A Few Things I'm Thinking About

Does Eric Kantor's loss mean immigration reform is dead?  What does it say about the GOP?

What does the stunning rout of the Iraqi army in Mosul say about our strategy in Iraq for the past six years.  What does it say going forward.

When will markets and the chattering classes start paying attention to the immigration crisis that's currently occurring on our southern borders?  See LA Times here and here.

What do the problems currently plaguing the Veteran's Administration say about the Affordable Health Care Act?

Regarding the markets, I'm rethinking some of our indicators.  Here's some of the reasoning behind that with markets now up over 6% for the year {although I will point out that they are down about a half percent in the pre markets}.  Bullish sentiment is currently above 50% this has traditionally been seen as a contrary indicator.  The percentage of stocks trading above their 200 and 40 day moving averages are elevated.  Most stocks and indices are currently overbought by our work.  Are markets topping?  See Ritholtz on Why it's So Hard to Call a Market Top.  Also at 1,950 on the S&P 500 how concerned should we be that we are closing in on much of Wall Street's price target's for 2014?  See Bespoke here. 

*Long ETFs related to the S&P 500 in client and personal accounts although positions can change at any time.