Oct1-5 Eco Calendar: Debates, De Oil, De FOMC, 2nd QTR Rept's, Europa......Overwhelming
I think we had some pretty terrific auto numbers today, I can't figure out what the market is doing at all except floundering. I guess folks are all waiting for the new messiah to be anointed 9-1030 EST but frankly, unless Mitt Robme has a plan with specificity--as simple as rounding up the corporate troops at nosebleed level, something he can boast he can do better than Obummer and even tip his hand at it--we got to see something positive.
Repeating the mantra of Reagan however is not going to cut it, Reagan had 70% marginal tax rates, and Volcker's 15% overnight rates, so where else but down could he go? We have corporations at zero tax with no "negative incentive" to hire--they just park profits and capital in the stock market and wheee.
Well the whee may be coming to an abrupt halt. They may start pulling those big bucks out of the market and go do something with them.
I just hope they don't collapse the market in some kind of self fulfilling exit.