This morning, the S&P 500 Index e-mini futures (ES-H3) are soaring higher by 27.00 points to $1447.00 per contract. The catalyst for today's sharp mover higher in stocks is due to the fiscal cliff deal reached last night by the politicians. This deal is really just more kicking the can down the road since it will just buy the politicians more time to try and make real changes in taxes, spending, and entitlements. The one thing that we can all agree on is that the politicians continue to do more of the same, and that is very little. Traders should not expect this current rally to last long as there was very little accomplished by the politicians.
Last night, the major Asian stock indexes all surged higher after a late night vote in the U.S. House of Representatives averted the U.S. fiscal cliff. Traders can watch for most leading Asain ADR's to be strong at the start of the trading day. Leading Asian equities such as Baidu.com, Inc. (ADR) (BIDU), SINA Corp (SINA), China Unicom (Hong Kong) Limited (ADR) (CHU), and the iShares FTSE/Xinhua China 25 Index (ETF) (FXI) are likely to be strong when the the opening bell rings.
Below you may find the video.
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Fiscal Cliff Deal = More Kicking The Can Down The Road
Published 01/02/2013, 11:00 AM
Updated 07/09/2023, 06:31 AM
Fiscal Cliff Deal = More Kicking The Can Down The Road
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