Good morning. It is 26 degrees and overcast here in Upstate NY. We are waiting for that beautiful clear sunny day that often occurs after a strong snowstorm. The logo indicates sun but it's not out yet. We are reading about a massive breakdown within the GOP as the fiscal cliff deal talks stall and are allegedly resuming in a last ditch effort to make something happen before the first of the year. According to Tweety last night, a coalition of a group of less radical Republicans could form a majority with a group of moderate Democrats to pass some fiscal cliff deal in Congress. We shall see. Meanwhile the market tanks on.
At 8:00 a.m. futures are moderately down and the price of oil is slightly higher. The market is poised to open lower.
The most fundamental mover in the stock market right now is the fiscal cliff deal or no deal. I think at this point we expect to see another day of losses. Many of us are wondering how low the market will go if deal is not struck and it's not a cozy feeling.
CNN:
Stocks set to drop as fiscal cliff looms
Stocks have sold off for four straight sessions as hopes for a substantial budget agreement have diminished, and all three indexes are on track to end December in the red.
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