Bored To Tears, Staying Patient


A rare photo of Vladimir Putin from when he worked as an informant for Starsky and Hutch.

Today Putin said he would be cool with a freeze, but not a cut in oil production.  This came on the heels of Iraq not wanting to play nicely in the sandbox with all the other criminals in OPEC. Anyway, they all meet in Austria in November to hash things out. Looks like the paint might be coming off the wall already though, so stay tuned.  I trust OPEC like I trust Hillary with a confidential email.

CMG reported earnings after the close and the stock is down, AAPL reported too and their stock is down. GOOGL reports Thursday after the close and that will be an important one to watch for technology.

Energy was weak today and biotech continues to trade like a drunk walking in traffic. The Hillary discount is still playing out in biotech and if you look at the daily chart it’s not a confidence builder by any measure.  IBB is pulling in to some support at the 260 level and if that doesn’t hold we could see  waterfall lower.

This market is still lost for the most part and personally I’m bored to tears, so right now I am just trying to manage some positions without trying to be a hero. You cant “wish” stocks up without momentum or catalysts and right mow we have neither, so stay patient while we wait to pick our spot to get aggressive.  That could be higher or lower.

See you in the morning.


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