The Stock Market Turns Green Despite Continued Jackson Hole Capitulation On Wednesday – $APE $ATOS $INTU $INVO $PTON $TSLA $VERV Rise!

Happy Wednesday!

I hope that you had a wonderful ‘Hump Day” as the week is seemingly continuing to press on rather quickly.  As for the stock market, Wednesday’s session continued to be filled with a bit of angst as investors are looking forward to hearing the breadth of speeches that are coming out of the Fed’s Annual Jackson Economic Policy Symposium this week. Today, we heard via the Wall Street Journal, that Minneapolis Fed President Neel Kashkari, in this position since November 10, 2015,  believes the Fed needs to remain vigilant with regard to raising interest rates, so that inflation expectations do not become unanchored. The U.S. Dollar Index stayed uncomfortably high and closed at 108.60, -.02% & the US treasury yield curve continued to move higher & remained inverted as the 10-yr moved up 5 basis points to 3.11% & the 2-yr note moved 4 basis points to close 3.37%. Also, on the negative side of equites, unless you were solely invested in the energy sector (+1.2%), oil prices moved up 1.1% to close $94.83/bbl. The U.S. macroeconomic schedule delivered more sobering reports today as the Weekly MBA Mortgage Applications Index report showed 1.2% drop. July Durable Orders came in flat, while the July Pending Home Sales report confirmed a 1% drop. In other major news,  President Joe Biden announced that the US is forgiving up to $20k per student loan and extending the payment freeze until the end of the year for borrowers. In other word,  borrowers from the Department of Education that make less than $125k/year are eligible for up to $20k in student loan forgiveness if they received Pell Grants , while borrowers that make less than $125k a year that did not receive Pell Grants are eligible for only $10k in forgiveness.

In turn, the major indices continued to waffle for the most part, but did manage to eke out a win overall. Interestingly the smaller you were today in general the better you performed. The S&P 500 closed at 4,140.77 (+.29%). The Dow ended the session higher closing at 32,969.23 (+.18%) as Dow component and tech giant Apple (AAPL) ticked higher by .18% to close at $167.53.  The growth oriented and tech heavy Nasdaq closed at 12,431.53 (+.41%) as advancing issues out did decliners by a 5-3 ratio, while the small caps on the Russell 2000 performed even better closing at 1,935.29 (+.84%), but still remained below the 2k level. The MicroCaps also moved signficantly higher represented by the move that the iShares Micro-Cap ETF (IWC) experienced closing at $120.69, +1.17%. The biotech stocks performed solidly as the SPDR S&P Biotech ETF (XBI) closed at $89.63,+2.11%. The 52-wk range is $61.78 – $136.61. The iShares Biotechnology ETF (IBB) also closed up at $127.07, +1.36%. The 52-range is $104.29 – $176.02. A decent measure of the markets volatility or the CBOE Volatility Index (^VIX) pulled back closing at $22.82, -5.35% and traded within the range of $22.73 – $24.10. 

Around the money and precious metals’ tree, the U.S. Dollar Index stayed amazingly high and closed at 108.60, -.02%. Bitcoin (BTC) bounced to $21,619.76, +.53% over the last 24-hours at the time of this writing. Gold prices closed at $1,755/oz., +$5/oz. & silver closed at $19.15/oz., up $.01/oz. on the day. Two mining producers closed the day as follows: Hecla Mining Company (HL) closed at $4.28, +23.13% and First Majestic Silver Corp. (AG) closed at $7.99, +3.90%. On Aug. 8, First Majestic announced the release of its 2021 Sustainability Report summarizing the Company’s Environmental, Social and Governance (“ESG”) performance. The Sustainability Report and the Company’s performance indicators follow the Global Reporting Initiative and Sustainability Accounting Standards Board metrics. The report is available for review under the Corporate Responsibility section of First Majestic’s website (www.firstmajestic.com). “In 2021, First Majestic achieved record production of 26.9 million silver equivalent ounces representing a 32% increase compared to the previous year. This record was in part due to our focus on responsible and sustainable mining integrated with our vision to become the world’s largest primary silver producer,” stated Keith Neumeyer, President and CEO. “I strongly believe that our efforts in 2021 demonstrated our commitment to sustainability and to improving lives and communities in our host regions while increasing shareholder value, as well as driving positive changes for society and delivering long-term benefits for all First Majestic stakeholders.”

After the close today Salesforce (CRM) failed to meet quarterly expectations and they cut full-year guidance. Shares have dropped 6.51% to $168.30. 

Shares Nvidia (NVDA) dropped 4.55% to $164.33 in after-hours trading after their Q3 revenue guidance missed expectations by $1B pointing to a gaming & PC sales slowdown.

 

 

Tomorrow, Aug. 25th, Atossa’s CEO, Dr. Steven Quay, M.D., Ph.D., and Kyle Guse, GC & CFO will present at Tribe Public’s Webinar Presentation and Q&A Event that is scheduled to begin at 8am pacific/11am eastern on Thursday, August 25th. During this complimentary event, Atossa management will speak new opportunities for its inhalation therapy, AT-H201, to potentially treat lung injury caused by cancer treatment and will be available for a Q&A session focused on Atossa’s research programs and future development. To join the complimentary event, please register at ATOSAUG25.TribePublic.com. Once registered, Tribe members may then send their questions for Atossa’s management to research@tribepublic.com.

Economic Reports

On Tuesday, the New home sales report confirmed a whopping 12.6% M/M drop in June to a seasonally adjusted annual rate of 511k units & on a new home sales were off an even greater 29.6% Y/Y. The August IHS Markit Manufacturing PMI preliminary reading came in lower at 51.3, while the August IHS Markit Services PMI preliminary reading came in nearly 3 points lower at 44.1.

On Wednesday, the Weekly MBA Mortgage Applications Index report showed 1.2% drop. The July Durable Orders came in flat, while the July Pending Home Sales report confirmed a 1% drop.

Investing & Inspiration

1. “All money is a matter of belief.” – Adam Smith

2. “People are not disturbed by things, but by the view they take of them.” – Epictetus

3. “Uncertainty is seen to retard investment independently of considerations of risk or expected return.” – Ben Bernanke

4. “I never called my work an ‘art’. It’s part of show business, the business of building entertainment.” – Walt Disney

5. “Hitch your wagon to a star.” – Ralph Waldo Emerson

6. “The greatest remedy for anger is delay.” – Lucius Annaeus Seneca

7. “Great minds discuss ideas; average minds discuss events; small minds discuss people.” – Eleanor Roosevelt

8. “Act as if what you do makes a difference. It does.” – William James

9. “Success – keeping your mind awake and your desire asleep.” – Walter Scott

10. “If I had to live my life again, I’d make the same mistakes, only sooner.” – Tallulah Bankhead

11. “When one must, one can.” – Charlotte Whitton

12. “Wealth consists not in having great possessions, but in having few wants.” – Epictetus
13. “If we open a quarrel between past and present, we shall find that we have lost the future.” – Winston Churchill
14. “Hope is patience with the lamp lit.” – Tertullian
15. “A single sunbeam is enough to drive away many shadows.” – Francis of Assisi
16. “With the past, I have nothing to do; nor with the future. I live now.” – Ralph Waldo Emerson
17. “Laziness may appear attractive, but work gives satisfaction.” – Anne Frank

18. “I never think of the future – it comes soon enough.” – Albert Einstein

19. Hope is but the dream of those who wake.” – Matthew Prior

20. “The more sand that has escaped from the hourglass of our life, the clearer we should see through it.” – Jean Paul
21. “Real knowledge is to know the extent of one’s ignorance.” – Confucius

22. “Better keep yourself clean and bright; you are the window through which you must see the world.” – George Bernard Shaw

23. “Nothing great in the world has ever been accomplished without passion.” – Georg Wilhelm Friedrich Hegel

24. “History is a vast early warning system.” – Norman Cousins 

25. “We first make our habits, and then our habits make us.” – John Dryden

26. “The traveler sees what he sees, the tourist sees what he has come to see.” – Gilbert K. Chesterton
27. “Adventure is worthwhile.” – Aesop
28. “We must build dikes of courage to hold back the flood of fear.” – Martin Luther King, Jr.
29. “The return we reap from generous actions is not always evident.” – Francesco Guicciardini

30. “Courage is knowing what not to fear.” – Plato

31. “Science may never come up with a better office communication system than the coffee break.” – Earl Wilson

32. “Progress was all right. Only it went on too long.” – James Thurber

33. “If you would know strength and patience, welcome the company of trees.” – Hal Borland

34. “We aim above the mark to hit the mark.” – Ralph Waldo Emerson

35. “Hope is being able to see that there is light despite all of the darkness.” – Desmond Tutu

36. “Our chief want is someone who will inspire us to be what we know we could be.” – Ralph Waldo Emerson

37. “Patience is a virtue, and I’m learning patience. It’s a tough lesson.” – Elon Musk

38. “Great things are done when men and mountains meet.” – William Blake

39. “The man who has no imagination has no wings.” – Muhammad Ali

40. “Formula for success: rise early, work hard, strike oil.” – J. Paul Getty

41. “Action is the foundational key to all success.” – Pablo Picasso

42. “Hope is like the sun, which, as we journey toward it, casts the shadow of our burden behind us.” – Samuel Smiles

    “The backbone of surprise is fusing speed with secrecy.” – Carl von Clausewitz

43. “There are no shortcuts in evolution.” – Louis D. Brandeis

44. “I am fascinated by what is beautiful, strong, healthy, what is living. I seek harmony.” – Leni Riefenstahl
45. “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” – Henry David Thoreau
46. “Waste no more time arguing about what a good man should be. Be one.” – Marcus Aurelius
47. “It is during our darkest moments that we must focus to see the light.” – Aristotle Onassis
48. “Courage is fear holding on a minute longer.” – George S. Patton
49. “You must be the change you wish to see in the world.” – Mahatma Gandhi
50. “Don’t judge each day by the harvest you reap but by the seeds that you plant.” – Robert Louis Stevenson 
51. “It is in the character of very few men to honor without envy a friend who has prospered.” – Aeschylus
52. “Life is a series of natural and spontaneous changes. Don’t resist them – that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like.” – Lao Tzu
53. “The more you praise and celebrate your life, the more there is in life to celebrate.” – Oprah Winfrey
54. “Anything simple always interests me.” – David Hockney
55. “He who angers you conquers you.” – Elizabeth Kenny
56. “Concision in style, precision in thought, decision in life.” – Victor Hugo
57. “The secret of genius is to carry the spirit of the child into old age, which means never losing your enthusiasm.” – Aldous Huxley
58. “View health as an investment, not an expense.” – John Quelch
59. “The most effective way to do it, is to do it.” – Amelia Earhart
60. “Man needs his difficulties because they are necessary to enjoy success.” – A. P. J. Abdul Kalam
61. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha
62. “Nobody made a greater mistake than he who did nothing because he could do only a little.” – Edmund Burke
63. “You must do the things you think you cannot do.”- Eleanor Roosevelt
64. “Success is dependent on effort.” – Sophocles
65. “Nobody who ever gave his best regretted it.” – George Halas
66. “Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.” ~ Oprah Winfrey
67. “And when I breathed, my breath was lightning.” – Black Elk
68. “Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
69. “You are the sum total of everything you’ve ever seen, heard, eaten, smelled, been told, forgot – it’s all there. Everything influences each of us, and because of that I try to make sure that my experiences are positive.” – Maya Angelou
70. “If you want a guarantee, buy a toaster.” – Clint Eastwood
71. “We are an impossibility in an impossible universe.” – Ray Bradbury
72. “If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people.” – Confucius
73. “I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
74. “Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
75. “It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
76. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
77. Surprise is the greatest gift which life can grant us.” –  Boris Pasternak
78. “Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran 
79. “Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
80. “All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
81. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” –  Colin Powell
82. “There is more to life than increasing its speed.” – Mahatma Gandhi
83. “Your attitude is like a box of crayons that color your world. Constantly color your picture gray, and your picture will always be bleak. Try adding some bright colors to the picture by including humor, and your picture begins to lighten up.” – Allen Klein
84. “Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
85. “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
86. “In matters of truth and justice, there is no difference between large and small problems, for issues concerning the treatment of people are all the same.” – Albert Einstein
87. “Life is too short for long-term grudges.” – Elon Musk
88. “There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
89. “Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
90. “The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
91. “Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living.” – Omar N. Bradley
92. “Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
93. “But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
94. “Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
95. “Let there be work, bread, water and salt for all.” – Nelson Mandela
96. “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
97. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
98. “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.” – Albert Einstein
99. “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
100. “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
101. “Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
102. “Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
103. “Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
104. “You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
105. “Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
106. “Delete the negative; accentuate the positive!” – Donna Karan
107. “It’s crazy how fast time flies and how things progress.” – Nathan Chen
108. “The world is a dangerous place to live; not because of the people who are evil, but because of the people who don’t do anything about it.” – Albert Einstein
109. “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
110. “Everything has beauty, but not everyone sees it.” – Confucius
111. “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” – John C. Maxwell
112. “Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
113. “A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
114. “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” – Michelangelo
115. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
116. “I like to encourage people to realize that any action is a good action if it’s proactive and there is positive intent behind it.” – Michael J. Fox
117. “Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
118. “But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
119. “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
120. “Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
121. “No matter what you’re going through, there’s a light at the end of the tunnel and it may seem hard to get to it but you can do it and just keep working towards it and you’ll find the positive side of things.” – Demi Lovato
122. “Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
123. “Educating our children and giving them the skills they need to compete in a global economy is a smart investment in our country’s future.” – Sheldon Whitehouse
124. “Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
125. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
126. “Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
127. “The sofa is a really important investment for anybody, and I don’t mean financially. You need to find a really great sofa that can transition with you, and you can build from there.” – Jeremiah Brent
128. “There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.” – Orison Swett Marden
129. “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
130. “There is little that can withstand a man who can conquer himself.” – Louis XIV
131. “In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
132. “A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
133. “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” – Bill Gates
134. “Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese 
135. “Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
136. “Never do anything against conscience even if the state demands it.”– Albert Einstein
137. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
138. “The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
139. “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
140. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
141. “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
142. “Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
143. “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” – Liya Kebede
144. “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
145. “No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch 
146. “Start where you are. Use what you have. Do what you can.”– Arthur Ashe
147. “The secret of getting ahead is getting started.” – Mark Twain
148. “The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe