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Postby Trading.AdvantageCom » Wed Jan 02, 2013 2:14 am

At the end of my last newsletter I said, “In the end, the markets recouped all of their losses thereby giving the microcephalic clown-posse in D.C. another reason to argue like children rather than working on their sickening spending problem.”
At the close of Friday’s market a friend of mine asked “Why would the market fall so hard and so quickly?” This question reminded me of the Thursday rally into the close and the aforementioned quote, which was essentially another move by the market to ignore the reality that was right in front of it. My answer was “Because the market will ignore anything that is bad…until it can’t ignore it any longer.”
Not only did the market wait until the Friday before the so-called fiscal cliff was upon us, it even waited until the close. And then, when the market couldn’t ignore reality any longer it was slammed – falling a jaw-dropping 20.00+ points in the closing minutes.
Sunday evening the Senate was in session trying to - get this - come up with a plan…ON SUNDAY NIGHT! Senator Dick Durbin, of one the most financially screwed up States in the country, said they couldn’t get a deal done.
Shortly thereafter, Senator Reid agreed and dismissed the Senate for the evening. It will reconvene Monday morning at 11am ET, which should make for rumor-trading on New Year’s Eve.
Trade well and follow the trend, not the perma-bull OR perma-bear “experts.”
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
Best Trades to you,
Larry Levin
Founder & President- Trading Advantage
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