Friday, July 29, 2011
Intraday Upside Seen
That seems like the upside for the day session. I think we've seen the highs for the day. There is that dirty word again: hope. Traders are hoping for a deal and hoping that there is end of month tape painting. I am not expecting a giant short squeeze in the 2nd half of the day, because I just don't think many are short. Also don't expect a collapse like yesterday after a strong first half of the day. We should consolidate this move up off the morning bottom, and then have a weak close.
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6 comments:
Sounds like you think a deal won't get done by Mon morning?
I do and placed my bet this morning.
No, I do think we will get a deal done but as for today's trading, we're already at yesterday's closing levels, I find it hard to see much upside from current levels ahead of a weekend of uncertainty.
Tea party republicans were obstinant on the boner plan until they realized today that Republicans would move to a Reid compromise. The Boner plan is still on the table in the house now. If this passes the house, which is strong liklihood now.. this delays everything because it will have to be voted down in the Senate before they can even begin on a compromise.
The debt ceiling debate and a possible downgrade doesn't bother me as much as the economy slowing.
I think the move lower, on the debt ceiling has been exaggerated.
We most certainly will bounce nicely for 1-2 days.
I was hoping to see the markets make new highs in the second half of the year on improving economy and lower unemployment.
This does not seem to be happening.
It might take place in 2012.
I think the markets are going to need some help from the fed if it wants to rally this fall.
You're right, economy slowing is a much more important issue. The debt ceiling and potential downgrades are a sideshow getting all the attention. The market has a short attention span, this will all be forgotten in a couple of weeks.
they will spin it as soft patch on debt uncertainty and japan. when a huge upside payroll arrives, cfo's press the on button. soros refers to this as reflexivity. the tail wags the dog now.
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