kaltbaum midday
Headline that Speaker Boehner says meeting with the President was ‘constructive’
That’s the news that just came out. The DOW immediately rallied 80 points So instead of the market waiting on the fed, the market now waits on a “solution” to the fiscall “stiff!” Just keep in mind, there isnt any solution as all that will happen is taxes will go up and they will lie about spending cuts. Market was and is overdue to bounce…but when in no man’s land, you never know from where and when a bounce will come. One may be at hand. Keep in mind, in bear phases, bounces serve one purpose…to relieve oversold, stretched and extended conditions…until sellers show up again. Also…so far, bounces have lasted hours…not even days…which is the worst of all worlds for the bulls. Will have a bigger report over the weekend.