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Morning Market Briefing – Friday- 10/04/2013

On Thursday, the Dow finished at 14996.48 (-136.66), the Nasdaq at 3774.33 (-40.68), and the S&P at 1678.66 (-15.21). The market sold off (on relative low volume) as the government shutdown continued for the third day without any indication of a possible near term resolution.  If it wasn’t for The New York Times rumor de jour and the Bernanke Put, who knows where today’s market would be.  The Times claimed Speaker of the House John Boehner informed Republicans that he would not allow a default to take place.

The biggest event yesterday was the breaking news of shots fired near the U.S. Capitol.  The scare caused a 30-minute lockdown of the Capitol building, and the suspect was reported dead on the scene.  The media was all over the story reporting all kinds of non-factual assumptions from unreliable sources.   When what had happened was understood, they stopped reporting.  Apparently, Washington’s finest executed an unarmed mother in from of her child.  The police did all the shooting.  No doubt the officers involved will be given extended pay vacations followed by swift promotions upon returning to desk job.

One thing we have learned in the last 5 years is the economy and equity fundamentals no longer play the primary role in equity evaluation.  Therefore, we won’t bother to report the weekly initial claims, ISM Non-Manufacturing Index, or any other daily economic sensor.

Today, Feel Good Friday, the market is pointed at a stronger open.  The market makers and investment bankers cannot possibly naked short the markets ahead of a hookers and crack weekend.  One can only assume that an agreement will be make public over the weekend that ends the government shut down.

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