The First Amendment is getting a workout this weekend!
Usually the Second Amendment gets all the attention as it's backed by the gun lobby but the First Amendment needs a lobbyist it seems as the President is attacking the Freedom of the Press and Speech – which used to be a big one in this country that we cared deeply about – and now "the right of the people peaceably to assemble, and to petition the government for a redress of grievances" is under attack as well.
And what is the grievance? Well, the sign below says it all. While killing black people is a daily event in the US with 7,666 of "them" killed by the police in the past 6 years for an average of actually 3.5 each and every day in America. It's one of those things we know is happening but we accept. We were upset about it for a while (body cams) but then WE forgot (and WE is, of course, white people because I don't think it's the kind of thing you forget if you are black) but then George Floyd was tortured and murdered right on camera for using a counterfeit $20 bill that he may have had no idea was counterfeit.
Floyd was a bouncer in a club, he ended up with a fake $20 bill and spent it. He was also a truck driver (because everyone needs 2 jobs in Trumpland) to support his wife (widow) and daugter (now fatherless). Living in Minnesota is always risky for black men, who are 4 times more likely to be killed by the police than white men – despite making up just 5% of the population.
I want to be able to go in a White neighborhood and feel safe. I want to be able, when the cops are driving behind me, not to clench and be tense. I want to be able just to be free and not have to think about every step I take. – Protester
People are mad as hell and they are not going to take it anymore – I don't see this as being a short-term thing. The NY Times has a great bunch of photos from around the country including this one of a truck driver who decided to take matters into his own hands and make America even greater by plowing his tanker truck into a crowd in Minneapolis this weekend.
I'd say the people in this country are pretty darned divided and the upcoming election is not going to be a big help in that regard. Like everything else, the markets seem to be ignoring this news and we can once again short the S&P 500 (/ES) at 3,050 this morning as well as the Nasdaq (/NQ) when and if it crosses below 9,500 but with very tight stops above on both. Oil (/CL) is also a short at $35 since OPEC is meeting but they will either keep the same output cuts or reduce them – there's no way they will cut further so why would oil go higher when we're still swimming in it?
Remember, we have the Non-Farm Payroll Report on Friday, which will bring us close to 30M jobs lost since March (2 reports) and it's not like things are picking back up very fast. The Fed has a meeting next Wednesday so no Fed speak ahead of the meeting – another reason I am favoring shorts as it's all up to Donald Trump, Larry Kudlow and Steve Mnuchin to keep our economy on track this week – so place your bets accordingly!
"You don't know me but I'm your brother
I was raised here in this living hell
You don't know my kind in your world
Fairly soon the time will tellTake this message to my brother
You will find him everywhere
Wherever people live together
Tied in poverty's despair" – Doobie Brothers
