After the US debt deal issue was resolved, market continued its steady climb higher. However, at current levels, it is getting bit extended and needs to consolidate or pullback for any further sustainable rally. What shall we expect in near term!!!
After two weeks of terror, US congress managed to resolve issues at hand "for now" and market rally continued. Earnings season is underway and will be a key factor in driving this rally further. Any disappointments will be an excuse for a pullback as market appears to be extended at these levels. How far will this rally continue!!!
Its been two weeks, US government is in partial shutdown mode as jokers in Washington DC are NOT able to reach an agreement about US budget deficit. On Thursday, last week came a news about possible break through between two parties and market rallied for two days and October 17th is the deadline. Whats in store for us?
Market gave up all the gains in last two weeks, which can be considered as a BULL trap and now in consolidation mode. Ongoing government shutdown and US debt ceiling debacle ahead of us is making investors jittery. Market seems to be in a holding pattern and taking "wait n watch" approach. What shall we expect in coming weeks!!!
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