As expected, all the major indices are deeply in the red.  The markets are close to sessions low and major averages are negative for the year.  Of course, comments from Jim Paulsen, Chief Investment Officer at Wells Capital Management that the market is going to retest or break below the August lows is not helping the bulls.

Global worries once again seem to be taking center stage as oil has given back most of its gains from yesterday and the dollar is strong against most major currencies.  Ping Pong anyone?

Biotech and big pharma continue to get hammered today.  Perhaps, they need a pill from one of the specialty pharmaceutical companies that Hillary Clinton is out to get.   Let’s hope it’s not a poison pill.  Ms. Clinton unveils her plan today in Des Moines, Iowa at a town hall event.

Highlights of Clinton’s plan include companies spending more money on Research and Development and less on marketing, reducing the time it takes for a generic version of a drug to come to market, allowing Americans to purchase drugs from abroad, allowing Medicare to negotiate pricing with drug companies, and capping what insurers can charge individuals with chronic or serious health issues.  Seems much of the selling pressure in this space is overdone and that there are, and will be, amazing buying opportunities.

Shareholders of Bank of America cast their vote and rejected the plan to split Brian Moynihan’s Chairman and CEO position.   Not everyone agrees that this is a win for shareholders.

China’s President Xi Jinping has landed in Seattle for his first official visit to the U.S.  He will miss Pan Pan’s, the world’s oldest known Panda, 30 birthday party.  Numerous topics await President Xi Jinping including cybersecurity-espionage, the devaluation of its currency and the economy. Wonder what he thinks of his country's GDP estimate being reduced to a 6 handle, far drop from the days of 9 plus?

And last but not least, Pope Francis lands today at Andrews Air Force base for his 6 day trip to the US where he will meet with the President, deliver a speech to Congress, travel to Manhattan to speak to the United Nations, along with multiple stops and then head to Philadelphia.

 We are going to hold off and keep our powder dry.