Someone told me today that if the "GOP could gain control" that the deficit would be paid off within 6 years. I have bad news. They are dreaming. From Clinton's no deficit, to Bush and now to Obama, we have created a debt that is so insurmountable no political party could pay it off. I believe our children's grandchildren will still have a deficit, unless major changes are made in valuation to the dollar, or Keynesian economics is followed where truly "deficits" don't matter.
The market yesterday trade ranged through 2.20 p.m. We know the support and resistance lines, but would personally see more of a downside IF the market moves below 10,676, slightly below the Fib retracement. No matter what the downside, we see upside following.
I stopped viewing the market at 2.20 p.m., and just left the computer with sell orders in for both open positions. We'll continue following the same options, as the call was a perfect trade, available at 7.80, far below prior day close, on an easy entry at opening, and selling to highs of 9.40.
We'll play the same options, reducing profit goals, and closure of positions by day end Friday.
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I am taking bets on how this will be construed:
http://www.huffingtonpost.com/2010/09/26/citi-boosts-executive-pay_n_739391.html
And further bets on who was behind it.
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