Editor’s Note: Today, I’ll be live at TheoTrade for 2 Hours from 2 pm until close. I’ll be joined by Don Kaufman, Blake Young, and Brandon Chapman. Our goal: To help you make sense of those next two hours… followed by the next two months. This is the first time I’ve ever offered this to you… But check it out. You can name your own price for the first month… And you’ll gain access to live trading education and market insights for over seven hours per day, every day that the market is open. Don’t turn this down. Tune in for the morning show in 45 minutes for FREE… ← right here… It starts at 8:45 am…
Good morning, Everyone: Well… your long national nightmare is over… The Federal Reserve is about to cut interest rates by at least 25 basis points this afternoon. Banking stocks at the regional level are already under pressure. But rate cuts are supposed to be good for banks with underwater bond holdings… Yes, but remember what I said the other day… The devil remains in the details about the impact of overnight lending and the effect of tax season on regional bank reserves. This will be a critical day for regional banking stocks… (all while Bloomberg is spending more time assessing non-US banks.)
We’ll see how they hold up today… Random Fact of the DayI wanted to toss this in here… As an avid baseball card collector, I was reading the Daily Reckoning this morning about baseball cards. The author shared a story about how many people in my generation learned about the 1952 Mickey Mantle rookie card as kids and wanted to find the next big one. For us, that was Ken Griffey Junior’s rookie card. There was just one problem. That card was massively overproduced. The argument is that the scarcity of the 1952 Topps Mickey Mantle card is why demand remains high, and thus the price. But there’s a secret behind that card. Back in the 1950s, Topps had actually overproduced that Mantle card. That card was part of the “High Series,” which was released later in the baseball season. And since it was later in the season, those cards competed with… Football Season. Kids then wanted football cards. So… the Mantles piled up in warehouses in New York for years. It was almost a full decade later that Sy Berger, a key figure at Topps, oversaw the destruction of countless cards. Some say they sank the cards on barges in the Atlantic Ocean. Others say they would load them into garbage trucks. Whatever the case…. scarcity comes in odd ways… Let’s get to today’s market outlook…... Continue reading this post for free in the Substack app
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