By my count, the S&P is good for about seventeen handles to the downside on Harry Reid’s last two cliff comments. I lost count on what Boehner has done to the tape, but it’s never good. Both sides are on my last nerve. Harry spoke again today just as the tape (technically) looked like it was about to rip, but then we dove a quick seven or eight $SPX points. It is SO HARD to get in front of this market, and as I tell myself ad nauseum on a daily basis now, “take the trade when it’s in your lap, because a politician will probably take it away from you in a hurry”. We did manage a little rally back at around 3:30, but closed about six points off the highs.
We won’t know where the bottle will stop yet. I could argue for a good outcome or a disaster, no one knows, not even the politicians at this point. They continue to play liars poker at our expense. It will be over soon, so hang in there.
Bottom line, its a traders market and there are phenomenal set ups just about everywhere.
Here are some exits that my subscribers saw this week, time held was 2 days to two weeks.
Come by and take a FREE TRIAL