WASHINGTON, November 26, 2014 – The Maven is trying to hold down the fort at his computer today, hoping against hope to snag a good trade on a bad pre-holiday trading day. Up and down the east coast and elsewhere, the promised nor’easter is dropping rain, snow or whatever, pretty much as predicted, snarling holiday travel for untold thousands.
What with the pre-occupation with tomorrow’s holiday, the continuing, somewhat suspicious slide in oil prices that’s killing stocks in that sector, the persistent idiocy and malice of the outside agitators destroying Ferguson, Missouri, and this morning’s PR blather claiming more Obamacare “success,” it seems that most traders, including the HFTs, are just giving up today and are taking a hike until Monday, even though Black Friday offers stock market shopping for a half a session. As a result, the market ambles about aimlessly.
The Obamacare crappola in particular is a bit much to bear. The administration’s minions at CNBC put up a puff piece on ACA enrollment this morning with a headline claiming a “’Solid’ Obamacare start: More than 1M apply in first week.” Oh, goodie. How far does that get enrollment targets?
At least CNBC’s Dan Mangan has the right answer, more or less: “Now, they just have to sign up another 8.65 million people.” A better question might be: “How many people who sign up will actually send money?”
The fraudulent ACA happy talk continues in the media, hoping to counter the spectacularly bad “Grubergate News” everyone’s been gobbling about. With their usual political effectiveness when it comes to protecting themselves from the truth, administration operatives worked behind the scenes to throttle this ongoing, side splitter of a scandal.
This time, the White House Sultans of Sleaze have somehow coerced the major networks to can stories about Gruber’s inconvenient truth-telling for at least two weeks and put out positive propaganda instead. (Not that they had to try very hard.) Some day, we’ll find out just what they threaten these people with if they don’t comply. An IRS audit?
At any rate, this sums up the sleazy state of today’s politics. The malaise, it seems, aided and abetted by the oil price game and muddied by Ferguson and the holidays, makes for pretty boring and unpredictable trading. Who really cares? There’s nothing substantive to trade on. Resistance is futile.
So we’re going to leave it there, turn off our trading platform, and head out into the sleet to pick up a few more things for Thanksgiving Dinner tomorrow. If you’re reading this, the Maven encourages you to do the same.
We won’t be back until Monday unless something really spectacular happens. Like Joe Biden getting a rational thought.
Happy Thanksgiving to all!