So we're back to high drama in DC as certain members of both parties feel they are getting insufficient press coverage relative to the hype surrounding the "Breaking Bad" finale.
Here's what we know - The House continues to tie any future funding past Monday to delaying implementation of the Affordable Care Act. The Senate and the White House have said no dice. Thus it sounds like at least some type of government shutdown will occur.
To be fair, despite all of the drama, this is a fairly regular occurrence with 17 shutdowns since 1976. There will be a great deal of angst as these characters stare one another down but ultimately, the impact on the economy and the markets should be muted. Despite all of the hype the likely impact is some minor delays in government reports and some reduction in services, but there is sufficient funding to keep going through October.
We will never miss an interest payment or any of the scarier things that will be tossed around by the talking heads.
However, I think we should take note of what is going on in Europe again. We've sort of let Europe slip from our collective consciousness. Italy's fragile 7 month old government seems to have suffered a severe setback over the weekend as one party resigned en masse. The result is that we have another destabilizing factor to consider in the global markets tomorrow.
Finally, keep in mind that from a technical perspective the S&P 500 is right at it's 50 day moving average. A crack of that level and things could get interesting, especially considering that it is the end of the month and quarter which can cause markets to act unusually.
I half-joked with a friend that someone was going to come up with an AirBnB for pets soon. For those that don't know AirBnB is a website where you rent out your house/condo/apartment to strangers and act as your own hotel operator. Yes, you are right to say "who would do that?" but AirBnB is definitely one of the hottest start-ups founded in the past 4 years.
Well, as if on cue CNBC provides this fluff piece on DogVacay which allows random people to sign up as petsitters for your beloved Fido. This company has already raised $7 million in venture capital financing. As Suzyn Waldman might say "Goodness gracious, of all the dramatic things...."
We all remember pets.com as being the top of the dotcom bubble version 1.0 and I'm always on the lookout for the next warning signal. DogVacay is like a giant flashing warning sign in my opinion.