Weekend July 24, 2021
No to raising the debt ceiling - McConnell.
Passing the Dem multi trillion dollar spending extravaganza would require a hike in the debt ceiling. Republicans are apparently planning to vote no. This means the US might default on its debt, a bad idea. Oddly I did not see anything on this in the WSJ and only one article in buried in many pages of the SA newspaper.
Stocks should be topping this week, the Transports have led the way down.
I think my wave 2 label is wrong, that was probably last August but for sure the top in bonds, 39 year high in price was March 2020.
the fourth wave stopped under the 38% re tracement level but looks like it has finally topped, I admit I was early in calling a top for this wave. But the WSJ and other media are chock a block full of inflation stories. And with the debt ceiling in jeopardy, of not being raised, bond prices may well begin falling this week.
Crude oil has bunced half way back from its Monday meltdown. See our article Friday on puts and calls.
So summer drags on with new stock highs
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