Mass Public Shootings

It's two am
The fear is gone
I'm sitting here waiting
The gun's still warm
--Golden Earring

The FBI defines 'mass murder' as "a number of murders (four or more) occurring during the same incident, with no distinctive time period between the murders. These events typically involve a single location, where the killer murdered a number of victims in an ongoing incidents (e.g., the 1984 San Ysidro McDonalds incident in San Diego, California; the 1991 Luby's Restaurant massacre in Killeen Texas; and the 2007 Virginia Tech murders in Blacksburg, Virginia)."

These are clearly headline grabbing incidents that usually take place in public places. The FBI defines situations where a gunman has the potential to commit mass murder in a public place as 'active shooter' situations. The consequence of active shooter activity has been labeled "mass public shootings," which per the FBI excludes shootings that result from drug or gang violence or that were part of some other crime (e.g., robbing a bank.

Studies indicate that nearly all mass public shootings take place in gun free zones. The rationale is straightforward. Mass shooters, like the one in Orlando, prefer targets with low capacity for self-defense.

Gun grabbers, of course, don't like this finding as it suggests that their gun-free zones constitute legal invitations for killers.

So what do you do if you're a gun grabber? Change the definition of a mass public shooting, of course, to make the numbers seem less damning.

Such pretense does not change the reality that gun free zones constitute serve as hunting preserves for killers on the rampage.

Silver Leading

I thought is was clear
The plan was we would share
This feeling just between ourselves
--Shannon

Silver beginning to outpace gold in the post Brexit world. The metal has broken out above a multi-month reverse head and shoulders pattern.

Silver miners are not leading this time. However, names like PAAS are chewing thru resistance on their own reverse dandruff patterns.

As July 4th approaches, seems appropriate that potential for fireworks in the metals is growing.

position in gold, silver, PAAS

Follow Thru

So glad we've almost made it
So sad we had to fade it
--Tears for Fears

We indeed got the downside follow thru yesterday with major indexes breaking decisively below intermediate term support.

This morning we're getting a lift out of the gate. While it might provide near-term gratification, would think the bulls would have preferred them opening deep in the hole this am.

Bears with technical proclivities will be prone to use the support-turned-resistance at ~SPX 1035 as a backstop for initiating more downside exposure.

position in SPX

Ignorant Voters

Jack Trainer: Power to the people.
Tess McGill: The little people.
--Working Girl

The Brexit vote demonstrates once again how statists' affection for democracy ceases when their side of the vote is the losing one. This time around we hear the elitist argument that issues such as Brexit should never be put to popular vote because the voters are generally incapable of deciphering all aspects of such a complicated issue and are therefore incapable of casting informed ballots.

Instead, the argument goes, the voting should be left to the 'experts'--i.e., the bureaucrats who have presumably been previously selected by the electorate to noodle over such complicated problems and render informed decisions.

The rub, of course, is explaining how those same voters who are ignorant on complicated issues such as Brexit are capable of identifying those representatives who can do their thinking for them. Those voters would also need to be able to identify related agency problems likely to arise and implement timely recourse to minimize them.

Pushing this train of thought to logical completion, the question becomes when should people be allowed to vote at all?

Charlie Hustle

"Man, I did love this game. I'd have played for food money. It was the game...the sounds...the smells. Did you ever hold a ball or a glove to your face? I used to love traveling  on the trains from town to town. The hotels...brass spittoons in the lobbies...brass beds in the rooms. It was the crowd, rising to their feet when the ball was hit deep. Shoot, I'd have played for nothing."
--Shoeless Joe Jackson (Field of Dreams)

It is Pete Rose Weekend in Cincinnati. Although Major League Baseball has yet to officially welcome Pete Rose back into the game, it approved Pete's induction into the Reds Hall of Fame. It's happening the weekend. Cincinnatians, including native Westsider Pete himself, are relishing in the moment.

Reds baseball greats who played with Pete, including most of the Big Red Machine, joined him yesterday in celebration as the induction speeches flowed. Emotion was as thick as the temperature was hot on the field. It was wonderful.

What is everyone celebrating? Hometown hero, yes. All time hit king, yes. But anyone who knows baseball. and especially those who watched the game when Pete played, is also celebrating this: the possibilities that can result from sheer drive.

There is a case to be made that Pete Rose would never be drafted in today's baseball world--an environment dominated by analytics. No arm, no speed, no power. Rose would surely struggle to catch the attention of modern scouts who are prone to judge talent with stop watches, radar guns, and exit velocities.

What we learned from Pete is the lesson that effort trumps natural ability. Indomitable spirit overcomes deficits in God-gifted talent. What a sight Pete Rose was on the field. He was a lot like us, except that he played harder than all of us combined. He busted ass like few others before or since. Charlie Hustle.

And then there was his enthusiasm. Here is my favorite personal Pete Rose story. The Reds played the Boston Red Sox in the 1975 World Series. Despite being the odds-on favorites, the Reds struggled mightily in the first two games in Boston. After losing Game 1, they were fortunate to squeak out a late inning come-from-behind win in Game 2 before returning home to Cincy. My friend Rick and I had tickets for Game 3.

As was customary for us that year, we took the city bus downtown late in the afternoon, walked to Riverfront Stadium, and waited for the gates to open about 2 1/2 hrs before the game. Once inside, we snuck down to the field level blue seats behind the third base dugout to watch batting practice.

Unlike regular season BP session where just a few beat writers would be hanging around the batting cage talking to players here and there, media everywhere. Players were visibly uptight. To be expected, I suppose, as this was the World Series after all.

All except Pete Rose. You could here him laughing as he waited his turn for BP. He walked around the back of the cage slapping backs and joking with players and reporters. Pete would step into the case, stroke a few a line drives, then emerge with that smile on his face.

"Look at Rose," I said to Rick. "He loves it here. There's no place this guy would rather be."

Pete Rose went on to become the MVP of the 75 Series.

During his induction speech yesterday, Pete Rose said that he gave it his all because of the fans. That he was better because of us.

Well, Pete, we're also better because of you.

Brexit Club

Will you recognize me?
Call my name, or walk on by?
Rain keeps falling, rain keeps falling
Down, down, down, down
--Simple Minds

Bulls weren't able to jam 'em higher yesterday and the major indexes closed near their lows. Dow was down over 600 points. Not real technical damage yet, however, as all major indexes close on intermediate support. For the SPX, that amounts to about 2035.

One sector that now looks broken are the banks. The bank index was off about 7% yesterday with many individual names considerably worse.

Next week should be interesting. Investors will have the weekend to ponder the meaning of Brexit. Margin clerks will also be busy this weekend informing clients to put up or get out.

If they are able to bounce early in the week, then I'll be looking for short side opportunities, particularly in the financials.

position in SPX

Yes for Brexit

V: Would you...dance with me?
Evie Hammond: Now? On the eve of your revolution?
V: A revolution without dancing is a revolution not worth having.
--V for Vendetta

In a dramatic vote that took many pollsters and experts by surprise, the British people voted yesterday by substantial margin to leave the EU. While what Britain does with its increased sovereignty remains to be seen, this is clearly a blow to statism worldwide and calls future solidarity of other EU members into question.

The news has roiled financial markets worldwide, as interventionary policies designed to hold the EU ponzi together suddenly appear less likely to work in the eyes of investors. Domestically, equity markets opened down 2%+. Banks in particular have been splattered, with many domestic names down 6% or more. British bank Barclays is off a cool 23%.

We'll see what happens after the bulls attempt to bounce 'em, which appears to be in process now. If they can't, then...

As my friend Toddo tweeted this am, markets rarely mark significant bottoms on Fridays. One reason: margin calls go out over the weekend.

Should also note that gold was up about $80 at one point but has since pulled back some. Still, it remains above the $1300 resistance level that has turned the metal back several times recently.

position in SPX, gold

Government Power Spectrum

"Why should I trade one tyrant three thousand miles away for three thousand tyrants one mile away? An elected legislature can trample a man's rights as easily as a king can."
--Benjamin Martin (The Patriot)

Responding to some comments made by a House Democrat that the intent of the Constitution was NOT to severely limit federal government power, Dan Mitchell includes this spectrum of government power.

Not bad on a relative basis. The Constitution indeed expanded central govt power beyond boundaries set forth by the Articles of Confederation. And, indeed, that power expansion and where it might head over time worried many people, particularly the Anti-Federalists. The Bill of Rights was amended to the Constitution in large part to ease such concerns.

As Mitchell observes, however, it is difficult to argue that the framers did not intend to carefully limit what the federal government could do--as evidenced in part by the enumerated powers of Congress listed in Article 1. That intent is also clear from direct quotes from many of the framers.

The Constitution reflects a design aimed at minarchy, or toward the left side of the scale above. Toward the right side of scale are various forms of monarchy.

Of course, the Anti-Feds might suggest that those comments by the House Dem were easy to anticipate and help validate their 200+ year old concerns.

Molon Labe

Captain Nathan Algren: There was once a battle at a place called Thermopylae, where three hundred brave Greeks held off a Persian army of a million men. A million...do you understand this number?
Katsumoto: I understand this number.
--The Last Samurai

The Battle of Thermopylae (480 BC) pitted a few thousand Greeks against 100,000+ invading Persians. The vastly outnumbered Greek force held off the Persians for seven days in one of the most remarkable last stands in history.

At one point, the Persians demanded that the Greeks throw down their weapons in surrender. The Greek commander responded, "Molon labe" ["Come and take them"]

Today's gun grabbers face similar prospects.

Brexit

"Think they know something we don't?"
--Major General Urquhart (A Bridge Too Far)

On Thursday, the British people will vote on whether the United Kingdom should remain a member of the European Union (EU) or whether to exit. A 'Brexit' result would signify a no confidence vote for the viability of the EU and would roil financial markets as the house of cards propping up Greece and other failing EU members depends on complete solidarity.

Stated differently, Brexit would severely weaken the viability of the EU.

Why is Britain tempted to withdraw? Because, like other big players such as Germany, it paying more into the collective than it is getting out. Moreover, its sovereignty is being restricted by EU rules and regs.

Britain would have an easier go at it than others because it never surrendered its currency to become an EU member. It kept the British Pound while countries like Germany ditched the Deutsche Mark.

Nonetheless, if Brexit happens, expect Germany to commence dialogue on Gerexit.

Tracking Hate

And when a man is trying to change
But only causes further pain
You realize that all along
Something in us going wrong
You stop dancing
--The Who

Seems like the word 'hate' is on the rise, particularly in the context of people accusing others of some form of hatred. So I ngramed hate from 1800 to 2016 although the last year of the analysis stops at 2008 for some reason.

Sure enough. After marking all time lows in the 1980s, use of the word hate has escalated to all time highs. Would guess that since 2008, it has become even more popular.

When used to describe behavior or attitudes of others, hate is a form of judgment. Since my playground days as a juvenile, I have been uncomfortable rendering such judgment.

It is obvious, however, that many don't feel that way.

Socialism's One Percent

We thought just for an instant 
We could see the future
We thought for once we knew
What really was important
--Til Tuesday

Tom DiLorenzo's discussion of wealth distribution under socialism (using the current Venezuelan meltdown as a backdrop) reminds us that, under socialism, wealth is far more concentrated at the top than under capitalism. Despite the 'common wisdom' that capitalism is more prone to produce 'haves' and 'have nots,' it is socialism that redistributes most wealth into the hands of the politically connected, while all others wallow in squalor.

Socialism increases the distance between top and bottom of the socioeconomic pyramid. Capitalism shrinks that distance.

Progressivism and Minimum Wage

Drawn into the stream
Of undefined illusion
Those diamond dreams
They can't disguise the truth
--Level 42

Review of the origins of the minimum wage in the US. The minimum wage grew from the progressive movement over one hundred years ago. Progressivism was grounded in eugenics and social engineering. A primary objective of progressivism was to purify race and social strata in order to attain a more Utopian society.

On the jobs front, the idea was to raise entry barriers on marginal workers by increasing the legal minimum wage that employers could pay to these people. Employer would buy less of this labor as a consequence (ECON 101 as discussed often on these pages), thereby forcing those marginal workers to the sidelines and, hopefully, in the minds of progressives, out of the country.

Today progressives largely refuse to acknowledge the economic reality of less jobs when wages are forced above market. One hundred years ago, it was precisely their understanding of this relationship that motivated progressives to initial their campaign for the minimum wage.

Homicides, Guns, and the Mexican Border

Well the night weighs heavy
On his guilty mind
This far from the borderline
--Golden Earring

As these pages have observed in the past, this article discusses ongoing inverse relationship between US homicide rates and gun sales. Homicides are at 51 yr lows while gun sales are at all time highs.

The piece also includes an analysis of homicide rates on either side of the border between US and Mexico. Gun laws are significantly tighter in Mexico, yet murder rates in are orders of magnitude higher than in the US.

Should not be surprising, but added interest because of the geographical closeness of the two different gun control regimes.

Killing Zones

Meeting you
With a view to a kill
Face to face in secret places
Feel the chill
--Duran Duran

Judge Nap observes that, like most mass rampage shootings, the Orlando incident took place in a gun free zone. Where guns are outlawed, criminals have a distinct advantage as prospective targets of aggression have less capacity to defend themselves.

As usual, gun grabbers are attempting to use the Orlando incident as political capital, appealing to the emotions of some people to further reduce self-defense capacity.

Ironically, the only way gun grabbers can implement such law is when they contract with armed agents of government to do so. Gun grabbers like guns--when they are placed in the hands of their enforcers.

An appropriate response to the mass killing situation is to reduce the hunting preserves that have been granted to murderous psychopaths.

Stimulating Economic Ignorance

"Two words, Mr President: plausible deniability."
--Secretary of Defense Albert Nimzicki (Independence Day)

Unclear whether this president truly understands the negative consequences of stimulus shot into the system on his watch.

Pleading ignorance, however, is not a valid defense here.

Bank Examiner

I'm not afraid of you running away
Honey, I got a feeling you won't
--Tom Petty & The Heartbreakers

Last month the banks lifted off the uptrend line for another circuit higher. Now they've come back down to the trend line and this time they act heavier.

If they decisively break thru the uptrend line, then I will consider this an important downside tell.

position in SPX

Nature's Robust Nature

Vera Prescott: I hate trees. They suck up all the oxygen.
Brantley Foster: Actually, trees produce oxygen.
Vera Prescott: Who are you? Mr Wizard?
--The Secret of My Success

One bothersome aspect of the 'global warming' thesis is that it does not seem to adequately account for the robustness of nature. Nature has capacity for coping with a variety of situations and balance them out.

For example, people breathe in oxygen and exhale CO2 as a product of respiration. Plants, on the other hand, take in CO2 and release oxygen as part of photosynthesis.

In a global warming thesis predicated on the adverse effects of excess C02 generated by man-made processes, how much of those adverse effects might be attenuated by the absorptive capacity of plants with respect to CO2?

If plants have more CO2 absorptive capacity than they currently utilize, then perhaps increased CO2 concentrations in the air motivate more photosynthesis which in turn would attenuate adverse consequences of CO2 produced by man. In the short term, some excess atmospheric CO2 may be eliminated. In the long term, more photosynthesis might increase global flora for additional CO2 absorptive capacity and other yield benefits.

The ability of nature to absorb more CO2 might help explain why results of most models have over-predicted temperature effects to date.

The miracle of nature is not delicate fragility, but rather its robustness--its adaptive capacity to a wide range of circumstances.

Toleration and Capitalism

"None of us took this city from the Muslims. No Muslim of the great army coming against us was born when this city was lost. We fight over an offence we did not give, against those who were not alive to be offended. What is Jerusalem? Your holy places lie over the Jewish temple that the Romans pulled down. The Muslim places of worship lie over yours. Which is more holy? The wall? The Mosque? The Sepulchre? No one has claim...All have claim!"
--Balian of Ibelin (Kingdom of Heaven)

Nice article by Jeff Tucker in the wake of the shootings in Orlando this past weekend. He observes that the rise of classical liberalism a few hundred years back can be seen as a rise in the value of toleration.

He notes that it was once believed that society, in order to function properly, required full agreement on nearly all matters--particularly those tied to faith. However, after centuries of religious warfare yielded little in terms of prosperity, a different norm began to emerge. Perhaps we don't need to agree on everything in order to find value in one another and get along, people reasoned. Perhaps society can benefit from diversity more than it can from compliance and sameness.

The emerging social norm was one of toleration. Toleration for different speech, religion, trade, association. The realization was that society benefits far more toleration, exchange, and freedom than it ever could under forced compliance and uniformity.

Capitalism can be seen as the economic expression of tolerance. People are free to peacefully produce and engage in trade with whom they want. Anything done to forcibly restrict this exchange is a matter of intolerance.

As Tucker sees it, that is what occurred in Orlando. The Orlando night club where most people lost their lives happened to cater to gay people. Such as establishment is much more likely in an unhampered market environment. The intolerant mind loathes such freedom of association and exchange and longs to restrict it.

The sad episode this weekend demonstrates that intolerant individuals must resort to aggression in order to stop exchanges that they don't like. And, to keep people from freely pursuing their interests, the intolerant force applied must often be lethal in nature.

Money, Not Wage, Problem

Hundred dollar car note
Two hundred rent
I get a check on Friday
But it's already spent
--Huey Lewis & the News

As observed here, those concerned about people not being able to maintain a 'living wage' are missing the primary cause of the situation. The cause is not related to lack of a high enough legal minimum wage. In fact, as these pages have noted many times, legal minimum wages surely reduce the number of people able to earn enough money to satisfy basic needs.

Rather, the problem is more directly traceable to inflation. As money supply is expanded, the value of money goes down (ECON 101). As the value of money goes down, the dollars in our pockets buy less. This hurts the least productive members of society (i.e., those with lowest income) hardest.

1964-D 50c Kennedy PCGS MS66

In September of 1965, the federal minimum wage was increased from $1.15 to $1.25/hr--equivalent to 5 1964 Washington quarters or 2.5 1964 Kennedy half dollars. Interestingly enough, the silver content in those coins today is worth about $15--similar to the minimum wage proposed by many advocates.

Solve the money problem, and concerns about the sustainability of a living wage dissipate.

Hate Speech

All my instincts
They return
And the grand facade
Soon will burn
--Peter Gabriel

Nice discussion of the folly of distinguishing between free speech and hate speech. Borrowing from Prof Haidt's sketches:

The above diagram suggests the oxymoronic nature of pairing a class of speech called 'free' with any other class of speech. Instead, as suggested by several contributors, better to use labels such as protected speech and banned speech. Or, per one contributor, orthodox speech and blasphemy.

Haidt suggests that, practically, two classes of speech do not stay cleanly separated. Instead, it looks like this:

Speech deemed to be 'hate' is at the discretion of the ideological group that does not like it and wished to control the language. Different groups, different views on what subset of speech is deemed hateful and should be banned.

Tax Receipts and Recession

Here comes the rain again
Raining in my head like a tragedy
Tearing me apart like a new emotion
--Eurythmics

Both federal and state tax receipts are approaching 0% change year over year. When fed and state receipts fall in tandem like this, recession are often imminent.

Another data point added to many others that suggest major economic slowdown ahead (or here).

Yield Sign

No clue
Of what's happening to you
And before this night is through
The rhythm is gonna get you
--Miami Sound Machine

Ten yr yields breaking below near term support of ~1.7% this am. Pulling back the time horizon, sure looks like a challenge of the all time lows of about 1.5% are pending.

In a NIRP world, investors apparently see earning less than 2% for 10 yrs on US debt as valuable.

At some point, those perceptions will be crushed.

no positions

IRS Political Dragnet

"Why should I trade one tyrant three thousand miles away for three thousand tyrants one mile away? An elected legislature can trample a man's rights as easily as a king can."
--Benjamin Martin (The Patriot)

The IRS has released the names of organizations targeted approximately five years ago for additional scrutiny. More than 25% have words such as "tea" and "liberty" in their names. Less than one percent contain words that can be reasonably linked to progressive coalitions.

As Allen West observes, this revelation reinforces the existence of a political dragnet prosecuted by the Obama administration. Imagine the outrage in the mainstream media if the roles were reversed--Republican administration, preponderance of progressive groups targeted.

The stuff upon which revolutions are built over time...

Production, Not Consumption

And the good people of the world
Are washing their cars on their lunch breaks
Hosing and scrubbing as best they can
In skirts and suits
--Sheryl Crow

A central assumption of Keynesianism is that economic health is grounded in consumption. When consumption falls, then government must intervene to encourage evermore consumption.

As discussed here, this is a fallacy. "Production, not consumption, is the source of wealth."

Environments that encourage savings, capital formation, and production that delivers what people want take front and center. Not central planners trying to dupe people into spending money that they otherwise wouldn't or don't have.

Real Debt Forgiveness

You're all forgiven!
--The Who

Article discusses a talk show host who bought nearly $15 million in distressed medical debt and then forgave it all. Assuming that the transaction was done with cash or with someone else's 'real' (i.e., not printed) savings (not necessarily a good assumption here), this demonstrates the economics of debt forgiveness.

In order to forgive  debt, creditors have to eat a loss--in this case the capital that the host paid to buy the distressed debt + the capital that the original lenders were out when they sold the debt at a discount to the host. The balance sheet of the debtors improves (less leverage), But the balance sheet of creditors gets worse--higher leverage and loss of an anticipated stream of real economic resources to be repaid plus interest.

The prospect of recouping resources lent in the past has declined, thereby weakening overall  position of the economy. How so? Well, creditors no longer have that stream of resources that they can count on. The prospect of ever recouping those resources previously lent out has left the system.

If anticipated by borrowers, then debt forgiveness of this sort is also likely to create a moral hazard that encourages undue risk taking. I would think it should also lead to higher rates ahead (less supply of capital available to lend).

Stated differently, real debt forgiveness is likely to be a drag on economic growth. It might however, be a positive for spiritual growth as it can be construed as a form of charity.

There can also be what we might call 'artificial' debt forgiveness, where an entity with the wherewithal print money out of thin air buys debt with printed money and then 'forgives' it. This is a different animal that will  attract attention in future posts.

Greatest Legacy

I had a brother at Khe Sahn
Fighting off the Viet Cong
They're still there
He's all gone
--Bruce Springsteen

Mohammad Ali passed away this weekend at the age of 74. Many hail him as the greatest boxer of all time. He certainly was one of the best showmen in sports during my formative years of the 1970s. He relished the spotlight. The lead-ups to his fights were like circuses with talking heads like Howard Cosell flocking around him to grab more headline-making quotes. Only Michael Jordan has made the cover of Sports Illustrated more often than Ali.

Ali was not all mouth, though. He famously backed it up in the ring against the likes of Liston, Frazier, Foreman with flamboyant style.

Ali was more than a great boxer, however. He was also an influential activist whose words and actions outside the ring floated like butterflies and stung like bees. For example, Mohammad Ali was the infamous 'draft dodger' of my youth who refused to join the military service when drafted. I didn't appreciate his noncompliance then but I do now.

He was dodging nothing. Instead, he stood up to state demands to be an agent of aggression.

To me, his greatest legacy.

Elitist Arrogance

I can't stand this indecision
Married with this lack of vision
Everybody wants to rule the world
--Tears for Fears

Prof Williams discusses the arrogance of statists in the context of the minimum wage. "Why shouldn't we accept job loss?" says one, "What's so bad about getting rid of crappy jobs, forcing employees to upgrade, and having a serious program to compensate anyone who is in the slightest way harmed by that?"

The operative word is 'force.' Elitists think they know how others should live, and are willing to use aggression to implement their plan.

Elitists think they know better than those who voluntarily trade with each other, and they contract with strong armed agents who point guns at others to prove it.

Bet That It's Worse

We gotta stop
Hey, what's that sound?
Everybody look what's going down
--Buffalo Springfield

Despite this morning's big miss in the payroll number, you can bet on this: the actual state of employment is significantly worse than the headline numbers imply.

The Chief Fiction Peddler employs an army of propagandists that spin the data pretty.

Dreaming of the day when the people no longer slurp the drivel down.

IG Weighs In

Alice Russell: As someone sooner or later is bound to say, "Politics makes strange bedfellows."
Williams Russell: I was hoping it wouldn't be you.
--The Best Man

Judge Nap summarizes findings and suggests implications of a report issued by inspector general of the State Department after a year long investigation of former Secretary Hillary Clinton's email behavior. This report is separate from the ongoing criminal investigation of Clinton being conducted by the FBI. The IG report essentially refutes every defense made by Clinton regarding allegations that she mishandled state secrets.

Currently all agencies of the executive branch are required by law to have an IG with authority to investigate the department. Why didn't the IG at the State Dept conduct this investigation into Clinton during her tenure? Because, surprise, surprise, there was no IG in place during her tenure.

Hillary loves it up there above the law.

Separately, interesting piece by a former Bill Clinton political adviser and pollster suggesting that chances are growing that the Democratic Party ditches Hillary in favor of Joe Biden and, Elisabeth Warren, who, because she operates far left, would serve to appease the Bernie Sanders crowd likely to feel left high and dry by the move.

Jaws

"You're gonna need a bigger boat."
--Brody (Jaws)

Another 'hungry alligator' update courtesy of Todd Harrison on Twitter.

Lotta mouth there...

position in SPX