US equities opened in minor chop mode, but it didn't take long for the SPX to break a new historic high for a second consecutive day of 3047.87.
The morning saw Trump take a swipe at Print Central. The afternoon saw some cooling, to settle fractionally weak at 3036. Volatility remained subdued, with the VIX settling +0.7% at 13.20.
Today saw CEO Muilenberg of Boeing face question from the US House...
|Mistakes... many.... many mistakes|
Long ago, in a different life, I actually did a semester on risk and decision making within government and private corporations. Across the last half century we've seen some truly bizarre and insane decisions. I'd especially highlight the Chernobyl nuclear disaster, and STS-51-L (Space Shuttle Challenger), both in 1986.
Boeing has lost two planes due to the insane decision to try to mitigate an unbalanced plane - the 737MAX, via a software fix.
Lets be clear, whilst an updated MCAS might make the 737MAX a safer plane, it won't resolve the hardware problem that the plane is inherently unbalanced.
The following gives a superb background overview for the 737MAX.
For the record, I don't care how good the MCAS system/software might be improved. The plane is still inherently unbalanced, and by definition... not safe to fly. I would imagine that Boeing and the FAA will be stupid enough to allow 737MAX to fly in 2020.
|Departing the capital of geo-political chaos|
|Autumn skies in the London metropolis|
Extra charts in AH (usually around 5pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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