Thursday, June 30th, 2016

Market in Crash Mode as Senate vote nears

The stock market had another horrific sell off as Senate nears a historic vote. Here is the quote:

“Senate Majority Leader Harry Reid predicted that several Republicans will break from their party tomorrow morning, likely thwarting a financial reform filibuster.

“A number of senators, Republican senators, have told me they will vote for cloture,” Reid said.

If Reid’s right, it’s all but certain that Democrats and Republicans will avoid a repeat performance of their dramatic floor fight several weeks ago, and the Senate will move swiftly to a vote on final passage.”

In the back drop all the noise came about Euro dropping and debt woes in European countries while the news at home made no difference. Retail giants Walmart (WMT) Home Depot (HD)came out with best earnings in nearly 3 years. Lowes (LOW ) did the same yesterday and gave great guidance. That marks US economy clearly on the path of recovery when these retailers starts producing stellar earnings. Normally that would have put the stock market in an upbeat mood and jockeyed it to 200 points ? Right? But that didn’t happen, the market stayed in a nasty, foul mood, selling everything in sight. The Temper Tantrum never faded, not one bit.

Wall Street’s army of lobbyist sent to persuade Senators has apparently lost the epic battle. You can imagine the seething anger brewing in those high rise Oak paneled offices and furious bankers pounding their desks at Obama like madmen in a jail cell. The noose is getting tighter and tighter every day and the stock market is getting sicker by the minute.

Today’s horrific sell off reminded me one of those hand picked days back in 2008 crisis. I’ve seen worst, but this was impressive by itself, no doubt. Just imgaine how the stock market will look like once the Financial reform Bill passes Senate floor…stay tuned.

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