Market Hopes to Focus on Jobs, Not Hurricane, in Coming Week
The Joint Select Committee on Deficit Reduction, the so-called "supercommittee" that has been tasked with coming up with suggestions to cut federal budget deficits by at least $1.5 trillion over 10 years, is required to submit its recommendations before the Thanksgiving recess with a full congressional vote planned before the winter recess.
That means the market could be stuck in what Orlando dubs "congressional malaise" until the supercommittee can convince Wall Street that it will come up with a meaningful plan for fiscal sustainability.
"So if everything is focused on this three-month supercommittee process, then market fundamentals won't matter," Orlando said. "Technicals may be more important than fundamentals -- at least in the near term. "
With Congress still on recess until Sept. 6 and the Fed pushing back stimulus talks until Sept. 20-21, the market will shift its gaze to economic data, keeping a close eye on the government's August jobs report on Friday.The coming week, however, could be dominated by a different story all together if
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