OVERNIGHT

Doing nothing like every other strategy can have its shortcomings, too, as the Bank of Japan found out Friday when many Asian markets turned down just one day after the BOJ's decision to stand pat for now on any further easing of monetary policy.

While Hong Kong's Hang Send fell 1.2%, Korea's Kospi shed 0.6% and the Australian S&P/ASX 200 eked out a 0.3% gain. The Japanese market was closed for a holiday. Asian investors continue to show concern about prospects for global economic growth.

Market activity Thursday in the U.S. didn't do Asian shares any favors as the Dow Jones Industrial Average declined to its largest percentage loss since early February. And the yen hit an 18 month high against the dollar at 107.13, its strongest level since last 2014.  Another financial shoe that hit the floor Thursday was the first quarter slowdown the U.S. economy when GDP grew at a miserly 0.5% annual rate, lower than analysts were expecting.

It was the third time in a row that the GDP declined compared to the previous quarter and fits into the pattern of slow GDP growth in the U.S. for nearly a year. In fact, as one observer noted this slow economic growth during this administration's tenure will likely be the fourth worst in recorded history. Keep in mind this indicator has been changed many times recenlty and the changes favor the government not you and me.

But don't expect this to get accurately reported by MSM or central bankers. You also should realize just how desperate these people are to scavenger up some inflation. People who get so upset with Trump for saying anything apparently don't realize he's just doing what MSM and central bankers do every day. Say anything to keep this puppet show going.

And that  brings us back to our opening: Doing nothing like every other strategy has its shortcomings, too.