The cat-and-mouse, dog-and-pony show kicked into high gear last week as the government officially shut down for the first time in 17 years, The war of words between the zombies weighed on the market throughout the week with the recent trading range getting “stretched”. The bears did some damage as they tested another wave of support but like we mentioned last week, the small-caps and Tech were showing strength and managed to trigger new highs.
The Dow and S&P finished the week lower while the Nasdaq and Russell 2000 posted gains. This will be the last week for the zombies to jockey for position because the following week will become a came of chicken and cheeks if there is no resolution to the government debacle. With 3Q earnings starting up, delayed economic reports, and hurricane season approaching, not to mention it is October, there will be plenty of “other” news to follow to take away from the circus in DC. (continued…)
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