Hello fellow traders everywhere. Adam Hewison here co-founder of MarketClub with your weekend update for the trading week ending on 11/18/11.
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SUPERCOMMITTEE, EUROPE, and other big problems for the markets
This week I want to give credit where credit is due. One thing that Washington does really well, is they know how to name things, have you noticed that? Remember these names? The American Recovery and Reinvestment Act of 2009, Shovel Ready Jobs, or my favorite, "Cash for Clunkers" remember that one?
Now comes the SUPERCOMMITTEE, it's not just a committee, it's a SUPERCOMMITTEE with no space. I keep thinking to myself, what is a SUPERCOMMITTEE, how is it different from a committee? In fact, I was so intrigued that I looked up SUPERCOMMITTEE in the dictionary, the word doesn't even exist. Like a lot of things in Washington these days, it's all about smoke and mirrors, followed by no substance.
On the 23rd of this month, just before Thanksgiving, the so-called SUPERCOMMITTEE is going to come out with their recommendations, it's not going to happen. Chances are, the report/recommendations will be delayed until the following week. If anyone's good at kicking the can down the road, it's Washington.
Another fly in the ointment for the markets this coming week, is the Continue reading "Weekend Update: SUPERCOMMITTEE, EUROPE, and other big problems for the markets."