{+++} The market gapped down at the open, but then managed some really nice price improvement until the politico’s starting grabbing microphones and put a wet blanket on profits.
We will see how the rest of the week goes, but right now there is epic disagreement on The Hill as both sides jockey for position. In the meantime the market has a tendency to throw its hands in the air and just go to the sidelines when this happens.
There is a real possibility that things won’t get resolved by August 2. My gut says something will get done, but expect volatility and chop until there is some resolution. This is one massive headline market and it has become an alley fight on a daily basis between the bulls and bears.
I sold PCX today as earnings are in the morning, but I missed taking a little off DPZ today as earnings I believe are in the morning.
So far, BIDU is up about ten bucks in after market trading. We have 1/4 position left.