FRIDAY

Got C-SPAN on, there's an alert captioned, "FINAL VOTE ON SPEAKER BOEHNER'S PLAN TO RAISE DEBT CEILING POSTPONED." Vote is still scheduled for tonight. Latest chatter indicates there may be a few votes short. I've got a hunch from how futures and forex have been trading. If they failed to collect enough votes, this one is going to matter. Throwing Q2a GDP into the mix and we have a cocktail for a potential "gray" Friday. Maybe it's time to remove the "debt ceiling" anyway. I know, common sense could be shocking. I'll update this thread if there's anything new in my closing data.

I find it kafkaesque that the brouhaha is all about borrowing more money to pay interest on the money we have already borrowed. Good Lord!

Here are some of the observations on today's market action. After hour action was bullish, which indicates either no news (no vote) was good news or no worries about not having enough votes for the Boehner plan. Relative VIX had just exceeded June 16 high. Obviously, it had been "demagnetized" from the mean (1.00). The next high is the March 16 high. After that, it has to go back to the big spikes after the "Flash Crash". This didn't happen todat, but the AMEX TRIN was over 5 yesterday. That was an unique historic event. Meanwhile, the Dollar has been rallying since 5:00pm. It's now running into upper trendline resistance of what appears to be an Hourly Ascending Triangle bullish pattern. For some reason I kept wondering whether the Bank of Japan may be standing by and getting ready to intervene pending the outcome of the House vote. Hopefully, we'll get some volatility going tomorrow.

NO HOUSE vote thursday... from dow jones newswires.. futures PLUNGING just dropped on the PR

Edited by tradesurfer, 28 July 2011 - 09:32 PM.

And, now, 10:25pm, the Yen suddenly took off and futures started tanking.... Looks like risk got taken off. The longer they waited on the vote, the worse it got. Incidentally, watching these interviews on CNN, I wonder how these congressmen keep their suits and ties so neat at this late hour? I thought of the old days when people used to take off their pants while sitting alone in their offices just to keep the perfect creases. EDIT: tradesurfer, just saw your comment above. Thanks for the heads up. Now equity futures are really getting killed. Like I said, just a hunch that this one is going to matter.

Edited by TechMan, 28 July 2011 - 09:35 PM.

And, as though our Debt Deal is not bad enough, Moody's had just placed Spain's Aa2 Ratings On Review For Possible Downgrade.

The Euro drops sharply, the Dollar rallies, and you know what happens to equity futures.

Edited by TechMan, 29 July 2011 - 12:40 AM.