once again if you were watching the market it rose triple digit on debt deal and fell when SMI report came out. GEE!
It would be different if it was really massive spending cuts, it was massive borrowing cuts which does nothing but create bubbles!
Come on guys, the market is not dumb. The debt deal is a joke. A country that is running a trillion dollar deficit year after year will now cut 2 trillion in spending over ten years? That's less than 200 billion a year in spending cuts. The market says: Big wow.
The market was more concern with credit rating, than debt, I believe. The cuts are small in comparison I agree, but to big of a cut will stall economy more and I think it will take many years gradually in cuts and waste removable, everything would work out as long as the cuts don't get rid of tax paying jobs.
and china possibly slow due to interest rate hikes
and job growth slow in usa
and europe defaulting
and spending down
and income growth down
and ISM numbers bad
and gdp revised down
and july jobs numbers probably horrible come friday.
Ok have we missed anything that has discounted the market? anyone?
We may get a better day today - this lower looking open will probably set us up for a higher close today.
Buying the lows of the day then flipping has been the only way to trade this market lately...lots of new lows and little upside means finding bottom is tough = just buy CAT at $98-99 then flip it at $100-101 until this starts to improve.
getting rid of the balance budget amendment ensured we didnt go back to the 1700s.
Or do you want everything shut down every year for a month (like my state (and all states) that have balanced budget amendments)?
Even if we have a surplus those clowns will argue and the economy will never go anywhere