The call for this week: The American public ought to be chanting the mantra from the 1976 hit movie Network, “I’m mad as hell and I’m not going to take it any more” (you can see that Network clip by clicking here:
). And, I don’t care if you are a Democrat, Republican, or Druid, what has been going on inside the D.C. Beltway is a disgrace and hurts “We the people.” On Friday, because of the shenanigans in D.C., the SPX declined from Thursday’s close of 1410.70 into a low of 1384.00. Obviously, that should have “cleaned out” all of the stop-loss orders below the 1390 – 1400 support level. That’s why early this morning the pre-opening futures are up ~5 points to 1390. If there is no deal by today’s close participants should look for a marginal “up” opening followed by attempts to sell stocks off with lower prices due by “the bell.” If there is still no deal by Wednesday, that’s when the downside washout should be complete. Accordingly, Kamikaze trading types may buy partial positions on weakness today looking to fill-out those trading positions on further weakness Wednesday. Investors, however, should be reading their “buy list” because this feels more like a downside crescendo rather than the beginning of a whole new leg to the downside.
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