FOMO -- December 12, 2019

FOMO: fear of missing out. Panic buying? All three indices hit new all-time highs based on a single tweet from President Trump. Someone has to ask: is he abusing his power?

Impeachment? What impeachment? Bring it on. US to meet with China. Markets surge.

Recession right around the corner: survey of US CFOs predict recession in 2020 -- CNBC crawler earlier this morning. It would be interesting to see if they are buying or selling today.

Tesla: third general counsel in last year calls it quits. The story sounds bad but when reading between the lines, it's a nothingburger.

While Tesla's stock price is holding up well into year end, the company's notorious insider defections continue. Jonathan Chang - Tesla's third general counsel in the past year - has now left the company. According to the Detroit News, Chang had just been promoted to the role in February and is leaving Tesla to take on the GC role at startup company SambaNova.

Chang joined Tesla back in 2011 and was put into the GC role after Dane Butswinkas, who was the "adult in the room" hired to help clean up Tesla's legal mess, lasted only two months (~60 whole days) at the company. Preceding Butswinkas was Todd Maron, Elon Musk's former divorce attorney, who had the role since 2014.

Jobs, first time unemployment claims, link here: two year high. Thanksgiving week.

Initial claims for state unemployment benefits surged 49,000 to a seasonally adjusted 252,000 for the week ended Dec. 7, the highest reading since September 2017, the Labor Department said on Thursday. The increase was the largest since August 2017.

Jobs, link here:

• prior: 203K
• forecast, consensus: 213K
• actual: 252K

Natural gas, weekly fill rate: link.