Our legislators undoubtedly have a very serious fiduciary duty to fulfill, but boy is this thing dragging. They need to learn how to power negotiate. Meet in a moderated forum, ask questions and articulate positions through a selected member, go back to committee with a set time schedule and a battery of experts available in real-time, repeat no more than a handful of times with a deadline for the overall solution.
Most indicators are flat to slightly negative. So far S1 is holding. We are due a bounce up to SPY $122+, but we are really stuck in a quagmire here on a downward wedge and it nonetheless seems price action could break either way. No buyers. Maybe I'm being overly pessimistic. We'll see.
9:45AM PST: Notice that VIX is falling along with price, could indeed be a bullish falling wedge... meanwhile Adjusted Tick keeps moving down and look at the treasury spreads. Mixed signals for sure.
Commentary: Executive Compensation Limits -- now MBAs can know what it has felt like to be an MD during the last decade-and-a-half. What a joke. I like how the obviously war-focused republican presidential administration is taking the heat for this while the democrat-dominated congress conveniently ignores its oversight role. What have they been focused on for the last four years? Does anyone care?
Dear "Loyal Mentor" -- Don't confuse my commentary about the political process, such that it is, with party commentary! Don't get me started down that road!
o Quant Edges - "Pullback has given back gains faster than any other..."
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Wednesday: Auto Sales, Fed's Beige Book
4 hours ago