Tuesday, August 2, 2011
Well the deal was passed.. Everyone hates it and Obama signed it.
Now the markets will cheer, eh!
Well, no- the markets responded with this: "A sell-off is erasing all of the year's gains in the stock market. The Standard & Poor's 500 lost 2.6% Tuesday as investors grew increasingly concerned about the economy. The S&P is closing down 33 points to 1,254. The Dow Jones industrial average is down 266, or 2.2%, to 11,867." - AP
Admittedly this was a surprise because we expected a jump today, and we still predict there will be at least 1 strong market day this week as it is the mantra of cockroach investors to "buy on the dip" when prices seem to fall too much too quickly.
It is also comical- the US economy has been terrible for close to 3yrs now and magically the market is suddenly "increasingly concerned"? It couldn't have anything to do with providing political cover and manupulating markets in anticipation of QE3 could it?? Nahhhh~
So today ended up an unexpected surprise..and frankly, a good one.
Posted by Susquehanna at Tuesday, August 02, 2011