What a political system we have in the US… In our republic of united states, we elect representatives to lead and make decisions on our behalf. One important job of any viable government is to make a budget and allocate funds collected through taxes and the sale of bonds & notes to that budget. The US Federal government has been running without a budget for years and our representatives have been wasting valuable time through political maneuvering and grandstanding to promote their own views while distracting from doing their jobs (like hammering out a budget). Senator Ted Cruz does not like Obamacare and he wants the whole world to know it. He started a filibuster on the Senate floor yesterday that lasted 22 hours and included a bedtime story to his children around 8pm EDT of “Green Eggs and Ham”. The ironic part is the moral of the parable about a stubborn character who hates the idea of green eggs and ham until he’s convinced to try them mirrors Cruz’s resolve to bring down Obamacare… The twitter world had a field day with tweets like “Ted would not go to bed. Hoping to strengthen Tea Party cred. To Iowa he soon fled. But Obamacare will never be dead.” tweeted by David Plouffe, Obama’s 2008 campaign manager. The silliness in Washington is astounding with a self-created crisis that spooks the markets about every few months: the fiscal cliff… sequestration… debt ceilings… threats of new wars… We’re once again against the debt ceiling with Obamacare supposed to go online next week and our representatives are playing silly games instead of hammering out the issues and making hard decisions. We’ll once again have a last minute deal to kick the can down the road and in the meantime have to deal with whippy markets that respond to the political posturing.
The ES was trending up into the cash open and the light volume was evident in the erratic price movements. The intermediate trend is down over the last four days and the ES opened and pushed up into the down trend line and the DTG 92 short level. A short order flow opportunity soon unfolded and price broke the morning uptrend and headed to the overnight low. A nice and early opportunity for today’s example trade.
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