Meaningless Monday Market Movement – Waiting on the Election

"Nothing really matters."

That's the tag line from Queen's Bohemian Rhapsody, which is this weekend's hit movie, about a band with an outspoken gay lead singer who was a teenage Indian refugee who was granted the political aslylum that Trump would deny to others.  To this day, a guy who died of Aids has Conservative Republicans stomping their feet and clapping their hands at sporting events around the nation singing "We Will Rock You" and "We are the Champions" to this day.   Life is strange…  

Nothing matters today as the election looms large tomorrow and nothing matters tomorrow as we have a Fed Rate Decision on Tuesday so today is completely pointless so let's just see what's been going on recently that might matter:

We have the Iran Sactions kicking in but there are so many exemptions to it that it's pretty toothless at this point.  Nothetheless, it's certainly pissing Iran off and now Trump's pal Kim Jung Un is also pissed off because the US has not honored their pledge to reduce sanctions on North Korea – who did scale back their nuclearl program ages ago – so why should Iran believe a word Trump says?  US Foreign Policy plans should go further than "kick over hornet's nests."

Will US voters repudiate Trump's policies tomorrow or embrace them?  Sadly, just a day before the election – we still don't know.  Aside from the election, there are many market-moving ballot initiatives around the country.   For example, Colorado voters will decide on increasing the buffer zones around oil and gas development and could eliminate new drilling in more than half the state. Energy producers have put about $40 million into defeating the initiative - more than is spent in many Congressional races.

Electric companies in Arizona and Nevada face potential new requirements to produce more energy from renewable resources such as wind and sola and a separate measure in Nevada will ask voters to approve opening a competitive retail energy market.  In Montana, a ballot measure would require state authorities to deny a permit for any new hardrock mines that would create “perpetual pollution,” while a Washington state initiative to impose the nation’s first fee on carbon dioxide has drawn high-profile support, including from the rock band Pearl Jam…
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