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short-term news ?2


My BGCP/NMRK Pro article will go public tomorrow.  It does not include the breaking news that a compromise has been reached on the Basel rules (some are calling this Basel IV) which delays implementation by another 3 years.  Such delays have always been part of the game; the direction remains good for BGCP and I had feared a reversal when Trump was elected.

That's not to say that things are really good all over.  The market is assuming that Congress will extend the budget fiasco until Dec. 22 and shrugging off another rate hike a week before that.  It's probably right about these events, but an extension is not a solution.  The situation in Washington does seem to be coming to a head, as predicted.  I continue to think that results in or defeat of the Mueller investigation represents the biggest wild card.

Outside of Washington, I think it's immaterial and no surprise that CenturyLink's supposedly independent board commission found errors but no fraud.  The reality is that all phone U.S. companies seem to have problems like this.  I know that I've had to get corrections from one of the other major carriers for being mis-billed for the third month in a row!

About the only good news that I have to offer is that Covanta's Dublin facility has become fully operational.  Despite that, the stock has retreated well below $15 and with the dividend coming up at year-end, I see it as buying opportunity.