Friday, July 29, 2011

Thursday 07/29: Another win for the bears.

Early on in the day, the market recovered nicely from the previous day. Almost halfway into the session, the bears took control and (except for Nasdaq) we ended at new lows. A very bearish signal, and as I write this, futures are down even more.

Gold, silver, oil, they all came down with the overall market, but only moderate losses here.

In the meantime, most are waiting for more news concerning the debt ceiling while the Republicans delayed the vote which supposed to take place last night. If Boehner doesn't get enough support from his own side, Democrats will probably have their way.

Whatever the outcome will be, it never should have come to this. You can't solve debt by raising the debt limit, that only makes things worse (simple stuff, no?) It took 'them' a damn long time to get that thru their thick skulls... But what will they do about it?

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