The market traded lower to start the week after zombie talks broke down and no deal was reached to reopen the government or raise the debt ceiling over the weekend but the bulls ended their Monday curse by holding support and getting the win. Tech and the small-caps reached fresh 52-week highs but the DC drama played out during Tuesday’s session as the indexes finished lower and back below support.
Futures were showing a higher open for Wednesday as the overseas markets traded and had improved ahead of Wall Street’s open as word spread the zombies were once again close to a deal. The bulls were betting on a backdoor handshake as they pushed resistance out of the gate and cleared it once the talking heads reported the zombies had come to an agreement. Although the market finished off its highs, the majority of the gains held as a bill was expected to be signed ahead of Thursday’s open.
For the traders and short sellers expecting a sell-the-news event, they were certainly disappointed following the signature from Obama to reopen the government and raise the debt ceiling. The Dow finished lower by 2 points but the other major indexes gained 0.7%, on average to set new 52-week and all-time highs. Friday’s session was icing on the cake as the bull train left the station and continued chugging higher. (continued…)
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