Market priced in the failure of super committee today. Rest of week will be a slew of GDP, PMI, and FOMC releases. Should be good news. Europe seems on a leash for the rest of week as more discussions of reforms will take place.
Stocks were too good to pass up today after the bottom out of the market. Jumped out of shorts and road some longs up. It's a bargain at these prices. Good time to buy now and sell in a week or two when they regain 20%+. Year end rally will still happen, Santa never forgets about Wall Street
Deficit deal not passing today was not as big a problem as media made it out to be. Debt to GDP ratio forecasted for 90% in next couple years, so deficit cuts of $1.2 trillion would have been useless anyways when implemented in 2013. This was just show, folks. Campaign politics fodder. What we really need in 2013 is anywhere from $4-5 trillion in budget rebalance. Spending cuts won't save us. Tax increase is needed. Both parties knew this. Media over hyped, but hey, good deals came out today
New Trading ranges: 1180-1220.
Support levels: 1187 (next one down, if we decline tomorrow).
Lowest level: 1165. Doubt we will hit here though.
Most likely a rally up back to 1220 to see what happens in Europe.