ACTV - The Debt Ceiling Scare Could Be The Last Best Chance To Get Into This Rally

2023-05-21 20:59:09 ET

Summary

• The latest news is that Biden and McCarthy are still optimistic and will continue talks on Monday. All very civil and polite. Don't believe it for a minute.
• This is going to be a showdown, or more accurately a show. Each side has their part to play because they have to show they negotiated hard.
• We hit 4200 this week, the S&P 500 ran up 100 points to Friday. We could easily lose as much as 300+ S&P points this week. That is an opportunity.
• I am quite firm in my belief that this is not over by a long shot. Perhaps it will take only a few weeks, but by the time it’s done, it might be longer than that and it may certainly feel longer. I suspect that if the stalemate lasts through next weekend Sec, Yellen will miraculously find another two weeks to extend the X-Date to June 15th.

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