Thinking logically- we are assured of 1.2T in tax cuts9would have preferred if it was a compromise) and we had 0.9T already that is 2.1 T in cuts- and if the bush era tax cuts are not renewed- that would be another 2T to the defcit- so we actually have a 4t tax/spending cuts!
I know the process sucks- but the market should not be concerned about that- I suspect the market is oversold and we may recover quite a lot of the losses. Coming to PCLn- a $70 depletion is way over done.I am expecting a 50% "claw back- by thanks gving just something to think about!
The Big Deal is both S&P and Moody's have come out and said the ratings will not be affected-if even one of them talked about a downgrade- this market would have stumbled badly- I expect an up day tomorrow!
You rolling some fattys over there. I would be hard pressed to see 70pts back and 35 would be a stretch. The shorts are burned out the volume is low and there is not alot of buying interest. When they had the sell off last week, the bounce was non existant and PCLN fell 15 pts on the day. Markets like these can be a very tough party because they are not aboit individual stock performance or projections, its about politics (although your point is well taken on the BUSH tax cuts) and the idea that the Euro could be broken up and the currency changed. I think the economy and the numbers are improving but that is not helping here. Its too bad because there are alot of retailers that have been severly punsihed w/o reason and have cost many traders a fortune. This market reminds me of 2001 and that was very bad, much worse than 08'.