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Social Security taps into its trust fund for the first time in 36 years

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Raptor Vapor


From  U.S. Air Force Maj. Paul ‘Loco’ Lopez, F-22 Raptor Demonstration Team commander and pilot, performs during AirPower Over Hampton Roads JBLE Air and Space Expo at Joint Base Langley-Eustis, Va., May 18, 2018. The Raptor performs both air-to-air and air-to-ground missions allowing full realization of operational concepts vital to the 21st century Air Force. (U.S. Air Force photo by Staff Sgt. Areca T. Bell)

Super Stallion


From   U.S. 5TH FLEET AREA OF OPERATIONS (May 23, 2018) Marines assigned to Combat Logistics Battalion (CLB) 26, 26th Marine Expeditionary Unit (26th MEU), attach pallets of cargo to a CH-53E Super Stallion helicopter assigned to Marine Medium Tiltrotor Squadron (VMM) 162 (Reinforced) during external lift training aboard the Wasp-class amphibious assault ship USS Iwo Jima (LHD 7). (U.S. Marine Corps photo by Cpl. Jered T. Stone)

A Humming Boeing Assembly Line

Great video:

Shares of Boeing are up over 20% in 2018 and over 85% during the last year.  We are long BA in some managed accounts.

More Tax Cuts?

The lede:  The Trump tax cuts, which prompted hundreds of companies to dole out $2,000 bonuses and wage hikes, has also prompted several states to proposed reduced taxes, according to a sweeping review of the nation.

About a quarter of all governors have proposed tax cuts, said a new analysis of the 47 “State of the State” addresses in 47 states.


More:  “The untold story of federal tax reform’s success is the opportunity the new law has provided governors to advance pro-taxpayer proposals. Unexpected state revenue resulting from federal tax reform has shifted the debate in many state capitals this year towards proposals that favor tax relief,” said Jonathan Williams, chief economist and vice president of the Center for State Fiscal Reform. “These 2018 state tax reforms continue to build on a trend, as states continue to look for ways to become more competitive. All told, in the past five years, more than 30 states have significantly reduced their tax burdens,” he added.

We have a spending problem, not a taxing problem…

Read the whole thing:

1 Million Bikers Ride into D.C. to Pay Homage to Fallen Heroes

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Jesse Livermore, The World’s Greatest Speculator Of All Time

Regarding trading, nine nuggets of wisdom:

1. “Money is made by sitting, not trading.”

2. “It takes time to make money.”

3. “It was never my thinking that made the big money for me, it always was sitting.”

4. “Nobody can catch all the fluctuations.”

5. “The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money everyday, as though they were working for regular wages.”

6. “Buy right, sit tight.”

7. “Men who can both be right and sit tight are uncommon.”

8. “Don’t give me timing, give me time.”

and finally, the most important thing:

9. “There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Not many can always have adequate reasons for buying and selling stocks daily – or sufficient knowledge to make his play an intelligent play.”

The Jesse Livermore story is fascinating.  Here’s a link to a Josh Brown post, great stuff:

Recession Ahead?

Interesting note by Art Cashin this morning.  Every decade since 1850 has had at least one recession in it.  Since 2010, there hasn’t been a recession.  Can this decade break the trend?


Hat tip Ryan Detrick


Open Wide


From  An F-22 Raptor piloted by Maj. Paul Lopez performs a single-ship demonstration at the 2018 Power in the Pines Open House and Air Show rehearsal held at Joint Base McGuire-Dix-Lakehurst, N.J., May 4, 2018. The F-22 Demo Team is based out of Joint Base Langley-Eustis, Va. (U.S. Air National Guard photo by Master Sgt. Matt Hecht)

Driving Season Is Just Around The Corner

And it’s going to be the most expensive in years.  US Gas Prices have moved up to $2.91 (national average), highest level since early 2015.


How do domestic gas prices stack up?  Not so bad actually:

Venezuela: $0.03

Saudi Arabia: $2.06

Russia: $2.64

US: $2.91

Mexico: $3.82

Australia: $4.13

Brazil: $4.35

India: $4.37

Canada: $4.49

China: $4.50

Japan: $4.91

South Korea: $5.50

Spain: $5.83

UK: $6.41

Germany: $6.42

France: $6.89

Italy: $7.11

Hong Kong: $7.93

Hat tip Charlie Bilello


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