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Stock Market, Congress, and Debt default

SPX touched 200 day moving average for a short time and got pulled up nicely. The market is behaving nicely so far. Its not going to go up under the political clouds hanging in Washington. This is a first time event, first time calamity and a self created Financial Armageddon as the President puts it. But the markets know these shenanigans and are very calm.

As there are no buyers, sellers and  shorts are having a picnic in the park. The are jumping on well known names and taking them to cleaners, however some leaders are not under their control and they bounce back blowing these shorts into severe losses.PCLN, NFLX, DECK all managed to defy shorts. But that does not mean one should go out try his luck. There is no reason to do so.

This kind of pull back is a great opportunity to build your wish list and check it again and again. When there is misery there is opportunity, if you dont mind my putting it bluntly. This kind of trip to the South of 200 day moving average is a cool event, cause its artificial, man made or shall we say Congress made ? We love to see our Congress members bickering with each others and lowering the stock market so we can pile in on some good entries. Isn’t this show casing grand ? I thought President Obama was a great showman, but the Republicans have side lined him in this fray, too bad we don’t see much of him anymore.

Lets see how members of Congress get it right over the weekend.  They will have to work hard at it. They can order pizza and lunches delivered or eat out in the cafeteria. They have nice food in the Congress chambers- not your standard variety foot long subway sandwich menu !

Aug 2nd will be here soon and lets see if the markets crash or not. We are just going to take a spectator seat and watch the show on TV. It may not happen at all the debt threat can be a total no show like the Y2K. There is too much built into it so it can just fizzle out and die.

I am of the opinion this is just posturing and grand standing and blowing steam and a chance to get on the TV and get some votes. These people in Congress are not that recklessly stupid as they seem to project themselves sometimes. They just love the cameras and attention and the whole financial world watching them and clawing on their computer keyboards. They do put up a good show don’t they ? Lets see if they can deliver.

{ 11 comments… read them below or add one }

HealthyVegan July 29, 2011 at 1:59 pm

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Nick July 29, 2011 at 2:01 pm

Remember this is a partisan blockade its not the turn of events .

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