The beginning of another week on Wall Street brings pretty much the same situation as last week. Waiting, waiting and more waiting. Last week the market fell a bit, but nothing too dramatic, and some are wondering why? Most people believe the shutdown and debt ceiling issue will be worked out. This morning, the idea that maybe it won’t has come to the forefront, at least for now. Without a jobs report or any other federal economic report, there is not much to go on. However, with only a few reports coming out, 3rd quarter earnings will dictate market sentiment. We will also get to see the Fed minutes where they chose not to taper. Most of the government issues are back-round noise and unless something dramatic happens in the markets, no one seems to care all that much right now. The debt ceiling breach could become a real problem if not solved, but until then we will have some nice private sector reports to trade on including Michigan consumer sentiment. Our take is still the same, if and when the noise is removed the markets will rebound quickly.
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