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SOMETIMES I JUST SITS

And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level, which should show the greatest profit. And their experience invariably matched mine –that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.

Jesse Livermore,  Reminiscences of a Stock Operator

Treasury Secretary Yellen: We’re concerned about permanent scarring from crisis

Treasury sec. on making comments at a IMF event

Treasury Secretary on is speaking at a IMF event. She says

  • pandemic has had extremely unfair impact on women’s income, employment opportunities
  • very concerned about economic scarring for women as a result of pandemic: must be addressed going forward
  • Hope by next year we can get labor market on track
  • US is addressing low wages, lack of benefits in jobs
On Friday the US nonfarm payroll rose by 379K vs. 200 K estimate. Despite the better-than-expected rise, 9.5 million jobs remained lost since the start of the pandemic. Most those jobs have impacted low income earners and women. If the economy and schools are able to reopen successfully, the hope is that those jobs do come back over time. However, there is a long way to go.

European shares close higher. German DAX record high close.

Strong gains in European shares.

Rotation inequities is also across borders. The tech heavy NASDAQ continues to underperform. The European shares meanwhile are doing better. The major indices all rose strongly in trading today with the German tanks trading to a new all time high in closing at a record level.

Strong gains in European shares.
France’s CAC is trading at its highest level since February 2020.

The provisional closes are showing:
  • German DAX, +3.4%
  • France’s CAC, +2.2%
  • UK’s FTSE 100, +1.4%
  • Spain’s Ibex, +2.1%
  • Italy’s FTSE MIB, +3.3%
For the year:
  • German DAX, +4.83%
  • France’s CAC, +6.46%
  • UK’s FTSE 100, +4.0%
  • Spain’s Ibex, +4.74%
  • Italy’s FTSE MIB, +6.7%

ICYMI – Saudi Arabia set April official selling price for its Arab Light crude to Asia higher

More weekend news that was pretty much swamped by this item:

  • Oil traders note – Saudi oil export ports, facilities targeted in attacks Sunday
Saudi Arabia’s state oil producer Aramco set its April official selling price (OSP) for its Arab Light crude to Asia at plus $1.40 per barrel versus the Oman/Dubai average, up $0.40 from March, according to a statement issued on Sunday. Info via Reuters 

US President Biden is keen to sign direct stimulus checks – coming within 2 weeks

The news over the weekend was the US Senate had approved the relief plan:

  • US Senate passes $1.9 trillion stimulus bill

The bill now heads to the US House of Representatives for a vote on Tuesday, where it is expected to be easily approved. The bill will then be signed by Biden, and then the checks.

President Joe Biden said

  • “When we took office 45 days ago, I promised the American people that help was on the way. Today, I can say we’ve taken one more giant step forward in delivering on that promise that help is on the way”
  • “This plan will get checks out the door starting this month to the Americans that so desperately need the help”
The news over the weekend was the US Senate had approved the relief plan:

NY Times reports the US is planning a series of covert strikes on Russian networks

Not so covert now of course its in the NYT, right?

In brief:
  • Biden administration plans to begin retaliating against Russia for the large-scale hacking of American government agencies and corporations discovered late last yea
  • first major move is expected over the next three weeks
  •  a series of covert counterstrikes on Russian networks that are intended to be evident to President Vladimir V. Putin and his intelligence services and military but not to the wider world
  • US officials said the strikes would be combined with some kind of economic sanctions … and an executive order from Mr. Biden to accelerate the hardening of US federal government networks
Not so covert now of course its in the NYT, right?

Currencies are higher against the USD after weekend US (more) stimulus news

The US dollar is lower, as is yen, on the flows to ‘risk’ following the news out of the US over the weekend:

  • US Senate passes $1.9 trillion stimulus bill

The bill will be voted on Tuesday in the House of Representatives where it is expected to pass easily.

AUD, NZD, GBP, CAD (for more impact on CAD see below) are all up a little from earlier levels.
Other weekend news has sent oil higher:
  • Oil prices have moved higher following the attacks on Saudi facilities on the weekend
ICYMI:
  • Oil traders note – Saudi oil export ports, facilities targeted in attacks Sunday