Govt shutdown and debt ceiling dominate. Stalemate means Obama must put 14th Amendment mandate to court test, but, he thinks we aren't there yet.
Wait about a couple thousand Dow Points. Meantime choppy is the word.
Oct 7 3:00 PM Consumer Credit Aug - $12.0B $11.8B $10.4B -
Oct 8 8:30 AM Trade Balance Aug - -$40.0B -$38.6B -$39.1B -
Oct 8 10:00 AM JOLTS - Job Openings Aug - NA NA 3.689M -
Oct 9 7:00 AM MBA Mortgage Index 10/05 - NA NA -0.4% -
Oct 9 10:00 AM Wholesale Inventories Aug - 0.2% 0.3% 0.1% -
Oct 9 10:30 AM Crude Inventories 10/05 - NA NA 5.472M -
Oct 9 2:00 PM FOMC Minutes 9/18 - - - - -
Oct 10 8:30 AM Initial Claims 10/05 - 315K 318K 308K -
Oct 10 8:30 AM Continuing Claims 9/28 - 2900K 2903K 2925K -
Oct 10 8:30 AM Export Prices ex-ag. Sep - NA NA -0.1% -
Oct 10 8:30 AM Import Prices ex-oil Sep - NA NA -0.2% -
Oct 10 10:30 AM Natural Gas Inventories 10/05 - NA NA 101 bcf -
Oct 10 2:00 PM Treasury Budget Sep - NA NA +$75.180B -
Oct 11 8:30 AM Retail Sales Sep - -0.2% -0.1% 0.2% -
Oct 11 8:30 AM Retail Sales ex-auto Sep - 0.2% 0.2% 0.1% -
Oct 11 8:30 AM PPI Sep - 0.2% 0.2% 0.3% -
Oct 11 8:30 AM Core PPI Sep - 0.1% 0.1% 0.0% -
Oct 11 9:55 AM Mich Sentiment Oct - 73.0 74.5 77.5 -
Oct 11 10:00 AM Business Inventories Aug - 0.2% 0.2% 0.4% -
Suddenly out of left field, literally, we're jellin with Yellen replacing Bernanke. Reflex pop means we drift higher into FOMC notes that recall no taper at all, and then, sell your losers losers and wait for the market to remember budget and debt ceiling quagmires coming on the 17th, to drift over to the end of the month when juggling money becomes impossible. This should all affect PM logically, but why it affects any other equities baffles me, unless you're talking about the Russell 2000 clan--new small business loans at the rate of $93M a day are going fallow. It's a tit on that economic boarhog, but real.
Even tomorrow's iteration of the taper that wasn't might not be enough to jolt these lemmings as they make their way out to sea. What drivel, but, the bulls in Spain may be stupid and mean, but you don't get in their way. You run with them.
Put it this way. Declines of five percent a day, mean you are on your way to zero in a month, twenty trading days. Ugh!