kaltbaum midday

And it is only 1230 pm.

 

Market was getting in big big trouble…at a little bit past 11 am, Obama announces republicans are going to cave on raising rates and a deal could get done within a week. Obama also saying he would look at entitlements. Since, dow up 150 points.

 

Lots of news:

 

oils up as FCX buying MMR and PXP.

 

C up as they are firing 11,000 people and will save $1 billion each year…C up through the 50 day. This has helped XLF and IYF through 50 day. Nothing bad will happen to market if FINANCIALS hold…well, for the most part.

 

AAPL down $24 still…hurting NASDAQ/NDX and most growth just not budging. Most of my growth screen in the red with dow up 130. BTW…Russell 200 barely positive.

 

HOUSING still looking like it is rolling over. Strongest names like LEN and RYL almost breaking 50 day.

 

ASIA up strong…look at FXI…they announced they are going to buy up stocks amongst other things…no kidding.

 

Here is the problem…and to be sure…it is a problem…if Boehner comes out and says no deal and Obama is mistaken, market will roll over. Sickening that we have to deal with these people…and that includes Bernanke on a daily basis.