Markets searching for a shred of news

The news lull of August is in full swing. I have been looking for two hours for a shred of meaningful news to opine about.

A quick look at the financial headlines tells you everything you need to know about global markets. Currency devaluations in Turkey and China are making markets jittery for lack of any real news.

Now don’t get me wrong, China cutting the value of the yuan as a response to President Trump’s tariff threats has meaning to the backwater currency trading markets, but to make global markets move on the scale they have this morning is a bit of overkill and a result of lack of news on other fronts.

The same with the Turkish lira devaluation taking down the emerging markets. This is less than a blip on the screen any other time of the year. Today it’s leading the WSJ.com website.

So now we have big moves in currencies and sovereign bonds — two markets that most investors know very little about — driving overall stock markets.

Well perhaps later today we can get back to real market-driving news like Tesla’s Elon Musk on Twitter showing the check he received from Amazon’s Jeff Bezos to take the electric automaker private.

If this continues tomorrow, I think I’ll give you an update on my honey bees and the honey I harvested. It’s a helluva more interesting than currencies and sovereign bonds.

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Telsa will run out of juice to goose the stock price

I don’t normally do stock stories, but this one has come up on my radar a few times this week.

In two separate conversations with people they have touted Tesla as a great company and a good stock pick.

This was before Tuesday’s “product announcement” of tweaks to two existing models.

Tesla is a battery company — just like Duracell or Delco — they wrap their batteries in a bulkier package called an electric car.

why this company is not a screaming short position for activists is puzzling, but suffice it to say that it will be sooner or later. You just have to look behind the curtain Wall Street.

CEO Elon Musk is nothing more than a poor imitation of Steve Jobs, hyping this and that about the car, but fails to deliver the goods unlike Jobs.

Musk also takes hostages when something goes wrong. See how he personally denigrated the driver on social media who died in a driverless accident this summer. Releasing information on the man that was meant to question his abilities and motives and pretty much his whole reason for being.

At some point Musk may be able to develop a battery that ties into his Solar City product to power homes 24-7, but that’s in the future. For now, the car sales are the driver (pun intended).

Tesla and Musk will never have the scale to generate enough revenue to warrant paying the $225 share price for this firm, even if government subsidies are not pulled in the next year or so on both his companies, which they will must certainly will.

As I posted Tuesday on Twitter after the announcement: Investors in ludicrous mode to sell off after inane #TSLA “product announcement” via @12mgray Musk still made cash yesterday.

Tesla shares got a 4% charge in its stock price over a Musk tweet saying there is an a “product announcement” and then the news hits and the stock closes up 0.5%, Musk still wins — since he is the largest shareholder — but that cannot last for the long-term. This stock will run out of juice despite the batteries hitting the 300-mile threshold.