3 Ring Circus Hurts Stocks
Zacks 3AM 9/25
After a brief dip under 1700 on Tuesday morning stocks showed some resolve bouncing all the way to 1707. The good times wouldn't last as stocks ended in the red for the fourth session in a row. Plus it's the first close under 1700 in a week.
The sour mood is not about the economic data. Consumer Confidence yesterday was one of the highest readings in years. And the weekly Redbook retail sales report showed healthy +3.6% year over year gains. That is well above the norm the past two years.
Once again the problem lies with Washington's Three Ring Circus; Continuing Resolution, Debt Limit and Obamacare. The unclear outcome to these issues is putting a damper on stocks with a likely trip to the 50 day moving average on the way. That is only 1% below current le vels and should provide another nice spot to buy top ranked stocks for when the bull market resumes.
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发表于 2013-9-25 07:58 AM
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