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The President Trump / Russia Investigation Has Now Breached The Oval Office

June 15, 2017 By Staff Editor

Washington (CNN) – For months, President Trump has been obsessed — publicly and privately — with clearing his name in relation to the ongoing investigation into Russia’s meddling in the 2016 election and potential collusion with members of his campaign.

Trump, we know now, repeatedly asked then-FBI Director James Comey whether he, personally, was under investigation. On three occasions, Comey said he was not.

“I know I’m not under investigation,” Trump told NBC’s Lester Holt in a May 11 interview that came just two days after Trump had fired Comey over, according to the President, the FBI director’s handling of the Russia investigation. “I’m not talking about campaigns. I’m not talking about anything else,” Trump added. “I’m not under investigation.”

That isn’t true anymore, according to reporting by The Washington Post on Wednesday night. That report makes clear that three senior intelligence officers — Director of National Intelligence Dan Coats, National Security Agency Director Mike Rogers and and former NSA deputy director Richard Ledgett — are being interviewed this week by special counsel Bob Mueller as he looks into whether Trump obstructed justice in the Russia case.

A source familiar with the matter later told CNN that Mueller’s investigators have asked for information and will talk to Coats and Rogers.

This paragraph from the Post story speaks for itself:

“Trump had received private assurances from then-FBI Director James B. Comey starting in January that he was not personally under investigation. Officials say that changed shortly after Comey’s firing.”

Trump wasn’t under investigation personally prior to Comey’s firing on May 9. But he is now, according to the Post.

That’s absolutely huge — for several reasons.

First, it makes it virtually impossible for the President and his administration to dismiss this probe as a sideshow or small potatoes or a distraction somehow created by the biased media. (That doesn’t mean they won’t do exactly that, of course.) We are now talking about the President of the United States being investigated for possibly obstructing justice in relation to a criminal probe about a foreign government meddling in our elections for the purpose of defeating his Democratic opponent.

Consider that paragraph. And consider we are less than 150 days into Trump’s presidency and this — an investigation by a special counsel who also happens to be the former FBI director — is where he finds himself.

Second, it suggests that not only is the special counsel’s investigation reaching upward in the White House but that is also broadening out from simply an attempt to answer the question of the breadth of Russia’s hacking and whether it caught up any Trump officials in it.

Looking into whether Trump obstructed justice means that Mueller is also examining the circumstances surrounding Comey’s firing, which was obviously not part of the original federal probe led by Comey when he still had a job as FBI director.

As the Post story notes:

“The interviews (with Rogers, Coats and Ledgett) suggest that Mueller sees the question of attempted obstruction of justice as more than just a ‘he said, he said’ dispute between the President and the fired FBI director, an official said.”

That’s critical given that Comey’s sworn testimony regarding the pressure put on him by Trump to leave off an investigation into deposed national security adviser Michael Flynn runs directly counter to Trump’s assertions about their conversations. Trump — while not under oath, it’s worth noting — has insisted flatly that he had never urged Comey to slow or stop the Flynn investigation.

Trump appeared unbowed by the new revelations.

“They made up a phony collusion with the Russians story, found zero proof, so now they go for obstruction of justice on the phony story. Nice,” he tweeted Thursday morning. He soon added: “You are witnessing the single greatest WITCH HUNT in American political history – led by some very bad and conflicted people! #MAGA”

None of the above makes Trump guilty. But, what it does is take this special counsel investigation all the way into the Oval Office — a place where it hasn’t gone before. And it also suggests that Mueller isn’t narrowing the scope of the investigation he took over on May 18, he’s widening it.

All of which makes Trump’s efforts to belittle the investigation and move past it that much more difficult.

Respiratory Therapy Program Receives Distinguished Success Award

June 14, 2017 By Staff Editor

The Casper College Respiratory Therapy program has been chosen by the Commission on Accreditation for Respiratory Care to receive the Distinguished RRT, or “Registered Respiratory Therapist,” Credentialing Success Award; at the American Association for Respiratory Care’s Summer Forum in late June.

According to a statement made available to media by College relations, this is the second year in a row for Casper College to receive the honor.

According to CoARC President Brad Leidich, the Casper College program is among a select group of programs to receive the recognition. “This award is presented as part of the CoARC’s continued efforts to value the RRT credential as a standard of professional achievement. From a program effectiveness perspective, the CoARC views the RRT credential as a measure of a program’s success in inspiring its graduates to achieve their highest educational and professional aspirations,” he said.

According to the group, the CoARC Board used objective criteria based on key accreditation metrics documented in the 2016 Annual Report of Current Status in selecting programs for this recognition. Programs awarded were required to: have three or more years of outcomes data; hold accreditation without a progress report; document RRT credentialing success of 90 percent or above; and meet or exceed established CoARC thresholds for certified respiratory therapist credentialing success, attrition, and positive (job) placement. “The CoARC extends its sincere congratulations to you, your faculty, students, and graduates for meeting these rigorous criteria,” said Leidich.

Don’t Miss: You won’t likely hear much about this healthcare products stock, until now.

Dean for the Casper College School of Health Science, Tammy Frankland, noted that Doug Neubert, respiratory therapy program director, and Alexia Johnson Melling, respiratory therapy instructor, “are two of our finest faculty. They are here to serve students, and their results are powerful. Our respiratory therapy students graduate from one of the best programs in the country. Doug and Alexia should be commended for this achievement.”

Stocks Close at Records, Dollar Slips as Fed Looms

June 14, 2017 By Staff Editor

Sterling finds support as U.K. PM seeks to prop up government
Treasury yields steady as Fed meeting starts; gold slips

U.S. stocks snapped a two-day slide to close at fresh records as technology shares rebounded from the worst drop of the year. The dollar weakened and Treasuries were steady as the Federal Reserve policy meeting kicked off.

The Dow Jones Industrial Average and the S&P 500 Index ended at all-time highs, while the Nasdaq 100 Index bounced back from its biggest two-day drop since September. European and emerging-market equities advanced. Sterling rose for the first time since the U.K. election. Ten-year Treasury yields held near 2.21 percent and the dollar slipped versus major peers before the Fed is projected to raise rates Wednesday.

The rebound in tech shares carried through to U.S. trading, affording investors a break from the selloff as the sector resumed its rose as the key driver of global equity gains. Drama in Washington continued to demand attention, with U.S. Attorney General Jeff Sessions slated to testify to lawmakers.

He will likely face pressure to explain his role in the firing of James Comey and contacts that he and associates of President Donald Trump had with Russian officials, with markets looking for any indication that the administration’s business-friendly agenda will be delayed.

Here are the key events investors will be watching this week:

Fed policy makers are expected to raise their benchmark interest rate for the second time this year on Wednesday. Since that’s widely anticipated, the more market-sensitive elements of the meeting will relate to signals on future policy — either the path for rates or plans to cut the $4.5 trillion balance sheet.
Central banks in Japan, Switzerland and Britain are also scheduled to weigh in with policy decisions this week.

Here are the main moves in markets:

Stocks

The S&P 500 added 0.5 percent to 2,440.35 as of 4 p.m. in New York. The Dow rose 92.80 points to 21,328.47.
The Nasdaq 100 climbed 0.8 percent, rebounding from its worst two-day drop of the year. It’s still 2.3 percent below it’s all-time high.
The Stoxx Europe 600 Index rose 0.6 percent, after dropping 1 percent on Monday. Tech shares rose 1.6 percent.
MSCI’s Emerging Markets Index added 0.1 percent.

Currencies

The pound strengthened 0.8 percent to $1.2755 after sliding 0.7 percent on Monday; it stayed higher as U.K. data showed inflation resumed its upward march last month.
The euro was flat at $1.1209.
The Bloomberg Dollar Spot Index fell by 0.2 percent.
The yen dropped 0.1 percent to 110.05 per dollar, after Monday’s 0.3 percent gain.

Bonds

The yield on 10-year Treasuries was little changed at 2.21 percent; before today it climbed for four straight sessions.
German benchmark yields rose two basis points and French yields rose one basis point, while U.K. yields added seven basis points.

Commodities

West Texas crude futures rose 0.8 percent to settle at $46.46, as OPEC reported rising production, offsetting expectations of a further decline in U.S. stockpiles.
Gold slipped 0.1 percent to $1,268.50, its fifth day of losses and the longest losing streak in a month as investors anticipate a Fed rate hike.

Most Everyone Is Ignoring the Carnage Taking Place In a Portion of the Stock Market, Says Doug Kass

June 13, 2017 By Staff Editor

So much happening in the market, so little time.

The Business Media Fiddles While the Nasdaq Burns

“The combination of central bankers’ unprecedented largesse (and liquidity) when combined with mindless quant strategies and the enormous popularity of ETFs will, as night follows day, become a toxic cocktail for the equity markets.”

–Kass Diary, My Market Outlook in One Sentence

At its daily low, the Nasdaq Index was down by more than -180 points.

Nevertheless, the bullish parade of talking heads in the business media have made scant references to the carnage (see Nvidia ( NVDA) , AMD ( AMD) , Amazon ( AMZN) , and others) that is taking place in a portion of the market. (A portion of the momentum-based market that many of them have favored!)

Today is an example of what I have been warning about — that there is an increasingly likely potential for machines and algos (that took us higher over the last few years) to take us down as well. What concerns me the most is that valuations are in the 95% decile of historic levels — making the downside so much greater than the upside.

So, what is the lesson?

Always evaluate your holdings and exposure — not on what you watch on Fox,CNBC or Bloomberg (or for that matter what you read in my Diary) — but, rather based on an assessment of reward vs risk (on stocks, sector and markets), a clear understanding of your risk appetite (and profile) and in consideration of your timeframes.

Talking heads are just that, full of a lot of breathless commentary — most usually reflected in a bullish narrative. More often than not they are trying to sell you something (a product or service). Unfortunately, with some exceptions, they are miles wide but only inches deep in their knowledge.

Moreover, should the market continue in a southerly route, I will guarantee you that few will admit to investment boners. These “carpet sweepers” will have told you that they saw this coming — reminding me of a Buffettism that “the rear view mirror is far clearer than the windshield.”

I would expressly take note of Rudi Dornbush’s words of wisdom that I cited earlier:

“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”

Today I reduced my over the skis net short exposure back to about medium sized based on the recognition that the bull market will not die easily — and will certainly not drop in a straight line.

I remain opportunistic in my trading view and actions but ursine in my overall intermediate-term view.

Position: None .

RBC raises stock market outlook into the tech wreck, sees 7% S&P 500 rebound into end of the year

June 12, 2017 By Editor

Getty Images

By Tae Kim

Tech stocks are getting pummeled, but that didn’t stop a prominent Wall Street strategist from raising his price target for the S&P 500 Monday.

The five biggest technology stocks lost nearly $100 billion in market value Friday, which caused the Nasdaq composite to post its worst week of the year. Apple and other technology stocks dropped again Monday with the iPhone maker shares down as much as 7 percent in two days.

“We remain constructive on equities given the recent pickup in global activity, stronger EPS, and reasonable valuations,” RBC Capital strategist Jonathan Golub wrote in a note to clients Monday.

“Equities would do quite well in the near term, led by financials as well as the most cyclical groups such as materials, industrials, and energy. Small-cap, value, and more globally oriented names would also do quite well. By contrast, low-vol and the bond proxy sectors would come under pressure,” he added.

The strategist raised his price target for the S&P 500 to 2,600 from 2,500, representing 7 percent upside from Friday’s close. The new forecast ranks second behind Morgan Stanley’s Mike Wilson S&P 500 target of 2,700, which is the highest target on Wall Street, according to CNBC’s Market Strategist Survey.

Golub calculated his new target by evenly discounting his two “modest growth” and “reacceleration” economic outlook scenarios:

“Modest Growth. Despite strong global PMIs, U.S. GDP is expected to grow only 2.2% in 2017, roughly in line with its post-recession average … A continuation of these conditions should keep the Fed at bay, extending the business cycle. Large cap and growth stocks should outperform under this scenario.”
“Reacceleration. Stronger conditions globally and a tight labor market should lead to a pickup in nominal GDP … The Fed should engage more quickly under this scenario, shortening the business cycle. Small-cap and value stocks should lead, with financials performing well and bond proxies coming under pressure.” As a result of his analysis, Golub increased his earnings-per-share estimate for the S&P 500 to $130 from $128.

While the strategist is bullish on the market overall, he is more subdued over the impact of President Donald Trump’s economic agenda.

“While many believe that fiscal stimulus would be a boon for equity markets, we think the effects would be more muted, as increased inflationary pressures would likely lead to more hawkish Fed policy,” Golub wrote.

Source CNBC

What the UK election result means for Brexit

June 9, 2017 By Staff Editor

Simon Dawson | Bloomberg | Getty Images

The European Union flag is displayed on stage during the launch of the Liberal Democrats’ manifesto in London, U.K., on Wednesday, May 17, 2017.

With the result of the U.K. General Election showing a hung parliament, analysts are contemplating what it means for Brexit negotiations, with Prime Minister Theresa May losing her parliamentary majority.

The Conservative leader called a snap election to strengthen her parliamentary majority and have more power and freedom to negotiate Britain’s exit from the European Union.

However, the results could make talks with Brussels “more complicated,” according to Guntram Wolff, director of the Brussels-based Bruegel think tank.

“It may be impossible to compromise due to domestic political pressures in the U.K.,” he told CNBC. “So a no-deal scenario may become more likely.”

Karel Lannoo, the chief executive officer of the Centre for European Policy Studies think tank, agreed. “A small majority will not help. This means a lot of infighting will go in the Tories (Conservatives) and this will not be helpful for the EU either, as no clear position will emerge.”

A senior EU official told CNBC at the end of May, when polls were projecting a stronger presence in parliament for the Conservatives, that “the election will certainly help (Brexit talks).”

“We need a strong leader,” the official said on the condition of anonymity due to the sensitivity of Brexit talks, adding that nonetheless the divorce process will have to happen in the step-to-step approach that the EU wants.

Meanwhile, John Hardy, head of forex strategy at Saxo Bank, told CNBC via email that the outcome of the British vote will have a little impact on Brexit, given that the European Union will not change its stance on the negotiations.

“I think the EU’s stance will be little affected by the outcome of the election unless there is a sense that Brexit can somehow be re-engineered into an eventual Bremain referendum,” he said.

By 7:30 a.m. London time, Prime Minister Theresa May’s ruling Conservative party had won 314 seats while the opposition Labour Party, led by Jeremy Corbyn, had 261 seats. Meanwhile, the Scottish National Party (SNP) had won 35 seats, the Liberal Democrats were at 12 and the Democratic Unionist Party had secured 10. Voter turnout was at 68.7 percent, according to the BBC.