E Market Briefing For Monday, Oct. 21

Turbulence prevails - without the market's flight-path diverting, yet. Of course the S&P is on a ledge; but it's unclear if it's the peak of a domed structure; at least premature to arrive at that conclusion. If it's a 'gable' roof, a structure can be extended, if an edge isn't the roof's peak; even though of course things appear more precarious hanging there.

Sure, the S&P ran into trouble on Expiration Friday; but a contraction in relation to nominal Expiration, and expected pre-weekend contraction, it seemed was reasonable. So it was Boeing getting 'clocked' by some revelations, as it's greater influence on the Dow Industrials even than on the S&P, masked a fairly neutral broad market (nothing serious yet).

  

As to Boeing, I've forewarned for months of their 'team's effort' to ignore or avoid addressing 'flight dynamics and specific structural design issues' as being the basic 737 MAX culprit; given that there would be 'no need' for the MCAS software if general basic flight characteristics were comparable to other 737's as they've contended (and again to the point of deleting MCAS references from the original flight manuals for the crew... making it even tougher to at least grasp what the potential scenario could become and essentially 'how to' address it... that was corrected later, but just a bit too late).    

Without delving deeply now; the revelations (even if slightly variable in context) sadly affirm the concerns I expressed months ago. The point I think I made simply is: the any and every successful air-frame design, aside specialized military aircraft, should be able to be 'basically flown' in stable flight without all those over-controlling computer overlords.  

  

It's only a few years ago that I criticized earlier Airbus designs (better now) for believing the computer was smarter than the Captain; and it's sad to say Boeing followed Airbus with that thinking; but not to extreme at least until this hybrid 737 (which tries to 'mate' tried-and-true designs of 50 years ago, with lots of mechanical cables, with modern electronic fly-by-wire systems), and the result is anything but what they expected; a First Level technology mid-range showpiece.  

Now Boeing's trying hard to piece it back together, and even American (and Southwest) pilots at this point are not defending it as they clearly once were, relative to foreign and smaller carriers. In fact I think I know 'why' Boeing 'largely' moved to fly-by-wire contrasted to their prior solid military-bomber-based design philosophy of mechanical redundancy. It was large to 'sell' incredible numbers of 737 Max aircraft to regional or less experienced operators; many of whom had few 'experienced' seat of the pants (tens of thousands of hours) pilots on their payrolls.  

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