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Tremendous Tuesday – Markets Come Roaring Back

Posted on the 04 February 2020 by Phil's Stock World @philstockworld

20,800 infected, 420 dead.

The good news is the rate of new infections is down to just 20% – that's actually a very good sign.  The same with deaths.  That means, for today, we can turn our attention away from worrying about the virus to worrying about our Democracy as the Iowa Caucus ended in shambles last night after "inconsistencies in the reporting data."  That's forcing a manual recount so there's no clear winner yet on the Democratic side while President Trump managed to beat no one and take the Republican nomination in "The Greatest Republican Caucus EVER."  

Iowa Democratic Party officials said the delay was because of the new rules requiring caucus leaders to report three sets of numbers to party headquarters, rather than just the delegate totals.  Since the caucuses began 50 years ago, Iowa Democrats reported only one number: the delegate count from each of the state’s precincts.  Many precinct chairs across the state abandoned the new app that was built to help tabulate and report results as they struggled to log in. They opted instead to use the telephone hotline to report.

You would think we could have SOMEONE design an app for voting that actually works.  Perhaps we can just co-opt Tinder and swipe right for the candidate you choose – it would probably get a lot more people to vote!  Well, at least it doesn't seem to be Russian hacking, yet….

Yuan pares losses after weakening past 7 per dollar
Back in China, the PBOC pumped another 400 Billion Yuan ($57Bn) into the banking system through reverse repo operations in extreme emergency measures to keep the markets afloat or, what our own Federal Reserve calls: "Tuesday."  Of course China's economy is half our size so it is a very large anount of money – more like a Friday for our Fed…

China has also been letting the Yuan fall (more Yuan to th Dollar) though it did bounce the last few days as people have begun hoarding money in case the banks shut down.  Macau has been ordered shut for 2 weeks and Wynn Casinos (WYNN) gets 75% of their profits from Macau so take…

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