Democrats controlling the Senate are planning to try to pass a stand-alone measure to increase the government's borrowing cap, challenging Republicans to a showdown that could unnerve financial markets as the deadline to a first-ever default on U.S. obligations draws closer.
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U.S. stocks generally remain on bullish trends in all time frames. Further, the Debt Ceiling (and Government shutdown) theater seems to be playing out in the usual way that these events play out; the stock market has been correcting in an orderly way and seems to be waiting for an inevitable compromise between the White House and Republican leaders. This of course would spur a next leg up if the usual script plays out. That is how it looks, with a traditional bull catalyst (heavy media rotation of an Armageddon-like political event) in play.
Yet there is a negative in play that actually matters, as corporate forward profit guidance is degenerating. Or is it really a negative? Graph from Sentimentrader.com: Continue reading "U.S. Stock Market, Profits & Policy"
Today the House will vote on a short-term government funding bill that will include a provision to defund Obamacare. Of course, this provision will be opposed by Senate Democrats and President Obama.
If they can't work out a compromise, many functions of the federal government will be shut down indefinitely on Oct. 1st. Federal Reserve Chairman, Ben Bernanke, noted that "a government shutdown and, perhaps even more so, a failure to raise the debt limit could have very serious consequences for the financial markets and for the economy."
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