I finally got what I was looking for today – Obama came out and hinted that there has been progress in the debt ceiling talks. If you’ve been watching my vids over the last few days, you know that a debt ceiling resolution would be the ultimate catalyst to boost the market up and send gold down.
The morning was strong well before the debt ceiling chatter thanks to what’s turning out to be a strong earnings season. Check out this chart to get a feel of how the major players are reporting… as you can tell, there is green all over the place. If impressive earnings where not enough (excluding GS, lol), economic data released this morning really got the bulls juiced up.
- Building Permits – beats slightly at $62m vs $.60m estimate
- Housing Starts – $.63m vs $.57m estimate. This is a feel good report, for sure. We all know that housing is really hurting that market, so any positive news really helps the market.
In the afternoon, CMG and RVBD both hit hard ( I expect CMG to come back soon), YHOO took a small hit… but ISRG, VMW, and AAPL boomed.
Market Thoughts:
