BEFORE THE OPEN

We just arrived in Dublin, Ireland. As we were on the train, we got the news. The deadliest mass shooting in U.S. history had occurred in Las Vegas. The recent highest number was right down the block from my office in Orlando. Last week, my wife and I toured Manchester, England and went to the arena where someone else struck. I am like you. Stunned. I am like you. Shaken.

I have been saying for years how amazing there are not more soft target hits in the U.S. which tells us how good our intelligence is. But in such a great and free society, there is no way every one of these pricks can be stopped. Our prayers go out to all. We know now many lives have changed. We know that things will never be the same for them. We know Vegas may never be the same.

We will forgo our weekend market talk today. It does not seem important. We’ll just say after last Monday’s ugly, the action into the end of the week was strong with leading semis breaking out and beta, which got hit hard last Monday, back on the move. Financials, which were weak, are also setting up well off of higher long rates.

Again, our sincere and solemn prayers go out to all.