Overnight

The dollar jumped up over night in Asia, hitting a nine-month high to trade above 107 yen as the euro took the opposite track falling to its lowest level in 11 months at $1.0773. It hasn't just been stocks that are on a tear since the election. Bonds have held their own tear climbing to their highest yield for the 10-year U.S. Treasury 2.20% as more than $1trillion of bonds disappeared last week in just a couple of days, Reuters reported.

It was a big hit as the yen, the Indian rupee and the Indonesian rupiah all lost ground against the dollar as did the New Zealand kiwi hit by another earthquake and Trump's startling election win. Investors seem convinced that Trump's policies will trigger inflation as talk about fiscal stimulus ripples through markets.

The Wall Street Journal noted: The People’s Bank of China weakened the daily reference rate for the yuan against the U.S. dollar to 6.8291, 0.3% weaker than Friday’s level. The yuan was fixed at its weakest level against the U.S. dollar since Sept. 9, 2009. In mainland Chinese markets, where the yuan is allowed to trade within 2% of this level, the yuan was 0.1% weaker at 6.8125. In Hong Kong, where the currency always trades freely, the yuan was 0.1% weaker at 6.8291.

The U.S. Dollar Index, which tracks the dollar’s strength against a basket of six currencies, rose 0.6% to 99.6350, its highest level since January, as yields on the U.S. 10-year Treasury note rose to 2.19%.

With most Asian markets down, the Nikkei bucked the trend rising 1.54% after news about Japan's economy growing faster than expected at 2.2% in the 3Q year-over-year. Most were expecting growth somewhere in the 0.95% range. The ASX 200 was off 0.63%, the Hang Send -1.06%, the Kospi -0.09%. The Shanghai Composite edged higher 0.48%.

In energy U.S.crude futures drifted higher 0.18%at $43.49 a barrel with Brent gaining 0.25% at $44.86. Gold lost some ground,dropping0.59%, to trade at $1,218.20 an ounce, the fourth straight session investors took a risk-on view of markets and the future as all eyes will be peeled on Trump and his moves going into the upcoming holidays.

We Call It Tolerance

They say a leopard never changes it's spots.

Any pretense that, as this story notes, the New York Times is about to change its policy and turn to "honest reporting" would rival the recent Trump upset. It ain't going to happen. Nobody does fumigation projects that large.

zerohedge.com/news/2016-11-12/liberal-media-turns-itself-nyt-promoses-rededicate-itself-honest-reporting

The liberal stench emanating from the Times is as ingrained as corruption at the DNC and George Soros' DNA. All the news fit to print has always been all the news fit to corrupt. Let's be honest, however indelicate it might sound, something the Times has never been: people in this nation hate each other. And it ain't going away anytime soon. The recent election, split right down the middle, and it's aftermath proves it, though it's something PC has helped create and does its damnedest to try to cover up. This sounds more like a plea to subscribers and advertisers to not leave us.

To our readers,

When the biggest political story of the year reached a dramatic and unexpected climax late Tuesday night, our newsroom turned on a dime and did what it has done for nearly two years — cover the 2016 election with agility and creativity.

After such an erratic and unpredictable election there are inevitable questions: Did Donald Trump’s sheer unconventionality lead us and other news outlets to underestimate his support among American voters? What forces and strains in America drove this divisive election and outcome? Most important, how will a president who remains a largely enigmatic figure actually govern when he takes office? 

As we reflect on this week’s momentous result, and the months of reporting and polling that preceded it, we aim to rededicate ourselves to the fundamental mission of Times journalism. That is to report America and the world honestly, without fear or favor, striving always to understand and reflect all political perspectives and life experiences in the stories that we bring to you. It is also to hold power to account, impartially and unflinchingly. We believe we reported on both candidates fairly during the presidential campaign. You can rely on The New York Times to bring the same fairness, the same level of scrutiny, the same independence to our coverage of the new president and his team.

We cannot deliver the independent, original journalism for which we are known without the loyalty of our subscribers. We want to take this opportunity, on behalf of all Times journalists, to thank you for that loyalty.

Sincerely,

Arthur O. Sulzberger Jr.
Publisher

Dean Baquet
Executive Editor

When everyone gets a trophy, it means no one has learned how to lose gracefully. PC damn near accomplished what its creators set out to do--outlaw dissent, all dissent. Zero tolerance. This election changed all that. Not because of Trump. He was simply the messenger. He never fathered the movement, simply recognized it. One Hundred Sixty million voted, split right down the middle, and 55 million said they ain't taking your PC Hollywood, bicoastal BS anymore. And that goes for the tech heads in SV.

No, there were not all redneck white males. And even if they were it doesn't matter. PC has no boundaries, no limits. Nor were they all ignoramuses. What pissed the PC crowd off many of them had college degrees from Land Grant schools, not the Ivy League pedigree kind, one of the crumbs elites tossed the masses nearly 200 hundred years ago. And some of them, God forbid, could read, write, spell and even add up. Aw shit! That's some guaranteed trouble, folks in Flyover Land with those skills.

But it wasn't just Flyover Land as any post-election map of the country will show. People want to live out their lives in their own way without trampling on anyone else or being trampled on. It's not a new concept. And it's hardly racist, xenophobic or anything else. It's the only good life, live and let live. Something these two bankrupt lobbyist-owned political parties completely disavow.

The Times is historically one of the biggest hate-spreading mongers in the history of journalism.
Yes, journalism has it's history. This is hardly unique to America. It's a global phenomenon and it's growing. That's why so many elite cages are being rattled. And no amount of elite crumb tossing to the rabble is going to change this. Populism is a BS academic pejorative for anyone who differs with you, a pure abstract they use to label and defame.

There's another story making the rounds, zerohedge.com/news/2016-11-12/real-civil-war-possible,
an unwelcome subject for many reasons but nevertheless a valid one. Right, neither the democrats nor the republicans, won this election because many millions are no longer going to be PC'd into silence. We don't support the Bernie Sanders' crowd, but there little denying they got screwed without getting to even take their clothes off. And there's little doubt the Times played a role as obviously did other members of the so-called Fourth Estate. You might call that politics. We call it disenfranchising corruption.

Crazy old Bernie had a right to be heard as did his millions of followers.You can call that what you want. We call it tolerance.

The Power Of Religion And Hypocrisy.

 
Religious conversions are amazing and often can happen in one night. They can also be insincere. This one is.

Since Trump won the much-contested presidential election just days ago, the stock market after an initial swoon has been on a tear. But not just the market, other sectors like non-ferrous metals, the stuff of infrastructures, has also been jumping up. See copper.

Goldman Sachs CEO Lloyd Blankfein, a huge Hillary supporter-contributor and big hypocrite, apparently just got some Trump religion, saying Trump's policies are "market supportive."

This is something he could've said before the election. But he put most if not all his chips with the eventual loser and much more. Goldman essentially forbid any dissenting views other than those Blankfein and Goldman money backed. Blankfein and his elite ilk are hypocrites, one of the main underlying themes of this election. One can only hope the public has a long memory.

Now we don't really believe Blankfein got any Trump religion. We know who he is and what he is. Like his comrade Soros, he's one of the elites who hates everything about the people, including the people, in flyover America. These are the same people the Federal Reserve sold out to rescue Wall Street banks under the phony guise the global financial system was on the brink.This scare tactic plays well. Again and again. But the only people ever allowed to go bankrupt are the flyover crowd.

This is part and parcel of the cashless society meme being pushed by elites and MSM under the guise of interdicting the bad guys. They're always after the bad guys in others' best interest. But they are the bad guys. The CEO of Wells Fargo, is he still roaming the street free? Nobody's assaulted or killed him yet? They're assaulting and threatening to kill Trump voters if what runs in the news is correct?
----
One person not surprised by the post-election stock market rally is Goldman Sachs CEO Lloyd Blankfein.
While virtually every strategist on Wall Street predicted before Tuesday's results that a Donald Trump victory would lead immediately to stock market losses, Blankfein didn't feel that way.
"His policies are market-supportive," he said Thursday at the DealBook Conference in New York. "I'm not saying it's good or bad … just as far as asset prices in the market are concerned, how could they not be supportive?"
Market watchers were concerned that the sheer unpredictability of a Trump win would knock equities for a loop. The projections for near-term market losses ranged from a few percent to more than 10 percent.
Just the opposite happened. Stock market futures cratered Tuesday evening and Wednesday morning as it became clear that Trump would score a historic upset over Hillary Clinton, but turned around by the market open.

Thursday's trading closed with the Dow at a record high.
 ----
What they want you to swallow is that this is a liberal versus conservative, red versus blue, democrat versus republican conflict. It's far more sinister than that. We've been suggesting for some time now you're on your own. Elites tolerate the rabble, one of the more sinister, subtle forms of hate.

Silicon Valley

 
"We know how to make things," one disenchanted, arrogant Silicon Valley tech head recently wrote, joining those chosen nerdy souls who now post-election want to take their ball and head elsewhere since things went other than their way.

Not to get ahead of ourselves, we personally welcome that exodus. Maybe they can say hello to George Stephanopoulos, Streisand, Whoopi and John Stewart along the way.

The implication of his statement, besides its obvious conceit and contempt, was that Trump doesn't know how to make anything. But Trump is actually in the construction business. He builds structures with one minor difference; he usually hangs on to them after they're built. Which is more than one can usually say for Wall Street and their derivative scams. Hello Goldman Sachs and Lloyd Blankfein.

Beyond that Trump just made one of the greatest things in the history of this very young, new century, perhaps even in the history of this nation. He made a hardened, long-term, MSM entrenched, political, in-your-face criminal disappear from the planet in one night. For creativity, skill and innovation, that's tops anything we've ever seen come out of  SV.

Overnight

Can you spell industrial metals? Because if you can, you'll have a better under understanding of what is driving this post-election stock market upswing as industrial metals led by copper prices swung to more than one-years highs Thursday. It's also about the prospect of lower taxes and infrastructure investment promised by Donald Trump after shocking the world with his victory Tuesday.

The Nikkei 225 rose to a nine-month high overnight led by financial shares and the U.S. market's performance to all-time highs, gaining 1.6% to 17,621.73, it's highest level since early February. The dollar followed suit rising to 106.95 yen, the highest its been since July. Non-ferrous metals participated in the Asian run-up. Banks and insurance firms were the big winners in the hopes of future higher interest rates and the appearance of some   much hoped for inflation.

HSI	HSI	22603.34		-235.77	-1.03%
ASX 200	S&P/ASX 200	5350.50		21.67	0.41%
SHANGHAI	Shanghai	3193.91		22.63	0.71%
KOSPI	KOSPI Index	1987.40		-15.20	-0.76%
CNBC 100	CNBC 100 ASIA IDX	6769.43		-10.21	-0.15%

Reuters reported U.S. crude futures in Asia were down 0.56 percent, at $44.41 a barrel after settling at $44.66 on Thursday, while Brent slipped 0.41 percent, to $45.65. Brent had last settlement price was at $45.84 a barrel. Gold was up 0.2% at $1,261.71 an ounce. IBM, which has risen 10 points in the last three days, helped push the index higher as at one point the Dow was up 250 points and the the U.S. 10-year bond yield rose to 2.14%. Many seem to believe once rates start up they will continue for some time. The continuing commodities rally helped the ASX 200 shares.

But as the WSJ reported all in Asia was not good as Asian emerging markets sold off sharply Friday as U.S. Treasury yields rose overnight. Indonesia’s Jakarta Composite Index was off 2.9%, the Philippines PSEi tumbled 2.5% and Malaysia’s FTSE Bursa Malaysia KLCI sank 1.1%. As offshore investors pulled money out of emerging Asia into U.S. Treasurys, regional currencies were walloped. Indonesia’s rupiah was down 1.6% Friday according to Thomson Reuters and the Malaysian ringgit dived 2.7%, according to FactSet. The rupiah plummet forced the Indonesian central bank Friday to defend the currency, according to Bank Indonesia Senior Deputy Governor Mirza Adityaswara, as foreign investors trimmed their holdings of rupiah assets.

And So Here We Are

There's an old saying about the way to really hurt someone is to hit them in the pocketbook or just ignore them.

This sounds like an either or proposition but it really isn't, especially when it comes to MSM. In this second post-Election Day there is nothing too harsh, too mean to say about MSM, as they lick their wounds and whine and cry their way through the aftermath. They were losers long before this election, but they are now totally irrelevant, a place they well deserve.

The millions of Trump supporters who were simply voting their consciences and legitimate frustrations who MSM pitifully and unmercifully pilloried can now if they so choose to apply the leverage of their pocketbooks and their indifference to what has become one of the most disgraceful institutions in American history.

cbsnews.com/news/commentary-the-unbearable-smugness-of-the-press-presidential-election-2016/

Forgiveness is synonymous with latitude. There can be no forgiveness here because there was no latitude there. These are merciless, agenda-driven people who deserve no mercy. This is far from over. Nor should it be. One hundred and ten million voters expressed their opinions and the popular vote--irrespective of who the media claims won--was settled by a few hundred thousand infinitesimal votes. This is no 80-20, 70-30 or even 55-45 separation. This is as right down the middle as it gets, an extremely dangerous result with a clear absence of latitude these other figures at least suggests.

In essence, there are no more minds left to be changed. This is far from over. Suffering eight years under a president who was no more our president than those mostly young people currently protesting and carrying signs the current president-elect is not their president resonates loud and clear. We know how they feel. One hundred ten million people voted and find themselves separated by what is an insignificant few hundred thousand votes.

The day after the election, a female client called and told us this story. She walked her grandson to school as she does most school days. There are usually other parents there doing the same. A lady whom she had never spoke to before, never even nodded to, though they were frequently there at the same time--a woman she described as brown skinned, possibly from India, came over with her small son and whispered to her in a heavy accent: "I am so happy. I just can't express how happy I am he won." Nothing else was said as they both dropped off their children and went their separate ways.

Later that afternoon the wife of a friend called. Said she's just come from having her nails done. Sitting next to her an older woman, a complete stranger, suddenly, shaking her head, broke the silence, as the television they were looking at rehashed the election."I just can't fathom,"she blurted out to our friend's wife, "how anyone could vote for Trump."

After a brief pause the wife of our friend agreed. She said. "I voted for Trump and I know a lot of people who did and none of us can fathom how anyone would want to put a known criminal in the White House either." So there you have it. Politicians as they always do can flap their lips about healing and coming together.  It's meaningless political cant. This is a long way from being over. The reaction of some Silicon Valley technocrats is just another example. And the room for latitude is all but exhausted, separated by just a few hundred thousand votes.

What's interesting about this link and the story and further proves our point, the comments were so negative, though we noted no foul language in the ones we read earlier, that CBS does what MSM always does, they removed the comments. And so here we are. Mr. Obama was not our president and it had nothing to do with his race, creed or color. If anything Mr. Trump's color is more in question today that Mr. Obama's color ever was. Hillary Clinton was never going to be our president and it had nothing to do with her gender.

These are all things the myopic MSM missed. We understand these young people and their feelings. And we extend them a hardy welcome to the club. This is where we are. And as those few insignificant hundred thousand votes attest, it won't be changing anytime soon. We also send a hardy shout out to the elites and the academics for helping get us here.

We said before and we will repeat it one more time: This is the healthiest election of our time.

Overnight

Here we go again, risk is on and safe harbor is out overnight in Asia in what some are calling an amazing snapback from the shock of Trump's election with the Nikkei regained a that it gave up just a day ago and more to trade 6% higher as the dollar firmed and the yen weakened.

The broadest index of Asia-Pacific shares rallied 1.7% after falling 2.4% the session earlier. In the morning after, the Dow posted nearly a 257 point gain as investors apparently look forward to the possibility of more fiscal stimulation t lift the economy from its economic doldrums. More stimulation could equal more inflation something many long to see return along with higher growth. The 256 point upswing in the Dow was the second largest gain this week. Meanwhile, the yield on the 10-year Treasury noted jumped21 basis points from 1.716 to 2.07%.

 Gold, according to Reuters, one of the initial winners of the U.S. election uncertainty, traded up 0.52 percent at $1,284.40 an ounce. On Wednesday, gold prices had surged nearly 5 percent to $1,337.40.
During Asian trade, U.S. crude futures slipped 0.07 percent to $45.24 a barrel, after settling at $45.27 in the U.S. Wednesday session, as Brent futures fell 0.13 percent to $46.30.

The Nikkei was up 5.71% to 17,178.87; the Hang Send rallied 2.01%; the ASK 200 gained 2.73%; the Kospi added 1.94% and the Shanghai composite 1.10%. Crude oil recaptured most of its earlier losses of 4%. Much of the rally in stocks came from the financial and drug sectors as investors warmed to the idea that these would not suffer the fate many believed was in store for them with a Hillary presidency. Drug stocks were the worst performing sector in the S&P 500 to date. In currencies the dollar hopped around impressively going from 101.19 yen to 105.96 overnight helped in part by the prospect of higher interest rates come next month.The euro also bounced around going from $1.1300 on the initial news about Trump winning to settle back to $1.0906 level.

The Tech Crowd

 
 This tells you what sour grapes and the tech crowd are. It also tells you how they tried to use money to influence the election. Earlier when some corporations wanted to leave the country over taxes they were pilloried by these same techies and their Washington henchmen.

The real haters are this gentleman and his groupies. And we're saying it to his face.
----
Shervin Pishevar, an early Uber investor and cofounder of Hyperloop, posted a series of tweets Tuesday night announcing his plans to fund "a legitimate campaign for California to become its own nation."

And no, he's not joking.
"Yes it's serious," Pishevar told CNNMoney in an e-mail. "It's the most patriotic thing I can do. The country is [at] a serious crossroads."

Within hours, several other tech founders offered their support for the plan.
"I was literally just going to tweet this. I'm in and will partner with you on it," Dave Morin, an investor and founder of private social networking tool Path, tweeted in response to Pishevar.
"I support you in this effort let me know what I can do to help," Marc Hemeon, a former Google employee and founder of Design Inc., wrote on Twitter.

Related: Jack Ma warns of 'disaster' if President Trump doesn't work with China
The plan, however unlikely to happen, highlights the tech industry's shock and frustration after pushing hard for months to oppose Trump's candidacy.

More than 100 tech power players penned an open letter this summer warning that a Trump presidency "would be a disaster for innovation." Other founders and tech investors spoke up in recent months against Trump's fiscal policies, immigration proposals and temperament.
Yet, Pishevar's remarks also shed light on a fundamental difference in thinking about how the tech industry should respond. Some criticized Pishevar and his supporters for "running away" rather than working to improve the United States.

Pishevar defended the plan as a way to "make systemic changes needed to our nation." He added that California "can reenter the union" after it becomes its own country -- and presumably after Trump's presidency is finished.

Details remain scarce on how Pishevar could help California secede -- or if it's even possible without a constitutional amendment or armed conflict.
Pishevar also said there needs to be a "serious national dialogue" around "rampant sexism, racism and hate that Trump campaign has exposed."

Presumably that much can be done even if California stays in the union.

Good Shock

Here's a shock  for you. It's the stock market this morning, the Dow.

Not All Shocks Are Bad

 
Contrary to all the caterwauling and hand-wringing that happened last night over the historical event so far of this young Century, you should like the markets even better if for no other reason than there should be less price fixing and central bank manipulating.

Still another reason will be all those celebrities and quasi-pundits exiting the country. We don't know if it was just our imagination or what, but the air seemed a lot cleaner, fresher this morning. New brooms supposedly sweep clean and that could mean an end to life under the heel of the current monetary policy hacks in the Eccles building. Or those at Goldman Sachs and their close Washington friends.

The Trump win also sends a message across the Atlantic to the UK parliament. You want a democracy? The people of the UK--like it or lump it--spoke. Any underhanded ploy now to steal or reverse that will hardly go down easily. Hard or soft and Brussels bureaucrats be damned. The list of losers is long, lush and pleasant to see starting with MSM. One of the more disgraceful acts of this nation was to have a United States president go to another sovereign nation to threaten and scaremonger that nation's citizens, to attempt to openly influence an election. Lots of bullies wear suits.

It was telling to watch those media pundits at the various outlets, so sullen and glum even before the event was finally called, wondering if the new administration would demonstrate a form of "turn the other cheek" philosophy, a tenet of a religion many of these talking big-mouths overtly despise and seek to destroy. These are people who hitched their personal Pegasus to one of the darkest, most evil movements in modern times. Its formal name is political correctness or zero tolerance and now they're wondering about turning the other cheek. The souls of these people, if they have any, are more dark and gray than an early overcast morning along the coast in northern California.

But this is far from over, not so much because of what the losers will try to do to counter this, but because radical and permanent change is a must if you want to have a nation, a so-called union. There are no chosen few. Elitism in all of its nefarious forms, political, academic, economic or otherwise, must go, not via the usual crumb tossing changes, but go. And go with it is any and all versions of kick the can. Period. There's something called a subject,verb, object. All declarative sentences have them, implied or stated.There must be indictments and prosecutions. Without them there can be no semblance of healing, apologies be damned. The law was broken. You want the rabble to honor the law, honor it your Goddamn selves.

Both of these tired and trite parties are losers. Surprisingly, the Democrats more so than the stodgy old Wall Street Journal editorial board-hinged Republicans. Their shortcomings stem from pure ignorance, pure being completely out of touch. The Democrats are far more sinister, taking as they have for decades, minority voters for granted, promising much and delivering little. It was as if they believed these decent people couldn't recognize fulsome sincerity when they are saw it. That's the height of contempt. So too are the bi-coastal crowds losers. There is a middle America despite all the evil attempts currently afoot to change it.

Immigration needs to be slowed or put on moratorium until they can mold a decent, accurate way of figuring out just what the hell is coming into and not coming into this nation. Good jobs need to be created, not the Obama In-N-Out Burger kind. And term limits. The days of  public supported freeloaders camping out in Washington for years to retire on lucrative retirements paid by taxpayers needs to end. Not all shocks are bad.

In the meantime, we want to wish all those celebrities and quasi-pundits who are packing their bags this morning, a safe trip and a permanent stay.