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TheStreet Open House

Debt Deal Yields More Debt: Dave's Daily



If the founders could only see what's happening now they'd be disgusted and mighty pissed off! This is hardly a market headline now is it? Well, you won't see it anywhere else but my sense is most people are feeling as Father George would feel right now.

We did, or are getting, the debt ceiling relief everyone was worried and fixated upon. We'll get a vote in the Congress after 6-7 PM EDT.

On the news of this last night, markets in Asia rallied. I was watching breathless and excited Bloomberg anchors in Asia cheering markets. Markets opened higher in the U.S. but quickly turned south as the important ISM Data missed consensus forecasts badly (50.9 vs 54.6 expected). This shows the economy is still contracting. The sell-off continued until we tagged the all-important 200 day moving average in several sectors, and with conditions much oversold, we rallied. The intraday DJIA sported a 280 point intraday swing.

Nobody is paying much attention to earnings news overall since the focus is on debt and the economy.

Gold fell, then rallied and fell again modestly as nervousness remains high. The dollar rallied against the euro and other currencies as the rubber band was stretched too far and Bucky was at critical support. Commodities rallied early but then fell after ISM data pointed toward weak demand. Bonds continued to rally despite ongoing debt and debt ceiling debate.

Volume was quite heavy and could be a selling climax since who's left in the game? Breadth per the WSJ was mixed to negative adding to the short-term oversold conditions.

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