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Today's price action formed a huge gap that will likely be filled at some point.
My guess is we close strong today toward the highs, trade up tomorrow morning and close tomorrow lower - starting the reaction to fill the gap at the low 1420's.
Think a lot really depends on the Pubs reaction to OVomit's claim that he has the authority to unilaterally raise the debt limit via Executive Order. If that's the case, then the sky is the limit ... gap or no gap.
I doubt that the legality of his contention is valid. That action would trump the House of Reps Power of the Purse - which would seem to be a fairly well established principle in American government.
Think the key question is still - Are these clowns in Congress actually working together to destroy the American middle class ? Are the party line positions simply for show to keep public opinion divided roughly 50/50 ? Or do they really mean their stated positions. Like I indicated in an earlier post, I was really surprised that we all didn't get the Royal Screw by having the House of Pubs vote against the Fiscal Cliff measure.
Taxes would have risen dramatically - costs cut at least a little bit - and we would have taken a reasonable step to close the budget deficit. And each "party" could have blamed the other ... so that neither party would be held accountable.
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