In last weekend’s Het Financieele Dagblad, financial historian Niall Ferguson was interviewed. The Scotsman believes in a symbiotic relationship between the United States and China. To him, the 21st century is the age of ‘Chimerica’. Ferguson thinks that, in the end, President Trump will not be that tough on China, because there exist too many ties between American and Chinese companies. There is not a single enterprise in the United States of considerable size that does not have an interest in China or Chinese companies. To Niall Ferguson, the election of Donald Trump was necessary to make the elites in the United States, those who live in Brooklyn and/or who were educated at Harvard and Stanford, aware of the problems of their fellow countrymen in the countryside of Wisconsin, Michigan or Pennsylvania. But he is skeptical about the ability of Donald Trump to improve the economic position of these citizens. An enhancement of the relationship between the United States and countries like China will help the elites and large-scale businesses. “Donald Trump will very likely disappoint the people who voted for him. But these people appear to be realistic about the chances of a miracle to happen.”
U.S. stock indexes ended modestly lower Friday: the S&P 500 and the Dow lost 0.2%, while the NASDAQ just missed a fourth record-high close last week (-0.02%). The VIX rose from its lowest level for 2017 (+4.44%), while UVXY ETFs (-0.14%) and XIV ETNs (0.00%) barely moved.
Danny Daredevil‘s losses for the week stabilized. His return for 2017 stands at 2%. Adventurous Anny has been holding cash for a month now. Her RSS is 22%. Solid Suzy and Lazy Larry closed unchanged. Their RSS is 13%. All members of the Chapel family are in positive territory at the moment.
None of our models gave a trading signal at the end of yesterday’s session.
RSS = Return Since Start | YTD = Year-To-Date | QTD = Quarter-To-Date | AAR = Average Annual Return
Meanwhile in Japan
Fans waiting alongside the road, hoping to catch a glimpse of Paul McCartney
Tokyo Dome, just before the ‘One on one’ concert
Inside the Tokyo Dome
Paul McCartney playing the Beatles classic ‘You Won’t See Me’