Friday is moving day.
The Fearsome Foursome of U.S. stock indices all closed below their 200-day moving average today. The President is due to speak tomorrow at 1 PM and Speaker Boehner rumored press conference at 11 AM.
Boehner warned Thursday that higher tax rates couldn’t win House approval. But in an interview with ABC “World News” anchor Diane Sawyer, he said, “I’m the most reasonable, responsible person here in Washington. The president knows it. He knows that he and I can work together. The election’s over. Now it’s time to get to work.”
Let’s go, trusted leaders, get it done.
Though we think stocks are headed lower, it is still difficult to game the markets when politics are in the driver seat. One positive statement tomorrow and shorts get a new facial with a wicked schnapper. If the President and Speaker dig in, it’s Tom Petty time. Place your bets.
(click here if charts are not observable)