Months ago I called Dec 31st as the date the Yahoos would wait until someone blinked, and here we are, with no one blinking. I guess Congress couldn't care lass about the FC issues, the markets tanking, recession deepening(hey, they say the recession is over...they don't live where I do) and party politics prevail.
We need another revolution in this country, starting with Congress....;-(
I bought a couple hundred SPY puts today after the "deal reached" with McConnell announcement. The put prices price really dropped on the false hope. The deal won't get past the House of Representatives I hope.
It is always interesting how traders on DBEX will pay, for example on BMY, .42(today's gain), to get .35(div) as I see a better entry @ 31+ in a week. Oh well, Its what makes the div run the div run...;-)
Happy New Year!
Just wait. The GOP wants to delay for 3 months, the Democrats a year. If that happens you can bet the US gets another credit rating cut. The SS holiday is over, 2% more out of most paychecks, 150 billion out of the hands of consumers.
Remember a comment Obama made during the campaign concerning the wealthy. He had said the wealthy should be paying a minimum of 30% of their income. Going over the cliff is going to create an ubernightmare for the GOP as that comment becomes an attempted reality.
Still a lot of short positions out there yet to be covered.
The GOP are digging their graves...their end is nigh as there will be so much ill feeling as a result of their stance. Their position here has reveled where they stand and who they are protecting. Even the American people can see through where their alliance lie. I am a Republican and have been one for 6 decades and it is very sad for me to see where they have gone.
Sentiment: Strong Buy
I think the Repubs believe they will have more leverage at the debt ceiling, and they may wait until then. Not really a prediction, just a possibility as it is hard to predict much of anything right now. Let's just say I am still happy that I sold all of my MTGE.
my script, written right after the election, has them waiting untill after we "go over". at that point, we get a reset that allows them to "cut" selected taxes and "increase" selected spending.
see you at the bottom.
Chin Up Doc!
BMY just had some "good news", and, it goes ex 01/02 for .35.
I don't think BMY would be a bad place to hide out until its NEXT ex-runup,
if one would be so concerned about the market as a whole.
Worry and fear.
It's all about worry and fear.
Where to hide your money,
in the grand scheme of things,
is not such a bad thing.
So cheer up. :)