SPY

• Global Stocks Steady Despite China Slowdown (WSJ)
• European Recovery Saves Markets From China Gloom as Stocks Rally (BBG)
• Pope starts U.S. trip with tone of conciliation (Reuters)
• FBI Said to Recover Personal E-Mails From Hillary Clinton Server (BBG)
• Volkswagen chief faces grilling by board over diesel scandal (Reuters)
• 'European Detroit' Fear Grips VW Company Town as Scandal Widens (BBG)
• Berlin finds itself caught up in Volkswagen scandal (FT)

“Unless we get up off our fat surpluses and recognize that television in the main is being used to distract, delude, amuse, and insulate us, then television and those who finance it, those who look at it, and those who work at it, may see a totally different picture too late.”

When 2-and-20 looks more like 50-50...

Are drones coming to a police department near you? Possibly.

If you want a nation of criminals, treat the citizenry like criminals. If you want young people who grow up seeing themselves as prisoners, run the schools like prisons. But if you want to raise up a generation of freedom fighters, who will actually operate with justice, fairness, accountability and equality towards each other and their government, then run the schools like freedom forums. Remove the metal detectors and surveillance cameras, re-assign the cops elsewhere, and start treating our nation’s young people like citizens of a republic and not inmates in a police state.

TURNBULL WINS PARTY BALLOT TO BECOME AUSTRALIAN PRIME MINISTER

The Pentagon has erupted in “revolt” amid claims from 50 intelligence analysts that senior defense officials manipulated intelligence reports to downplay the severity of the Islamic State’s increasing upper-hand in the Middle East.

Every year, “NEVER FORGET” echoes through the neighborhoods, cities, and Facebook statuses of America. 14 years after 9/11, Americans still bear the cross of a nation victimized and scorned after the brutal attacks on the World Trade Center in 2001. While Americans — and politicians who are still intent on capitalizing on the tragedy — vow never to forget the fateful day, far too many citizens forget the liberties they have relinquished as a result. Lest yesterday’s valiantly waving flags, government ceremonies, and TV news specials replaying the plane crashes coax you into forgetting, these nine essential freedoms have been usurped since 9/11

If anyone has not noticed, the market has changed from rewarding buying the dips to rewarding selling the blips. Selling the blips is how smart money leaves markets. Smart money is also big money. There is too much of it to fit through the exit door at the same time. That is why market crashes rarely occur in a day (August of 1987 was an exception) or even short periods like a month. Even the Great Depression took multiple years for the stock market to reach its ultimate bottom.

Land of the Fleeced ... Home of the Slave