Wednesday September 25, 2013 08:00
Markets continue in a tight range as the debt ceiling deadline inches closer. Yesterday traded true to range, holding the $1,307 level after briefly touching the $1,327 resistance point. The market appears to want to go lower, but no one is stepping ahead of the possibility of a government shutdown. Suggest the range today may be $1,312-$1,327. The Middle East hyperbole has somewhat settled down, the US$ is trading sideways, equities are sideways. This portends a market with fingers hovering above the trigger. After getting snapped last week on the Bernanke “surprise,” traders will continue to be reluctant to position until more clarity is apparent.