(From “The Examiner”)
“Cole said Monday on MSNBC’s “Morning Joe” that sequestration “is going to happen,” but he is open to redistributing the cuts to make sure they are targeted to wasteful spending.”
“… it is going to happen…(but) I’m more than
happy to negotiate with the President how you redistribute the cuts— a lot less
discretionary, more nondiscretionary, different categories, that makes sense…but
again, they’re going to take place, and they need to take place. We’re running
trillion-dollar debts.” Full story at…
http://washingtonexaminer.com/rep.-cole-sequestration-spending-cuts-need-to-take-place/article/2521173
As noted in several previous blogs this might take the US
close to recession and provide a catalyst for a pullback.
MARKET RECAP
Tuesday, the
S&P 500 was up 0.2% to 1,519 (rounded).
VIX fell about 2.4%, to 12.62.
NTSM
Tuesday, the NTSM analysis switched to BUY at the close.
That doesn’t mean this is a great time to buy (I think we
are near a short-term top); but it’s an indication that the market trend is
strongly up.
The VIX has fallen enough to push the VIX indicator to Buy
along with the PRICE indicator. Sentiment
is back up to 62%-bulls (based on $ invested in selected Guggenheim bull/bear
funds) as of Monday’s close. Sentiment
is heading toward a sell, but still has a ways to go. (Sell for this indicator is 67%-bulls.)
MY INVESTED POSITION
Based on a BUY
signal 7 of 9-days, and more importantly, consecutive closes above the prior
high of 1466, I moved into the stock market at 1471 on the S&P 500 on 14
January. I am currently invested in a
range of near 50% invested in stocks.
