Smoke And Mirrors.
The S&P 500 is at exactly the same level it was at two years ago. That’s a lot of angst and stress expended for no net change in 24 months. As if to emphasize the point, the stock market spent large portions of last week just churning sideways on very low volume as traders monitored the reported progress in debt ceiling negotiations. These dreary spells were occasionally punctuated by bursts of activity as i) carefully-managed clues were tactically released about how the debt ceiling negotiations might be going and ii) Fed officials suddenly got very talkative again.
There are now just ten…
The skinny
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