03 October 2013

SP 500 and NDX Futures Daily Charts - No Recovery, No Exit for Now

Twitter says it is going to make its IPO filing public as soon as it can, with some delays possible because of the government shutdown.

It looks as though the Non-Farm Payrolls data will not show up tomorrow. The data that came out the past two days did not show any recovery in employment or business activity.

Volatility ticked up again today as it appears more certain that the current government shutdown may drag into the debt ceiling discussion. I think that Senator Cruz goaded the House Tea Party Republicans into the shutdown without a real plan, and has left them dog paddling in deep waters.

One needs to remember that the reason that there has been no vote on a 'clean resolution' in the House is because the House Leader Boehner is following a rule that says if a majority of your own party does not approve, a bill cannot come to the floor for a vote, even if the combined Democrats and Republicans would pass it in a simple majority.

But this is politics and there is lots of preening and posturing from both sides, but it does bring to mind the old aphorism about not leaping until you look.

Have a pleasant evening.