The market traded in a tight range on Friday and has followed the same pattern today ahead of this week’s big earnings announcements. The bears controlled much of the action in the first half of trading but the bulls are making an effort to push higher ground.
Economic news has been light but we did have some headlines from the head zombie who is closing out his first term as President. He continues to say that for 2 years he has been trying to stabilize the debt and said America will have a good year if Washington doesn’t get in the way. Obama said the ultimate goal would trim $4 trillion off the deficit and he said Americans agree with him. He went on to say everyone needs to pull their weight and how the rich needed to pay more. We heard the millionaire, billionaire rhetoric again how the Republicans can’t have it all and that they need to raise the debt ceiling.
We won’t bore you with the rest of the details on what he said could happen if the U.S. doesn’t pay its bills but the month of March could be explosive depending how this circus plays out. It seems like both sides are drawing a line in the sand and things are going to get ugly. (continued…)