Home > Uncategorized > Brief Update: 2010/02/22: Obama Solves Healthcare Issue Prior to Thursday Bipartisan Meeting: Details at 11:00!!

Brief Update: 2010/02/22: Obama Solves Healthcare Issue Prior to Thursday Bipartisan Meeting: Details at 11:00!!

▪ Well, sort of.  In fact, after promising to be far more bipartisan in his approach to the most contentious points of disagreement with the loyal opposition, this smacks of President Shifty engaging in a ‘quick change’ maneuver; even if actually well-intended.  Just to be clear, we do not mean to imply the most derisive implications of the term ‘shifty’, such as criminal intent to deceive. Yet in the wake of prominent by-election losses of candidates that were strongly supported by the White House (especially a center-right Republican winning in Massachusetts) and plummeting polls for both the President and his healthcare plan, it seems that Mr. Obama is having a hard time sticking with any particular approach much beyond the next news cycle…

▪  And all of that is only important because it may backlash into equity markets and also possibly bond markets (where Kuwait, and Greece as the tip of the peripheral European iceberg still lurk in the background.)  Shelving our modestly conservative political inclinations for the moment, we can only imagine that someone in the White House feels this is a clever tactic. Well here’s a big heads-up for the would-be Machiavelli: it’s bound to backfire…

▪  While we will have more to say on other aspects of fundamental background soon, the technical aspects of the market trends which are so important in the return to the heavy 1970s-style political influences remain very much the same we noted in last Thursday’s TrendView GENERAL UPDATE, and we refer you back to that for now.  In a nutshell, the balanced view in the equities represented by the March S&P 500 future has seen it recover back above its key 1,090 level. Unless it is back below that level (and other markets below their commensurate levels), the equities remain in decent shape. As we suspected, that has allowed them to push back up to challenge important interim resistances, such as the March S&P 500 future at the 1,110 level, and (once again) commensurate levels elsewhere.

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