Forever warm and sill to be enjoyed
Forever panting and forever young
All breathing human passion far above
That leaves a heart high-sorrowful and cloyed
A burning forehead and a parching tongue

Ode on a Grecian Urn
-John Keats

My passion is the lack of passion of President Obama. Initially, what the world saw, as a cool demeanor and a no-drama-Obama were actions masked by an indecisive man of little conviction. I watched as he allowed the nation to move further apart, never speaking up for political opponents like the Tea Party, who were labeled derogatory names; names Blacks have fought against for a few hundred years. Speaking of which, our commander-in-chief has been firm about not being the ‘Black President,’ although his mission is to help young black boys when he leaves office. Of course, Hispanics are beside themselves over immigration. I am not a fan of executive orders, but I like when people believe in something, even more, I like when people fight for what they believe in. Obama demonstrates the kind of professional aloofness normally reserved for the son of the boss.

So, tonight we are supposed to be energized by a speech to fight ISIS that will come with a ton of caveats and strings attached. With only a couple years left in office, it is time for the president to think about leaving a ‘legacy.’ It could begin tomorrow night with conviction, beyond that cool exterior; admitting he was wrong in the past, and to   treat this matter with the kind of passion it deserves and America demands.

The Market

Although there was not an Apple computer-like hoopla or anticipation, the S&P 500 entered yesterday on the cusp of matching a streak not seen in years. Not moving up or down at 0.50%, 15 sessions in a row.  As it turns out, maybe the Apple deal was the pivotal factor in the market's slipping back to have similar days that were not seen in a couple of weeks. The big event had all the pomp and just about all the stuff that everyone whispered about, but after spending most of the session higher, the stock finished the day in the red. Let's face it: there was excitement, but not any passion.

A few knuckleheads got in line at various locations, many for as their own personal publicists for being interviewed yesterday beat hiring a publicist to get on TV. Some spoke of having a startup website or creating an app with no money. Inside a white tent, U2 rocked the house, but investors still did not find what they were looking for, but that was the setup.

So, did Apple live up to the hype?

• iPhone
• Watch
• Wallet

It has been three years, and Tim Cook finally unveiled new products under his watch. Moreover, he had a chance to invoke Jobs’ classic line ‘One more thing,’ but it remains to be seen how the public will react when these products are available. Tech experts (universally) called the event a success, but they are bias. I am not saying it was a failure, but it was not enough to keep the stock higher through the close.

The same could be said for the broad market. There was just not enough to keep it moving north as the market failed to find what it is looking for. We closed a couple of positions yesterday, raised a little cash, but not from panic, or as an indictment of the rally. The months of September and October have been tough historically and I wanted to have a little extra cash while preserving big gains.

Today’s Session

I think Apple will be a good proxy for the market. The stock is looking slightly lower at the start of trading as it is dealing with one of Wall Street’s oldest axioms: sell the news buy the hype/rumor.  Moreover, the stock hit a perfect double top, one of the easiest chart formations to decipher and still one of the best predictors of short-term movement. Double tops are sell signals. In the grand scheme of things, the fundamentals will dictate where the stock goes and where the market goes. On that note, I’m scratching my head on the latest mortgage applications numbers, we’ll have an update on the Afternoon note. As for Apple, a lot of details are missing, but the broad strokes are positive.