Sorry for the delay. I think the market is flinching right now. It got sucker punched by the failed House vote on Monday as the expectation was that politics would not get mixed in and it was anticipating that all would be well with the world.
Well it got knocked back into reality and ran scared. The bounce was probably some capitulation into the end of the day. I still think that buyers at those levels got a good entry and might help hold markets up. I'm sure a lot of people wished they bought in at the close that day. But where are they now that they have a second chance? Do they have the same mindset now that their wish was granted? Not to sure about that since a try turn around rally would just keep climbing. Dips should be few and far between. Market shouldn't give buyers the opportunity to get in cheap, market them chase the market.
So the bill is back before the House and its flinching on fear that its going to get another sucker punch, so it's pricing it in now.
A lot of drama on Wall Street again. SEC extends the Shorting ban to a rolling deadline. 3 days after the bill is passed. The heavy hand of government meets the invisible hand of the market. I don't know how much more they can keep doing this before we reach a total distrust of the market.
The Buffet shows he's more powerful that Corporate America by extorting credit card type terms for cash here and now. I bet all those Berkshire investors that bitched about how much cash they had on hand are tight lipped now. I don't think retail investors can over get those types of terms. Wonder what part of Benjamin Graham's school of thought this comes out of?
Going forward. I'm thinking the House updates the Bill with their own pork and votes on it, and then it gets to the President. He still has line item veto power, so it will be interesting to see if he tries to axe anything or just lets it go through. What am I saying, he'll just sign it and try to get his popularity back up to at least double digits. Doesn't want to go out worse than Nixon.
market will bounce on the House vote but my guess is it will be weak and then it realizes what happed all week economically and resumes course.
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