Wednesday, May 18, 2011 9:23 am EDT
S&P 500: 1328.95
Nasdaq Comp.: 2783.21
Russell 2000: 820.36
My position on the U.S. stock market and economy is unchanged. I still believe this market is hostage to the Congressional hassle about increasing the nation’s debt limit. Normally this is not done with all this debate, but concerns for the nation’s rising national debt has precipitated the need for action.
Solutions are difficult to reach, as evidenced by Oklahoma’s Tom Coburn ( R ) withdrawal from the “Gang of Six” a bipartisan group that has been working toward an agreement.
This issue will dominate headlines more and more as the August 2 drop dead deadline approaches for a decision to raise the debt limit, something that has been done more than 60 times in the last 50 years.
Today: Near-term overhead supply is DJIA 12,550 (S&P500: 1338).
While my projected support at DJIA 12,370 ( S&P 500: 1320) held yesterday, it is not cast in stone.
Note: I am on vacation but will post when possible.
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