Global Macro: Gridlock Redux
NEW YORK ( TheStreet) - As the trading week comes to an end, politicians in Washington have yet to complete a concrete deal to raise the debt ceiling and reopen the government.
The political squabbling is reminiscent of the summer of 2011 when markets consolidated at yearly highs and then sold off sharply due to the gridlock in Washington.
The chart below of the SPDR S&P 500 (SPY) shows the similarities between now and then.
Prices never move in the exact same manner they did in the past, but the market operates in waves. Any trajectory will have intermediate up and down moves.Follow @AndrewSachais This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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