Mid-Day Thoughts

Citizens of Earth,

1) Valiant technical stand made by the algos at S&P 500 level 1922.  The level finally cracked in somewhat violent fashion, at 11am, but has clawed it’s way back in a mid-day scramble.  If held, there is another bump in the road at 1929.  If not held, we did get a bounce at 1915, and there should be support at 1908.
Note: Not held does not mean…”Use your head” anymore.
.
2) Crude prices have been running hot and cold all day, with Saudi Arabia, Iraq, and Iran all posturing themselves without committing to anything.  Headline risk in this space remains at ridiculously heightened levels.
.
3) Some traders are singing “The Safety Dance” again today.  Treasuries are firmer, Gold is strong today, and Utilities have resumed market leadership.
.
4) Real disappointment in Walmart.  Perhaps even with what should be a world-class distribution network, the fight with Amazon would be a better fight if Amazon knew that they were in one.
.
5) JWN earnings tonight.  The retail sector take another swing.  The options market is pricing about three and a half clams worth of volatility.
.
6)  Out of chewing tobacco again.  Anyone near a PX?