Friday September 27, 2013 08:33
The market continues to wander as traders await the debt ceiling finale. The range is slightly firmer, between $1,317 and $1,337. I suspect the market continues to have a slightly bearish posture, which may induce any remaining weak shorts to square ahead of the close. The market is looking for a break, traders hate boredom, but caution remains the key word for the day. A price point of $50 from this level, I believe, will be a reality by Tuesday. The question that will determine direction is firmly in focus. Technicals give us some clue on entry/exit points, but this move will be psychological. No agreement on debt ceiling and resistance lines will fold, as will the support bands at $1,307 should an agreement be reached. My guess is lower, but a word of caution: my pet blind monkey, when prompted to throw the dart, hit the middle of the line.