving little more than an eighth for space firms to mine for precious metals, minerals and other valuable materials.

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Germany Tests its First ‘Electric Highway’ for Trucks

By Jon Fingas – Re-Blogged From From Engadget

Germany is joining the ranks of those countries betting on “electric highways” to foster eco-friendly trucking. The country has started real-world tests of an eHighway system on a 3.1-mile stretch of the Autobahn between Frankfurt and Darmstadt, with an electric-diesel hybrid truck merging into everyday traffic while it received power from overhead cables to keep it from using its combustion engine. Earlier tests in the country relied on either slow nighttime tests or the safety of an unused military airfield.

The very first eHighway launched in Sweden in 2016. The concept here is the same — the trucks use pantographs (the pickps on their roofs) to latch on to the overhead cables and draw electricity. Trucks can feed electricity into the grid when they brake, making the system particularly useful if there’s ever a jam.

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Liftoff of SpaceX’s CRS-17 Dragon Cargo Craft

Re-Blogged From WUWT

A cool image as space exploration marches onward. ~ctm

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SpaceX’s Dragon lifted off on a Falcon 9 rocket from Space Launch Complex 40 at Cape Canaveral Air Force Station in Florida on Saturday, May 4, with more than 5,500 pounds of research, equipment, cargo and supplies that will support dozens of investigations aboard the International Space Station. On Monday, May 6, while the station was traveling over the north Atlantic Ocean, astronauts David Saint-Jacques of the Canadian Space Agency and Nick Hague of NASA grappled Dragon at 7:01 a.m. EDT using the space station’s robotic arm, Canadarm2.

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