We are reaching the apex of worry about the debt ceiling. The process to raise the debt ceiling is taking longer than many expected. The fear mongering is getting extreme even though there is no crisis. There is no financial dislocation and comparing this to 2008 is asinine. I don't know what time today we'll bottom, whether its the open, close, middle of the day. If we do bottom today, will we call it the Raging Boehner bottom? I am leaning towards a weak first couple of hours. Afterward, I'll have to see the price action.
Purchases of stock today will be rewarded in the coming weeks, downgrade or no downgrade. But I don't think we'll V bottom like we did off of 1292 like last week. Feels like we'll need to shake the tree a bit with a U bottom starting today and lasting much of next week.
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What are your favorite sectors?
Should energy top last? Holding above last weeks lows here. So are finnies. Industrials are weakest.
I like the high beta sectors not including financials, so industrials, energy, and tech.
1064
The level before QE2.
Will there be QE3?
The fed can't just sit on the sidelines.
Congress is divided 3 ways. Good luck.
It will get done. I'm a buyer today.
Again today just after the open was another nice end of the month opportunity to sell volatility, particularly in TNA.
No guarantees given the way the markets are heavily influences by news flow at the moment.
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