PRE MARKET

Another day…no tax reform…no healthcare reform but:

Today…$1.7 billion will be added to our debt.

Today…$1.2 billion of taxpayer dollars will be spent just on interest payments on the debt.

But don’t worried. Markets say everything is fine.

Futures actually down a wee bit. Just in the near term, everything looks overbought since the July 7 low in beta. A few blow-ups but decent reactions on a bunch of stuff. Lots more earnings to come.

OILS…tried…good action to try and break downtrend on Wednesday but as of this second, tucking its head in like a frightened turtle.

CHIPOTLE…see Murphy’s law.

SEMIS- Wow…”U”-shaped move.  Needs to settle down in here. MXIM and SWKS gapping down a bit this morning. May do the trick.

DAX- Watch German Dax…if there is any fly in ointment of indices around globe, it is this one.

All we keep hearing is about how earnings have been fabulous. We have news for you. They have been decent…not fabulous. And often, it is all factored in.

IBM…the numbers underneath the surface worse than reported numbers.

The KNICKS still suck.