Thursday, July 14, 2011

Debt Ceiling Debate - Unresolved

The market has been anticipating a resolution to the debt ceiling issue, but the large players are getting nervous. Investors will likely flee the market if we do not get a positive outcome shortly.

Google reported blowout earning on Thursday and should be a catalyst to move the market up Friday. I am inclined to scalp some profits Friday afternoon, especially if progress is not made on raising the debt ceiling.

Politicians may bring us to the brink of default. The debt limit has been raised some 70 times in the past, but given the somber looks on the politician's faces there is a chance that a timely resolution may be delayed.

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