Stocks levitated on light volumes ahead of the ADP report on Thursday and the June jobs report on Friday.
Moody's downgraded Portugal's credit rating around 2 PM NY time, and this took some of the wind out of the market's sails. Nice of them to wait until after the European close to do so. The agencies remain the creatures of Wall Street, and possibly, of US government policy.
This rally is full of air. But try not to get in front of it.
Obama speaks this evening on the efforts of the US to reach a budget agreement that raises revenue in addition to cutting spending before the Treasury exhausts the ability to meet its obligations.
There are those who foolishly desire such a default, as yet another opportunity to loot the real wealth of the nation, and to foment unrest as an occasion to increase their power.
Such is the way to tyranny.
