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Morning Market Briefing – Friday- 10/11/2013

On Thursday, the US markets droned to new highs on absolutely no real public news.  The Dow finished at 15126.07 (+323.09), the Nasdaq at 3760.75 (+82.97), and the S&P at 1692.56 (+36.16).  No real progress has been made in Washington.  In fact, one can argue that things are worst now than they were a week ago.  The politicos in Washington are not even trying to reopen the “shut down government” and agree on a spending bill.  Even worst, they have agreed to agree on raising the debt ceiling but have still not agreed on how to do it.  No doubt this will be a last minute resolution to a staged problem.

So much today’s US markets make no sense.  JPM got a donkey punched by the government and amassed a $9.2 billion in legal expenses for junk they were asked to purchase.  Yet Goldman Sachs who created much of this junk is untouchable.  The non-working poor single mother receives over 70K in benefits while the working (soon to be poor) middle class man pay thousands in taxes and receive no benefits.  At the very top, billionaires can single handily control the price of many goods and services disregarding real economic data.

Today, the market is opening green.  However, the likely hood for it to remain green is not likely.  Hopefully, many realized that yesterday was a great opportunity to sell high.

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