Another Messy Day, But…

In last night’s blog post, I mentioned concern that the market is currently topped out until the debt ceiling issue is resolved.  I still believe this is the case and stocks will spend the next week, or two, hitting their heads on a market ceiling even with solid earnings trying to push them to new highs.

Today, we saw good numbers from JPM and so-so economic data in pre-market.  However, Bernanke threw cold water on the market and the small attemp to move up in early trading was quickly squashed.  It’s going to take a lot to move us into a new bull trend and that’ll likely happen after the debt ceiling is raised.  Until then, today’s great earnings report out of GOOG could give us a gap up in the morning.  But, you have to be careful.. We’ve been fading into the close all week and tomorrow could be a trap on a possible strong open.

On tap tomorrow:

  • options expiration
  • CPI
  • Core CPI
  • Empire Manufacturing Index
  • Industrial Production
  • Michigan Consumer Sentiment
  • Michigan Inflation Expectations
  • MAT and C report earnings



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