Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your 1 p.m. market update for Tuesday, the 26th of July.
Just when you thought it couldn't get any more bizarre... The markets are now totally perplexed at the direction Washington has taken and the lack of any decisive action.
I'm not sure if you watched the presidential address and the Republican rebuttal last night, but what an example of two houses divided! It was painfully evident that each man was just playing to their political bases. Pure Kabuki theater.
I always enjoy a good comedy, but this D.C. comedy has gone beyond a joke and is no laughing matter. It's turning into a tragedy not just for the American economy, but also for America's mystique overseas. How these two parties can honestly look themselves in the mirror and say they're doing the right thing for the country is beyond anyone's belief.
One of my technology heroes is Steve Jobs, the leader of Apple. Steve coined the phrase "reality distortion field" (RDF). It was Steve's ability to convince himself and others to believe almost anything with a mix of superficial charm, charisma, bravado, hyperbole, marketing, appeasement, and persistence. Unfortunately, neither the President nor the speaker of the house, John Boehner could pull off a reality distortion field last night. Too bad for both of them, and too bad for the country.
So without further ado let's get off this rant and go right to the markets!
