The public always had a healthy dose of skepticism about the June 12th summit...and today we know why. After another round of saber-rattling from North Korea that actually mentioned the possibility of a “nuclear-to-nuclear showdown”, President Trump decided that this might not be the best time to sit down with Kim Jong Un. He did leave open the possibility of talks sometime in the future. The market dropped after the announcement but came well off the lows by the closing bell. The NASDAQ momentarily made it all the way back to the positive side and finished lower by only 0.02% to 7424.4. The S&P was off by 0.20% to 2727.8 and the Dow came all the way back from a nearly 300-point deficit to slip by only 0.30% (or about 75 points) to 24811.8. The Russell 2000 managed a 0.04% gain to 1628.2. Like the rest of the country, the market never had much (any?) confidence that the meeting would take place. And even if it did, denuclearization of North Korea seemed like an unrealistic outcome. It really wasn’t a surprise to see the market recover after the initial reaction to this predictable cancellation, especially since its still reveling in the dovish Fed minutes from Wednesday. However, the trade negotiations with China are much more important to stocks and have many wondering how the scrapped summit could impact those talks and the possibility of a trade war. Stay tuned... For now though, U.S. stocks are preparing for a three-day weekend and the unofficial start of summer. We’re already seeing low volume that’s expected to continue as the season’s “doldrums” begin. We saw some of that in the portfolios today. The editors had been pretty active this week, but the only move on Thursday was a double-digit sell in Insider Trader. Learn more below: Today's Portfolio Highlights: Insider Trader: One of the big stories yesterday was jewelry staple Tiffany (TIF), which soared double digits after a strong quarterly report that included a 35% positive earnings surprise and a raised outlook. But Tracey doesn’t want to get too greedy, especially with the market’s summer slump about to begin. She sold the stock on Thursday for a profit of approximately 22%. Counterstrike: "The North Korea news is a joke and has no bearing on U.S. stocks. And I think the algos that lost money selling today will be programmed to not sell that news next time. If you are like me and upset because you got stopped out of good positions, I feel your pain. This is just the game we play and we have to accept this when it happens and move on. "When I talk about headlines, today is a perfect example of how they can derail the market. With Trump in office we get one every other day, so you really have to be aware of the potential of news to screw up your positions. "Tomorrow will be a slow day. I won't have any trades and would recommend minimal eyes on the market as it could be boring." -- Jeremy Mullin Momentum Trader: "The market had a rough time getting out of bed this morning as investors didn’t stomach the North Korea news well. President Trump canceled the upcoming summit, citing North Korean aggression as the reason. That was enough to push the market down straight after the open. We bottomed out mid-morning and managed to find a positive trend for the rest of the day. "The last two weeks of trading action has been centered around 2,700 for the S&P 500 and the 24,000 handle for the Dow. Today’s intraday selling took out the weekly lows but a strong close helped prevent the bears from getting a big win. After the Dow finally broke through its 50-day moving average, out of that No Man’s Land, I thought we would be in the clear. That hasn’t been the case as the market has gone sideways for the last two weeks. "We’re going to need to find some sort of macro event that will push the market out of this funk. The retracements to the 200-day which were met with buying tells me that stocks are still in demand. Then perhaps this latest action is just the calm before the storm. With earnings season pretty much behind us, I was expecting a low, slow accumulation to the upside. That still may be happening here as the down days have been very mild." -- Dave Bartosiak, who also heads the Surprise Trader and Blockchain Innovators. Dow Jones Industrial Average Have a Good Evening, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. 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