Just a quick note this week on a few of the things that stood out to us. Before we delve into the markets, we want to note that we lost someone special this week and our time has been devoted to celebrating a life long lived dedicated to helping those in need on Chicago’s west side. For nearly 60 years this man dedicated his life to medicine, surgery and the city in which he loved. He was inspired to come here after the US Army liberated his country and from then on, he knew he had a much larger purpose in life. That purpose, was to give back all he could, when he could and at any cost, he will be missed by many.
Last week we talked about the WSJ article called the Jocks vs the Nerds, the article discussed the migration of trading and financial markets from open outcry big boy fraternity clubs and Rolex wielding, heavy cell phone Wall Street traders toward a geekier quant PHD programming algorithmic style of today. The illustration that came with the article was great, credit Scott Anderson with a masterful piece, with a Gordon Gekko banker shirt and suspenders topped off with a heavy Motorola first edition battery phone to a blue tooth, Ipad, zipper vest wearing programmer trying to look cool. It was a fantastic rendition indeed!
What an interesting week, to say the least, from Elon opening his mouth too wide and Uber/Lyft fighting NYC on new ride share app regulations. All in all, last week presented us with a chance to look at a NYC taxi medallion chart, who wudda ever thought? Anyway, regulations were signed into law last week by NYC mayor De Blasio, limiting the amount of ride sharing app licenses, as well as requiring a minimum pay for its drivers of $17.22 an hour.
On Friday we saw the equity markets first head fake only to be driven higher after NFP printed 157k and unemployment fell 0.1 to 3.9%. In the morning, the SP500 saw initial buying then fell back to 2828 support and then never really looked back, here is the chart from Friday August 3rd: