You probably know the old “cab driver warning.” In years past, if you hopped in a cab and the cab driver mentioned individual stocks he liked, it was time to sell stocks. Nvidia, we’re looking at you.

Toppy markets, over-inflated bubbles, peak euphoria… When “dumb money” (us) are talking about stocks, it only means one thing. Lighten up on stocks.

It can take a few months, and it’s rarely linear, but euphoria has a way of shooting itself in the foot over and over again.

This past weekend, overheard in Baltimore County, at the Maryland State Fair — two 30s-ish men in conversation: “Just buy stocks, they only go up.”

The reply from the man’s friend, “Yeah, I’ve been looking at the market a lot more recently. It’s been on a hell of a ride.”

The first man again, “Take what you have left over and buy stocks. It’s the best thing you can do.”

Foreign conflicts and bad actors, the threat of escalating tensions in the Middle East, election season jitters, rate cuts already priced in, NVDA earnings… The market may very well be due a dose of karma.

Perhaps a swift stock decline is the “October Surprise” that tips the election?

We’re not saying stocks are going to tank, but cheap protection is available now. It’s not called panicking if you’re the first one to do it. Food for thought…

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Your Rundown for Wednesday, August 28, 2024...

RFK Jr. Drops Out: What It Means for Trump’s Chances

Last weekend, Robert F. Kennedy Jr.’s decision to drop out of the 2024 presidential race sent aftershocks through the political landscape.

Kennedy, running as an Independent candidate, initially attracted a diverse base of supporters, but his exit might ultimately tip the scales in favor of Trump.

Recent polling data, for instance, shows Kennedy’s supporters were far more likely to support Trump than Vice President Kamala Harris.

• A USA Today/Suffolk University national poll from June found that 32% of Kennedy supporters listed Trump as their second choice; only 18% leaned in Biden’s direction.

A trend which suggests Trump could gain serious traction among voters who were once drawn to Kennedy's unorthodox campaign.

In swing states, however, Kennedy's candidacy has been a double-edged sword…

An analysis by RacetotheWH indicates that his presence was helping Harris in states like Nevada and North Carolina, where he was pulling votes away from Trump.

But with Kennedy now out of the race, those states could swing back in Trump's camp, potentially altering the electoral map.

Despite Kennedy’s withdrawal, Democratic pollster Geoff Garin notes that Kennedy’s number had dipped to just 2–3% of voters.

While this percentage might seem infinitesimal, in a tight race, every percentage point counts.

Trump’s campaign will most likely aim to court remaining Kennedy supporters — particularly blue-collar, independent male voters.

Even with fewer than 70 days until the 2024 election, dynamics are shifting.

Is this the latest Trump Bump?

Kennedy’s exit could serve as a strategic advantage for Trump, making the race even more down-to-the-wire.

On Friday, we’ll have even more coverage of how Team Trump is consolidating, including some Tulsi Gabbard news and a potential cabinet position for RFK Jr.

Plus? We’ll break down Nvidia’s earnings announcement.

Market Rundown for Wednesday, Aug. 28, 2024

S&P 500 futures are flat at 5,640.

Oil’s down 1.5% to $74.39 for a barrel of WTI.

Gold futures are down 0.80% to $2,532.10 per ounce.

Bitcoin, meanwhile, is down over 3% to $60,110.

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