The market entered the weekend on the perfect storm. The SP500 is near the trading range lows. The market was back near the 200dma. The VIX was up above the bollinger bands. We are at the seasonally strong end of month and beginning of a new month. Plus, there is profound pessimism about the markets and debt ceiling.
Well... Not that the debt ceiling deal solves anything but it will be seen as a positive for now. When the old credit card is maxed out, the new credit card provides the opportunity to keep spending!
We shall see if it holds up over night. And will folks sell the news or is this enough to push the market back up to the top of the trading range?
Sunday, July 31, 2011
Stock Futures up on Debt Ceiling Deal Hopes
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