Longs bought weekly pivot. Classic buy the pullback trade. I am not sure how long this lasts. No debt deal in US weighs on equities I say. We wait, and wait, and wait...
My first impression is to sell the test of 1350 SPX cash. But at the same time if the deal is reached, that trade would be nullified. Trail your stops and let the scaleouts take care of the rest. If you got a runner, let it ride. You just never know...
UPDATE
LOL, I take my fingers off the keyboard, Boehner goes on TV and says "the ball is in the President's court". Since neither Boehner nor Obama play tennis, I imagine the only game Boehner can be referring to is basketball. Last time I checked NBA was heading into protracted lockout, and I can hardly imagine Boehner wanting to play basketball, with his height disadvantage. What Boehner should have said is "it's Tee Time, Mr. President". The two should play another round of golf (they just played a game not long ago, if memory serves me correctly) and whoever wins gets to decide what deal it will be. C'mon boys, entire world would be watching. Forget about Tiger!! This would be the most televised event of human history, and Mr. Obama loves to be on TV. Let's do it like in old times - DUEL.
Update on Update
Rumor of the deal is pushing SPX to the high. Did they play the game already? That was fast, must be a short course. Anyway, rush, rush to the deadline, better be a comprehensive approach and good cuts with broad deficit reductions. Or else... Debt rating agencies are in a downgrade mood lately, no matter what side of the pond...
I do not like rumors, stay tuned and believe NOBODY but yourself...
Yet Another Update
Has been a "newsy" day from the get-go. Headlines rolling across the wires that no deal on US debt should be expected until next week. Risk Off Friday?? I bet, but I have my own views tucked away, and will listen to Mr. Market...
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