Midday Update

Well my “squishy” market just got a bit squishier as the indexes are down 1 to 1.5% just after lunch. Media companies, which have reported a flurry of disappointing earnings amid concerns about the shift away from traditional television are getting hammered.

Media names like FOX, DIS, TWC, AMCX, STRZA, VIA are down as much as 15% at midday.  This is certainly weighing on the market.

Keep in mind that investors are also skittish ahead of the July U.S. jobs report, due out tomorrow, as they try to gauge the path of interest rates in the U.S.

Biotech is also getting hammered today. The IBB is down almost 4% and many names are getting sold.

I lightened up a little more on the P&L because I can always buy back, but preserving gains, albeit some smaller ones, is etter than taking a loss.

The only thing remaining on the P&L are partial positions in CELG, BLUE, and KITE.  we have a 1/2 position left in the CNX short which I’m holding and a full position in NK which I started yesterday.

Not sure if the bulls have a rally in them as we enter the afternoon session, but as we know with this market anything is possible. From my perch though I’d rather play it cautious.



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