Good morning. It is 33 degrees and cloudy sunny here in Upstate NY. The sense of Winter creeping in is growing. Thinking through the events of the last few weeks with the GOTea shutdown and debt ceiling hostage taking crap scenario, I believe I know what we can expect in the next year. You have the GOTea at record low levels of approval from the American public and one year to go before the House is up for re-election. What will the GOTea do to right itself. They will double down on their attacks on Obama, after all they have no policies except to remove existing policies, so there's nothing there to promote. The call for the resignation of Sebelius is the first salvo, after all if they are calling for her resignation because a website isn't working properly, what's next - calling for an Obama's high up official resignation because their iPhone isn't working properly...
At 8:40 a.m. ET futures are moderately lower and the price of oil per barrel is down. The market is poised to open lower.
Investors are back to the basics and at this point the basics revolve around third quarter corporate earnings reports and selective economic reports on housing, confidence, etc etc. With a miserable jobs report on Tuesday, investors are happy since this will mean that QE3 will continue and liquidity at a cheap price will remain present. Cheap cash is good.
CNN:
Stocks: Momentum fades with earnings eyed
Asian markets were dragged down by reports that the leading banks in China had tripled the volume of bad loans they wrote off in the first half of the year...
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