Moderate selling was masked in Monday's market, and it's against a clear backdrop of a stretched market, and even month-end pension sales I noted in one video comment, related to clients of Goldman Sachs raising 13 billion.

The strength was provided by a very few stocks like Apple (AAPL) and Amazon (AMZN), as the market buys the Fed's line of eventual slow tapering, along with really the unclear expectation of the COVID vaccines out there now 'really' protecting (the latest reports suggest they may start weakening after 3 months, not 6 or 8, as well as a new FDA 'warning' about the Moderna shot's heart inflammation risk especially for men under 40 (how they delineate that age is mysterious, and a report suggests the FDA didn't want to release even this warning, but a 'leak' to the press made it necessary). The FDA should be more transparent then.

Executive summary:

• I salute all our soldiers and civilians that worked hard to give Afghans 20 years of civility, congratulate the military on effectively running an escape that was poorly planned, and pray for those left behind, but figure funds of Kabul retained at the NY Federal Reserve is the leverage to assist them.

• TINA still prevails (there is no alternative), and that's what holds people in stocks during a seasonally weak time of year, and led by pricey stocks.

• Yields are moving lower yet, which is not a good sign regarding business growth expectations, but may be reflecting perceived Fed dovishness.

• I realize some expect renewed 'disinflation' (which would be bearish) for the rest of the year, however it's not that simple given higher raw material costs, 'costs of goods' almost everywhere, and recent wage increases.

• Remember the 'pitch' that vaccines won't protect against COVID / delta fully but will keep you out of the hospital (?), well that changed to 'maybe'.

• The latest CDC analysis estimates that the ability of the COVID vaccines to keep a person out of the hospital is now between 75% to 95%, and it's even worse for people over 75 they said, protection waning quicker (well that's yet another reason for better vaccines and effective mAb's).

• So, talk about important story not making news priorities with everything else going on...or purposely since they want everyone to be vaccinated, and that's fine (I got both shots, and feel the 2nd), better vax's needed.

• The bond market is figuring out that growth estimates for coming quarters are too high due to COVID / delta, so interestingly these distortions would be alleviated if we had better vaccines and low-dose monoclonals.

• The EU again recommends member nations deny Americans access to Europe, because COVID in the USA has soared to 8 times to maximum as was provided for when the EU had suggested opening up.

• Tourist season is about over everywhere, with schools starting, but now it is the EU move that emphasizes how poorly things are going, there are a few countries that also have high ratios of COVID (to population), this sure isn't over and that's sad, but also emphasizes need for better treatments.

• FDA issued a 'warning for men' regarding the Moderna (MRNA) shot and risk of heart inflammation, it's more frequent than they previously acknowledged and usually appears within one week of the 2nd shot (of the Moderna).

• Japan has halted 2.6 million doses of Moderna vax, after 2 deaths that are tied to 'metallic particles' found in the vaccine vials... discouraging.

• Companies like Sorrento have several promising monoclonal antibodies, 2nd generation vaccines and also antiviral pills, but all are in various trials or still in pre-trial clinical testing, while FDA should speed up not so much approvals, but help expedite the clinical trials.

• One putting pressure on others might be Lilly, which was 're-authorized' to distribute 'bambab', nickname for it's monoclonal antibody that was pulled from testing (because as I was told by an Infectious Disease doc, it didn't work), now it's available along with another as a combo in 20 states but not where delta variant is dominant (a slightly strange FDA EUA).

• For Sorrento (SRNE) itself, the near-term keys (aside sales of Covi-Stix in Mexico which mysteriously is not being reported on) are the NHS 'trial' in the U.K. as well as a similar 'trial' that should already be wrapped-up in Brazil, so many people are understandably frustrated at the lack of visible results.

• Hurricane Ida has damaged lots of offshore and especially pipelines, at the same time it appears aside power loss, most refineries were spared.

• Oil prices are firm but not soaring as a result, and should stay firm clearly provided Washington doesn't pressure the OPEC meeting Wednesday to increase production by more than the 400,000 bpd they already planned (OIL, USO).

• Global demand is down and Pres. Biden should support to erode the U.S. energy industry which worked for years to gain 'energy independence', so there's no reason to be sending more money to the Saudis or others.

• The storm itself is and will cause flooding through the Ohio River Valley, and then move toward Washington DC and New York say Thursday.

• Qatar is being asked to operate Kabul Airport, and Turkey refuses unless the Turkish Army is allowed to fully provide security at the airport, that's of course why Sec'y. of State Blinken mentioned both 'for their assistance'.

• Either one of those operators would make it easier for those authorized or permitted by Taliban to get to the Airport to actually leave after we do.

• Again congratulate the U.S. Army & Air Force for evacuating 123,000 or so people during the 18 day mission, especially since they were stressed by being compelled to do it in a confined single-runway airport situation, in this case the execution was done well by the troops, while the overall execution plan was a significant devolution from what was intended.

• U.S. Forces completed pulling-out in-line with President Biden's policies that did differentiate from President Trump's Doha Agreement in several key ways, we won't explore that but the key was staying at Bagram and of course providing air support, which was pulled before Afghan collapsed.

• One late ATC (Air Traffic Control) report says 'no personnel are operating ATC nor the tower', that's because the USAF took over the ATC from the Turks that manned it previously, so that means we're gone from Kabul.

• The last USAF C-17 has departed with the Ambassador aboard.

Hurricane Ida damage is the biggest domestic story today, while a hurricane (Nora and I know, the name sequence is odd) that brushed Puerto Vallarta in Mexico now headed North in the Pacific doesn't even make the news (horrible damage and flooding and it was only a Cat 1). The power outage is extremely wide in Louisiana, particularly due to 8 of 8 transmission lines (not the towers) down (all served New Orleans, which hence has no power).

All this is overshadowed this evening by 'Escape from Kabul', last plane out. It was interesting that the scheduled 'seamless' handoff from DoD to the State Dept. press briefings did not happen quickly, which suggested last minute or other snags/changes. Afghanistan itself is already in a civil war, probably a 3 way war, involving former Afghan Army personnel who went North or South, to join resistance which has been classic for many decades against the rabble tribesmen, known as Taliban. And also factions within Taliban and Isis K, that have been fighting for some time. Now we get to that phase where I casually suggested let's go, and let these guys shoot at each other. Well now they will.

What will linger is going to be the question of extracting remaining Americans or allies that wanted to get out of Kabul, but were unable when we arbitrarily closed the gates this morning in Kabul. Presumably Turks or Qataries take it over (ATC and flight ground operations), and commercial traffic resumes. It's pretty clear Taliban wants operations, but don't have competency to run it.