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Market Outlook For The Week Ahead

Market Outlook for the Week Ahead

This week is the 50-year anniversary of the Doors’ “Light My Fire” hitting the number one position in the pop charts.

I remember the first time I heard this classic rock icon in 1967 like it was yesterday.

I was hitch hiking from my job as a blue berry picker in the fields near The Dalles, Oregon when I was picked up by a 1956 Chevy convertible.

The song came on the radio and the driver said, Hey, it’s Light My Fire,” and turned it up full blast.

There I was driving down Interstate 84 on a warm summer day, the wind blowing through my hair at 70 miles an hour, $8 secure in my pocket from a day of fruit picking, listening to Jim Morrison.

Life was good.

It all made an indelible imprint on my memory.

A few years later I visited Morrison’s grave in Paris.

After the tumultuous performance of the FANG stocks last week, they may need some relighting as well.

Apple (AAPL ) fell $6 in a heartbeat. Facebook (FB) swooned 5% on their earnings report. Amazon (AMZN) gave back an eye-popping $90.

I hate to state the obvious here, but this is all market topping price action on thin volume.

After ignoring Washington all year, traders have finally started paying attention to the freak show that is going on there.

To the shock and amazement of many long-term observers, the health care bill failed in the Senate in a government entirely controlled by a single party.

This has to be one for the history books.

But Arizona’s John McCain hugging California’s Nancy Pelosi on the Senate floor in the wake of his deciding vote? That goes beyond the pale.

Next, dogs and cats will lie down together.

Then the president carried out his long awaited house cleaning, no doubt a prelude of greater things to come.

My friend, Anthony...