This day in financial history July 31st- Susan Turner Mortgage

On this day in 1790, the infant government of the United States issued its first patent.  It was to one Samuel Hopkins a citizen of Vermont.  He patented a process to produce potash fertilizer.  His patent was signed by a "G. Washington and T. Jefferson."  Within twelve years so many Americans had come up with patentable ideas that, to have time to run the government, the president opened a patent office.

 

Twenty-one years later American "know-how" had filed over 9,000 patents and the head of the Patent Office tendered his resignation, saying certainly everything that possibly could be invented had been invented already.  He missed his mark a touch - by the time JFK was inaugurated another three million inventions had been patented.

 

To celebrate toast a civil servant who wanted to shut things down when the work was done (even if he was 162 years too early).  As to what you should drink - be creative but remember to build on the shoulders of genius (an olive or a twist can cut the acidity of the ice).

 

The stock market continued to look like it was patented by Rube Goldberg.  (In case you are under 50 or are perhaps an MBA, Rube Goldberg was a famous cartoonist whose cartoons featured amazingly complex and complicated devices to do simple tasks.  They usually included a marble that hit a mousetrap that snapped, pulling a string which moved a lever to....but....as they guy who paints Astroturf says - "I digress".)

The markets on Friday were not quite as complex as a Rube Goldberg contraption but they did display some complicated divergences.

 

The Amazon Effect Lingers And Taints Other Superstars – Stocks opened generally lower helped by the hangover of the negative earnings shock from Amazon, Thursday night.    Lowered future forecasts dinged superstars like Starbucks and Goodyear by nearly 10 percent.

 

Initially, the FANG related reassessment did the most damage to the Nasdaq and the S&P.

 

In mid-morning, the Dow got a body blow as the FDA announced plans to remove most or all of the nicotine from U.S. cigarettes.  That put tobacco into a quick tailspin, which took the Dow to the day's lows at mid-morning.

The Dow managed to regroup rather quickly.  It began to climb toward neutral territory despite another ICBM test launch by North Korea. I noted that incongruity in a brief email to some friends.

 

Some traders surprised at so little reaction to North Korea missile launch. Particularly after China's recent troop movements near the border and with White House in further disarray.

sorry this POST:

 

THIS DAY IN HISTORY

 

 7/31/2017

July

31

2017

On this day in 1790, the infant government of the United States issued its first patent.  It was to one Samuel Hopkins a citizen of Vermont.  He patented a process to produce potash fertilizer.  His patent was signed by a "G. Washington and T. Jefferson."  Within twelve years so many Americans had come up with patentable ideas that, to have time to run the government, the president opened a patent office.

 

Twenty-one years later American "know-how" had filed over 9,000 patents and the head of the Patent Office tendered his resignation, saying certainly everything that possibly could be invented had been invented already.  He missed his mark a touch - by the time JFK was inaugurated another three million inventions had been patented.

 

To celebrate toast a civil servant who wanted to shut things down when the work was done (even if he was 162 years too early).  As to what you should drink - be creative but remember to build on the shoulders of genius (an olive or a twist can cut the acidity of the ice).

 

The stock market continued to look like it was patented by Rube Goldberg.  (In case you are under 50 or are perhaps an MBA, Rube Goldberg was a famous cartoonist whose cartoons featured amazingly complex and complicated devices to do simple tasks.  They usually included a marble that hit a mousetrap that snapped, pulling a string which moved a lever to....but....as they guy who paints Astroturf says - "I digress".)

 

The markets on Friday were not quite as complex as a Rube Goldberg contraption but they did display some complicated divergences.

 

The Amazon Effect Lingers And Taints Other Superstars – Stocks opened generally lower helped by the hangover of the negative earnings shock from Amazon, Thursday night.    Lowered future forecasts dinged superstars like Starbucks and Goodyear by nearly 10 percent.

 

Initially, the FANG related reassessment did the most damage to the Nasdaq and the S&P.

 

In mid-morning, the Dow got a body blow as the FDA announced plans to remove most or all of the nicotine from U.S. cigarettes.  That put tobacco into a quick tailspin, which took the Dow to the day's lows at mid-morning.

The Dow managed to regroup rather quickly.  It began to climb toward neutral territory despite another ICBM test launch by North Korea. I noted that incongruity in a brief email to some friends.

 

Some traders surprised at so little reaction to North Korea missile launch. Particularly after China's recent troop movements near the border and with White House in further disarray.

 

Interestingly, there was an absolute flurry of political commentary throughout the trading day.  While it consumed the media and some trading desk exchanges, it seemed to have no discernible impact on trading or prices.

 

The Dow inched higher throughout the afternoon and managed to close with a credible gain at yet another new closing record.  The S&P and Nasdaq closed with moderate losses.  The yield on the ten years inched down slightly.

 

A few traders noted a bit of an anomaly with energy as crude rose again but the energy companies faltered.  They chalked it up to the Exxon-Mobile results.