Stocks fell for a fifth consecutive day on Wednesday, the longest losing streak in a year. While there have been 29 five-day declines in the past 13 years, with an average loss was 5.5 percent, this most recent decline was significantly less painful for the bulls. Stocks fell just 1.9 percent.
The team at www.bespokeinvest.com confirms three other similarly shallow declines among the larger group of 29. Importantly, stocks rallied during the next five days in each of these three cases.Read more »
Today the U.S. Senate defeated the House spending bill that both funds government expenditures and defunds Obamacare. The process has been especially partisan, as Brown Brothers' Marc Chandler explains to clients this morning: "What makes the current situation seem so intractable is that the leadership of both parties seem to have limited influence over rank-and-file."
Mr. Chandler is referring to the now 16-hour-long filibuster by Texas Republican Ted Cruz to prevent another debt increase, even as Senate Minority Leader Mitch McConnell negotiates a stopgap spending measure across the aisle.Read more »
Lots of TV time.
Fed governors will make a total 11 public speeches this week, some of which will be covered LIVE on-air, and all of which will be discussed ad nauseam on air.Read more »
Forget the Fed's so-called taper. Forget Yellen. What matters most is Syria.
World stock markets logged a definite bottom on Aug. 27, just three days before President Obama changed his stance on Syria and announced he would seek congressional approval for action against the country.Read more »