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Morning Market Briefing – Tuesday- 10/08/2013

Yesterday, the Dow finished at 14936.24 (-136.34), the Nasdaq at 3770.37 (-37.38), and the S&P at 1676.12 (-14.38). The US markets start the week on a negative note because of the politics in Washington.  The sell off however is without conviction (light volume) because the Bernanke Put is still in place. No matter how bad the politics are or the economy is everyone knows that you can’t fight the Fed.

Not surprisingly, stocks, bonds, housing, companies, IPOs, commodities and services are all over valued. Money is flowing to the top 1% as more and more people every day join the low income class. The millionaires are starting to feel poor, considering what five million can buy you in LA or NY. Some millionaires are even upset because their dream car, a Lamborghini Veneno, is not affordable. I don’t even want to consider what regular Joe earning 35K a year are feeling.

Today, with bad news priced in and no new news out, the market is flat. The market, unsure of itself, is waiting for a signal, any signal, to help it decide which direction to go.

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