Fiscal Thursday – Last Ditch Efforts

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This is much more exciting than Christmas.  So exciting that President Obama and Congress have cut short their winter vacations to give us hope – right before they snatch it away again.  Will it be a bad plan or no plan?  I can hardly wait to find out…  

We have a bit of data today with the usual Jobless Claims, Bloomberg's Consumer (dis)Comfort Index, New Home Sales, Consumer (lack of) Confidence, Oil Inventories and even a look at the Fed's Balance Sheet and the Money Supply after the markets close.  Tomorrow we get the Chicago PMI and Pending Home Sales but none of it matters compared to whatever rumor comes out of Washington over the next 48 hours. 

See my additional comments to Members in this morning's chat but, suffice to say, we need to watch these levels very carefully as well as the Dollar – which is right on the 79.50 line as the Euro attempts to get back over $1.33 and the Pound goes for $1.62 while the Yen remains extremely weak (and supportive of the Dollar) at 85.76 to the Dollar.  As I said to Members:

Obama and Congress are back today.  I don't expect an announcement this afternoon but, possibly, this evening or tomorrow if they are serious about not looking like they let the economy die.  We also hit the mystical debt ceiling on Monday so much silliness over the next couple of days but, if there is a rumor of a solution – the markets could jump very sharply so be careful.

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