The market started the week off with its fourth-straight Monday loss as the bears were looking to do some damage as the government shutdown rolled on. The 1% pullback continued into Tuesday as the bears doubled down and pushed the major MA’s (Moving Averages) on a 2% haircut.
The bulls battled back on Wednesday to stop the bleeding but Tech and the small-caps lagged, confusing Wall Street even more. We said in our midday update to remain bullish as the market flushed out the weak hands and futures were strong ahead of Thursday’s open. Word that the zombies might start to negotiating sent the indexes to the moon as they recovered 2% of their losses with Tech and the small-caps leading the way.
Friday’s session added more fluff as chatter spread the knuckleheads would reach a deal over the weekend. However, in typical Obama fashion, he rejected 2 proposals over the weekend and appears willing to hold America and Wall Street hostage until he gets everything HE wants. (continued…
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