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Revolver Maps

‘Bannon Bounce’ Fails To Correct ‘Cohn Crash’ As Nasdaq Drops For 4th Straight Week

zerohedge.com / by Tyler Durden / Aug 18, 2017 4:03 PM

Well that was a week…

Roller-coaster day for stocks – 2 overnight pump efforts failed; stocks sank into and beyond the US cash open, then went bid as Bannon headlines hit… only to slide as reality struck that with Bannon gone, the probability of war is considerably higher…and an ugly close into OPEX

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The Relationship Between Saving and Money

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mises.org /  / August 19, 2017

Conventional wisdom says that savings is the amount of money left after monetary income was used for consumer outlays. Hence, for a given consumer outlays an increase in money income implies more saving and thus more funding for investment. This in turn sets the platform for higher economic growth.

Following this logic, one could also establish that increases in money supply are beneficial to the entire process of capital formation and economic growth. (Note increases in money supply result in increases in monetary income and this in turn for a given consumer outlays implies an increase in savings).

Saving vs. Money

Saving as such has nothing to do with money. It is the amount of final consumer goods produced in excess of present consumption.

The producers of final consumer goods can trade saved goods with each other or for intermediate goods such as raw materials and services. Observe that the saved goods support all the stages of production, from the producers of final consumer goods down to the producers of raw materials, services and all other intermediate stages.

Support means that these savings enable all these producers to maintain their lives and wellbeing while they are busy producing things. Also, note that if the production of final consumer goods were to rise, all other things being equal, this would expand the pool of real savings and would increase the ability to further produce a greater variety of consumer goods (i.e., wealth).

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Bitcoin Cash Skyrockets… Is There Something To It?

The Dollar VigilantePublished on Aug 18, 2017

Mitt Romney Blasts Trump: “What He Communicated Caused Racists To Rejoice”

zerohedge.com / by Tyler Durden / Aug 18, 2017 3:10 PM

On Facebook this morning, Mitt Romney posted a rather forceful plea for President Trump to pursue “extreme remedial actions” regarding his Charlottesville comments saying that “whether he intended to or not, what he communicated caused racists to rejoice, minorities to weep, and the vast heart of America to mourn.”

Adding in a dose of dramatics, Romney explains that absent a forceful apology from Trump “there may commence an unraveling of our national fabric.”

But what we heard is now the reality, and unless it is addressed by the president as such, with unprecedented candor and strength, there may commence an unraveling of our national fabric.

In homes across the nation, children are asking their parents what this means. Jews, blacks, Hispanics, Muslims are as much a part of America as whites and Protestants. But today they wonder. Where might this lead? To bitterness and tears, or perhaps to anger and violence?

This is a defining moment for President Trump. But much more than that, it is a moment that will define America in the hearts of our children. They are watching, our soldiers are watching, the world is watching. Mr. President, act now for the good of the country.

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Rohrabacher Cites Ex-Intel VIPS Report In Denouncing Russian Hacking

disobedientmedia.com / Elizabeth Vos / 

Republican Congressman Rep. Rohrabacher released a statement earlier this month which indicated he had drawn congress’s attention to a Veteran Intelligence Professionals for Sanity (VIPS) report which indicated that the DNC may not have been hacked. The report, signed by respected intelligence leaders such as former NSA technical director William Binney, and veteran CIA analyst Ray McGovern and John Kiriakou among others, was based on analysis by an anonymous source known as the Forensicator.

The VIPS report also cites Disobedient Media‘s report on the Forensicator’s analysis, as this author was the first to report on the Forensicator‘s groundbreaking conclusion that the data published by Guccifer 2.0 as the NGP-VAN files after claiming to have been a Romanian hacker who had hacked the data from the DNC was in fact a publication of data which had been locally copied on the east coast of the U.S., most likely with direct access to a computer which had access to the DNC information.

The statement published by Rohrabacher stated that VIPS’ findings, which were sparked by the Forensicator’s analysis, destroys the credibility of the charges that Russia hacked the DNC system, disclosed the emails, and thus greatly impacted the outcome of the last election, according to the congressman, who chairs the House Foreign Affairs Subcommittee on Europe, Eurasia, and Emerging Threats.

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Doug Casey on Asset Seizures

caseyresearch.com / By Justin Spittler / August 18 2017

Justin’s note: Jeff Sessions wants to steal your property.

Sessions is the U.S. Attorney General. Since taking office in February, he’s done all sorts of idiotic things. He’s threatened to crack down on the legal marijuana market. He’s attacked gay rights.

And now, he wants to amp up asset seizures.

This is when the government takes money and property from people. You don’t even need to be convicted of a crime.

It’s a disturbing development, to say the least. That’s why I called Doug Casey as soon as I heard about it…


Justin: Doug, what do you think of Sessions’ latest “bright” idea?

Doug: Well, let me preface this by saying Sessions was a disastrous choice for Attorney General. He’s done nothing in his life but be a lawyer, a prosecutor, and a politician. He has no experience—and therefore probably no inclination or even ability—to produce things of tangible value.

But we almost always get undesirables as the AG. They’re hatchet men, meant to prosecute “the enemy,” taking their pick of the hundreds of thousands of laws and regulations on the books to do so. Look at some of the recent AGs—Loretta Lynch, Eric Holder, Alberto Gonzales, John Ashcroft, Janet Reno. All of them would have been willing and obedient lapdogs to Stalin or Beria. A certain personality type is suited for the job.

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Bannon Speaks: “I’m Going To War For Trump”

zerohedge.com / by Tyler Durden / Aug 18, 2017 5:25 PM

Update: that was quick. As Breitbart’s Charlie Spiering reports, Bannon jas returned to Breitbart News as Executive Chairman of Breitbart News “and chaired our evening editorial meeting”

https://twitter.com/charliespiering/status/898666290956709888?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Fwww.zerohedge.com%2Fnews%2F2017-08-18%2Fbannon-speaks-im-going-war-trump

As The Hill adds, Bannon reclaimed the title of Breitbart’s executive chairman and directed the outlet’s Friday editorial meeting, the website said in a statement on Friday.

“The populist-nationalist movement got a lot stronger today,” said Breitbart News Editor-in-Chief Alex Marlow. “Breitbart gained an executive chairman with his finger on the pulse of the Trump agenda.

As chairman, Bannon oversaw massive growth of the populist website before leaving to be chairman of Trump’s campaign. Bannon never settled into his role as chief strategist in the White House, where he feuded bitterly with ideological rivals like Trump’s son-in-law Jared Kushner, economic adviser Gary Cohn and national security adviser H.R. McMaster.

Breitbart eagerly accepted Bannon back into the fold. “Breitbart’s pace of global expansion will only accelerate with Steve back,” said Breitbart president Larry Solov. “The sky’s the limit.”

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Cashing Out of Unicorns Gets Hard

wolfstreet.com / by  • 

Until shares can be sold, “valuations” remain fake wealth.

With Friends like these…

Goldman Sachs’ hedge fund, Goldman Sachs Investment Partners, has offloaded over $75 million of Spotify shares, or “less than half” of its stake, in recent weeks, Sky News “has learnt” from “insiders.” This is peculiar because the Swedish music streaming service is preparing to list its shares on the New York Stock Exchange at a valuation of $13 billion, and confusingly, Goldman Sachs is one of the three investment banks that are advising Spotify on this “direct listing.”

A source told Sky News that Goldman Sachs had “practical reasons to sell a small stake.”

So what does Goldman Sachs know that others don’t?

A “direct listing” is not an IPO. It bypasses underwriters and their hefty fees and avoids the whole issue of IPO pricing. It also means that Spotify would not raise any new capital via this listing, which is planned for later this year or early next year. If it succeeds, it’ll be the first major direct listing on the NYSE. If other companies follow the example, investment banks, losing out on underwriting fees, would not be happy campers.

Spotify is one of the 167 “unicorns” in the US, Europe, and Asia listed in the Billion Dollar Startup Club: venture-capital funded startups that have reached “valuations” during their last round of fund-raising of $1 billion or more.

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The Elite’s Agenda Is In Full Swing, What Happened To Common Sense? – Episode 1358b

X22ReportPublished on Aug 18, 2017

With Bannon Out, Is War With North Korea More Likely: Here Are The Scenarios

zerohedge.com / by Tyler Durden / Aug 18, 2017 2:54 PM

When just three weeks ago today Trump fired Reince Priebus and replaced him Gen. John Kelly, we said that with a military veteran now whispering in Trump’s ear every day, Kim Jong-Un’s days are now numbered.” Then, just two days ago, Steve Bannon himself confirmed in an interview with The American Prospect, that when it comes to matters North Korean Bannon had been the biggest “dove” in the White House, and the natural anti-neocon foil to Kelly and Mattis, both of whom are quite eager and itching to launch a some military engagement against the Kim regime with the following surprising, “off the record” statement:

 Contrary to Trump’s threat of fire and fury, Bannon said: “There’s no military solution [to North Korea’s nuclear threats], forget it. Until somebody solves the part of the equation that shows me that ten million people in Seoul don’t die in the first 30 minutes from conventional weapons, I don’t know what you’re talking about, there’s no military solution here, they got us.” Bannon went on to describe his battle inside the administration to take a harder line on China trade, and not to fall into a trap of wishful thinking in which complaints against China’s trade practices now had to take a backseat to the hope that China, as honest broker, would help restrain Kim.

Bannon said he might consider a deal in which China got North Korea to freeze its nuclear buildup with verifiable inspections and the United States removed its troops from the peninsula, but such a deal seemed remote. Given that China is not likely to do much more on North Korea, and that the logic of mutually assured destruction was its own source of restraint, Bannon saw no reason not to proceed with tough trade sanctions against China.

Of course, the implication is that with Bannon now out, the probabilities of a real war with North Korea are substantially higher. How much higher? Well, for the answer take the following analysis from Nomura of 5 specific “scenario” outcomes, and 5-10% to the bellicose ones. As they stand currently, the breakdown is as follows:

  • Continuation of current trajectory: 60%
  • “Killer” saanctions by year end: 20%

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Donald Trump Finally Comes Out of the Closet

libertyblitzkrieg.com / Michael Krieger | Posted  at 3:17 pm

The firing of Steve Bannon is in my opinion the most significant event to happen during the Trump administration thus far. Moreover, it will have massive reverberations across the U.S. political spectrum for years and years to come. I wasn’t planning on writing today, but this news is so incredibly significant I find myself with little choice.

Taking a step back, part of the reason I was immediately able to see through the Trump con was due to my upbringing in New York City. The guy was constantly in the news my entire life, so I had a pretty decent understanding of where he was really coming from and what makes him tick. The mindset of your typical NYC-based billionaire real estate developer is filled with all sorts of perspectives and priorities, but thoughts of populism are not amongst them.

Trump used populism to get elected, and then as soon as he won, immediately appointed some of the most destructive oligarchs imaginable to run his administration. The reason I warned about this incessantly at the time, is because I learned the lesson from the Obama administration. People = policy, and the people Trump was elevating were almost unanimously awful. Irrespective of what you think of Bannon, him being out means Wall Street and the military-industrial complex is now 100% in control of the Trump administration. Prepare for an escalation of imperial war around the world and an expansion of brutal oligarchy.

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People’s QE? It’s Venezuela with Tea and Cakes

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mises.org /  / August 18, 2017

It is sad to see that, facing the evidence of the failure of demand-side policies and money printing, many commentators propose some of the most outdated and failed policies in modern economic history. In the UK, Mr. Jeremy Corbyn, the new leader of the Labour Party, believes that the government spends too little. With a current 44.4% of GDP public spending, saying the government spends “too little” is an insult to taxpayers and efficient public bodies alike.

But Mr. Corbyn wants to penalize the private sector creating the largest transfer of wealth from savers and taxpayers to government ever designed. The People´s QE (quantitative easing).

In Europe, we are already used to the follies of magic solutions from populist parties. Syriza, Podemos, and others always come up with “magic” and allegedly “simple” ideas to solve large and complex economic issues, and always fail when reality kicks in, but there are few that match the monumental nonsense of the wrongly-called “People´s QE”. It is the “Government´s QE”, rather.

Why Is this People’s QE a Bad Idea?

The analysis starts from the right premise. Quantitative Easing, as we know it, does not work, and creates massive imbalances. So what do they propose? Sound money? Erasing perverse incentives of printing money and unjustifiably low rates? No. Doing exactly the same, but passing the massive perverse incentive of currency debasement to politicians who, as we all know, have no perverse incentive whatsoever to overspend (note the irony).

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Al Gore’s Climate Film Flops – Earth Temps Cooler Now Than When He Won Nobel Prize

zerohedge.com / by Tyler Durden / Aug 18, 2017 2:40 PM

Via StockBoardAsset.com,

Climate alarmist Al Gore’s second film, ‘An Inconvenient Sequel: Truth to Power’ failed to resonate with Americans.

The documentary dropped to 18th over the August 11-13 weekend grossing under $2.3 million since its August 04 release.

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George Soros Is Betting Against U.S. Markets – Here’s What It Means

wallstreetexaminer.com / by  • 

This is a syndicated repost courtesy of Money Morning. To view original,click hereReposted with permission.

George Soros is betting against American markets.

Again.

U.S. regulatory filings revealed that, as of June 30, the Hungarian-born hedge fund billionaire is holding put options – options he would profit from only if the underlying securities fall in value – on exchange-traded funds (ETFs) tracking major American indexes:

  • PowerShares QQQ Trust (Nasdaq: QQQ)
  • SPDR S&P 500 ETF (AMEX: SPY)
  • iShares Russell 2000 ETF (NYSE Arca: IWM)

These index ETFs represent the tech-heavy Nasdaq, the broad S&P 500, and the small-cap Russell 2000 indexes – three of the four major market indexes in America. And Soros holds put options on all of them, which means he’s banking on the failure of not just one or two companies, but the markets as a whole.

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Goldman Sees 50% Chance Of A Government Shutdown

zerohedge.com / by Tyler Durden / Aug 18, 2017 2:30 PM

As we pointed out earlier, the chances of government agreeing any kind of debt ceiling deal (and avoiding a government shutdown) is dropping fast as USA default risk spikes and the Treasury Bill curve inverts. Goldman Sachs is now concerned also…

Uncertainty in The White House is starting to make investors realize the chance of successfully navigating the debt ceiling crisis without a government shutdown are dwindling…

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The De-Branding of a President

Economist Cover, August 19, 2017

wallstreetonparade.com / By Pam Martens and Russ Martens: August 18, 2017

Promising to cut corporate taxes, roll back regulations on Wall Street, and get government off the back of business, Donald Trump was enjoying a honeymoon with the stock market and the CEOs of the most iconic brands in the U.S. What a difference four days can make.

Yesterday, the Dow Jones Industrial Average dropped 274 points. Also yesterday, Trump announced that he was cancelling his business advisory council on infrastructure. That move followed his prior day’s axing of his star-studded CEO councils on manufacturing and Strategy & Policy Forum. According to published reports, Trump was saving face by axing the councils after getting a heads up that the CEOs were leaving en masse.

The rapid move by top CEOs to distance themselves and their brands from the President came after Trump delivered impromptu remarks on Tuesday in the lobby of Trump Tower in Manhattan, where he appeared to equate the KKK and neo-Nazi groups that protested in the weekend Charlottesville, Virginia rally with the protesters opposing them.

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The Economic System Is Breaking Down One Sector At A Time – Episode 1358a

X22ReportPublished on Aug 18, 2017

Trump Jr. Follows Julian Assange, Sparks Media Panic That A Presidential Pardon Is In The Works

zerohedge.com / by Tyler Durden / Aug 18, 2017 2:11 PM

Earlier this week we noted that Representative Dana Rohrabacher (R-CA) had a three hour meeting with Julian Assange at the Ecuadorian embassy in London to discuss ‘helpful’ information which Assange purported would prove that Russia was not his source for the DNC / Podesta leaks last year.

Not surprisingly, the mainstream media chose not to focus on that angle and decided instead to focus all of their efforts on branding Rohrabacher as a Russian spy.  That said, here is how Rohrabacher recounted the details of the meeting with Assange to The Hill:

“Our three-hour meeting covered a wide array of issues, including the WikiLeaks exposure of the DNC emails during last year’s presidential election,” Rohrabacher said,  “Julian emphatically stated that the Russians were not involved in the hacking or disclosure of those emails.”

Pressed for more detail on the source of the documents, Rohrabacher said he had information to share privately with President Donald Trump.

“Julian also indicated that he is open to further discussions regarding specific information about the DNC email incident that is currently unknown to the public,” he added.

Now, the following tweet from an account that tracks the every move of the Trump family has sparked new speculation that a Presidential pardon of Julian Assange may be in the works…something that is undoubtedly not all that palatable to our friends at CNN and MSNBC.

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20 Signs You Might Be A Cheapskate

theorganicprepper.ca / Daisy Luther / August 18, 2017

Do you enjoy saving a buck more than most people?  Do you have a black belt in frugality? Around here, most of us consider “cheapskate” to be a positive word!

Here are 20 surefire signs that you are embracing your cheap side.  How many things on this list apply to you?

  1. You take it as a personal challenge to see how long you can go without spending money. The game is even better if you have a spouse or friend with whom you can compete.
  2. You don’t let food go to waste. You have an ice cream tub in your freezer nearly full of odd bits of leftovers, awaiting their reincarnation into “leftover casserole” or “leftover soup”.
  3. It’s physically impossible for you to drive past an interesting-looking garbage pile at the curb during somebody else’s spring cleaning frenzy, much to the dismay of your children. (Although there’s always that one kid who’s excited to dig through the pile with you!)
  4. Your first stop at the grocery store is the “last day of sale” rack in each department. When you get home with your stash, you immediately set to freezing, dehydrating, or canning your inexpensive score.
  5. Your kid looks at a necklace or pair of earrings at the “cool” store and scoffs, “We could make this.”  Then she puts it back and asks you

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Illinoisation: Puerto Rico’s General Obligation Bond Falls Below $50 For First Time (= 20.88% Tax-Equivalent Yield)

wallstreetexaminer.com / by  • 

This is a syndicated repost courtesy of Snake Hole Lounge. To view original,click hereReposted with permission.

The (Un)Commonwealth of Puerto Rico, whose General Obligation bonds are in default, just saw their 5.75% coupon bond fall below $50 for the first time.

prprice

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Bitcoin Cash Soars 70% Overnight Amid Bitcoin Uncertainty & China Crackdown

zerohedge.com / by Tyler Durden / Aug 18, 2017 1:26 PM

Bitcoin Cash soared overnight, spiking as high as $569 (from below $300) as renewed uncertainty around Bitcoin re-forking, reports that the first 8mb block has been mined, and fears over further crackdowns in China on Bitcoin tradingsparked demand for the forked currency, pushing it back up to the 3rd biggest cryptocurrency by market cap.

As CoinTelegraph reports, Bitcoin Cash has jumped 75 percent in value in 24 hours after the fork mined its first 8mb block. Reacting to additional uncertainty surrounding a further Bitcoin split and a suggestion Bitcoin Core may fork, prices have spiked to as high as $569 this morning…

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Greg Weldon: Gold is a “coiled spring… the breakout is here, fundamentals are in place, technicals are compelling”

news.goldseek.com / Mike Gleason / Friday, 18 August 2017

Mike Gleason: It is my privilege now to welcome in Greg Weldon, CEO and President of Weldon Financial. Greg has over three decades of market research and trading experience, specializing in the metals and commodity markets, and even authored a book in 2006 titled Gold Trading Boot Camp, where he accurately predicted the implosion of the U.S. credit market and urged people to buy gold when it was only $550 an ounce. He’s a highly sought-after presenter at financial conferences and is a regular guest on financial shows throughout the world.

Greg, thanks so much for joining us and it’s a real pleasure. How are you?

Greg Weldon: I’m great. Mike. Thanks for the invite.

Mike Gleason: Well, before we get into the metals specifically, Greg, to start out here, give us your thoughts on the U.S. stock market, the state of the U.S. economy, and the geopolitical environment, and so forth. Obviously, there’s a tremendous amount of exuberance still in the equity markets despite a lot of headwinds or black swans circling about, but yet things keep rolling along, and we keep seeing records made in the Dow. What are your thoughts about how long this might continue?

Greg Weldon: Well, you got a couple hours, I’d be happy to share all that with you, because there really is so much going on. I think you’re right to pick on the stock market to kind of center the viewpoint, because right now that kind of is, to me, a potential land mine. It’s not so much that the simple fact that the fundamentals and the expectations seem to have gotten a little bit out of alignment if you want to talk about the macro economy. You want to talk about you’ve gone through earning season. You want to talk about individual companies. You want to talk about certain businesses. That’s well and good. There’s always a place to look in the stock market where you can find opportunities.

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Why There Will Be No 11th Hour Debt Ceiling Deal

zerohedge.com / by Tyler Durden / Aug 18, 2017 1:12 PM

Authored by MN Gordon via EconomicPrism.com,

A new milestone on the American populaces’ collective pursuit of insolvency was reached this week.  According to a report published on Tuesday by the Federal Reserve Bank of New York, total U.S. household debt jumped to a new record high of $12.84 trillion during the second quarter.  This included an increase of $552 billion from a year ago.

Moreover, this marked the second consecutive record high on a quarterly reported basis for U.S. household debt.  Indeed, this is a momentous achievement.  From our vantage point, it is significant for several reasons.

One, it shows U.S. household debt has returned to its upward trend which had previously gone uninterrupted from the close of World War II until the onset of the Financial Crisis in late 2008.  Second, it demonstrates that, like the S&P 500, new all-time highs are being attained with the seeming precision of a quartz clock.  Is this just a coincidence?

More than likely, it’s no coincidence at all.  More than likely, the mass quantities of central bank liquidity that have been injected into the financial system over the last decade have provided the plentiful gushers of cheap credit that have pushed up both stock prices and household debt levels.   But remember, the easy stock market gains can quickly recede while the increased debt must first drown the borrowers before it can be expunged.

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Global Industrial Trends Coalesce

financialsense.com / KURT KALLAUS / Aug 18, 2017

The global economy began a new expansion phase in 2016 after the oil market exited a severe 2-year recession. We have highlighted many examples of improving financial risk, new record highs in leading indicators and a rebound in industrial commodities. A good measure of the underlying strength of the goods-producing economy is encompassed in the Industrial Production Index. This aggregate of the national output of manufacturing, mining, and utilities gives us a barometer of economic vitality.

We have included here a plethora of charts from around the world that almost uniformly show a widespread resurgence beginning in 2016 and continuing today with a growing pipeline of new orders. While summer slowing is a bit of a seasonal occurrence, the strong growth trends shown here look firmly entrenched. Germany, as usual, leads the Eurozone charge along with its anomaly of just 3.8% unemployment vs near double-digit jobless levels among its neighbors. The US and Japan are registering some of their strongest readings in 2 to 3 years with record profits.

Check out Major Breakout in Emerging Markets

Even the emerging markets look healthier for a change with Brazil making its long journey from Depression-level GDP contractions a year ago to positive growth in 2017. The only major economy we didn’t include was China, who maintains what appears to be government-created artificial growth rates of 6% the past 2 years. China continues to be the only country in the world where major economic measures have almost no volatility compared to other more sophisticated economies.

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Gold Miners’ Q2’17 Fundamentals

zealllc.com / Adam Hamilton / August 18, 2017

The gold miners’ stocks have spent months adrift, cast off in the long shadow of the Trumphoria stock-market rally.  This vexing consolidation has left a wasteland of popular bearishness.  But once a quarter earnings season arrives, bright fundamental sunlight dispelling the obscuring sentiment fogs.  The major gold miners’ just-reported Q2’17 results prove this sector remains strong fundamentally, and super-undervalued.

Four times a year publicly-traded companies release treasure troves of valuable information in the form of quarterly reports.  Companies trading in the States are required to file 10-Qs with the US Securities and Exchange Commission by 45 calendar days after quarter-ends.  Canadian companies have similar requirements.  In other countries with half-year reporting, some companies still partially report quarterly.

The world’s major gold miners just wrapped up their second-quarter earnings season.  After spending decades intensely studying and actively trading this contrarian sector, there’s no gold-stock data I look forward to more than the miners’ quarterly financial and operational reports.  They offer a true and clear snapshot of what’s really going on, shattering the misconceptions bred by ever-shifting winds of sentiment.

The definitive list of major gold-mining stocks to analyze comes from the world’s most-popular gold-stock investment vehicle, the GDX VanEck Vectors Gold Miners ETF.  Its composition and performance are similar to the benchmark HUI gold-stock index.  GDX utterly dominates this sector, with no meaningful competition.  This week GDX’s net assets are 19.9x larger than the next-biggest 1x-long major-gold-miners ETF!

Being included in GDX is the gold standard for gold miners, requiring deep analysis and vetting by elite analysts.  And due to ETF investing eclipsing individual-stock investing, major-ETF inclusion is one of the most-important considerations for picking great gold stocks.  As the vast pools of fund capital flow into leading ETFs, these ETFs in turn buy shares in their underlying companies bidding their stock prices higher.

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