Stocks Sometimes Rise Above Politics

 | Nov 29, 2012 | 6:35 PM EST  | Comments
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"I Survived Speaker Boehner." Isn't that the button that every bull should wear today? Because if you wanted to stop the bull in its tracks, you would have issued exactly what he did, which was a "no progress" report.

First, I have to ask, what's the point of issuing a no-progress report? This isn't some NHL lockout where we are worried about when the season is going to start. This is the United States of America, and why take to the airwaves to be destructive?

We need constructive talk, or no talk. This is one of those moments in the country when we have to adopt my late grandmother Mary's admonitions: "If you don't have anything nice to say, don't say it."

But let's go away from the cliff for a moment. Today was a day, not unlike the bottom we had in Europe, when we didn't go down on bad news. We just ignored it. One day is not a trend. However, if we have more days where we hear "no progress" and we don't go down, I am going to begin to believe that we have another debt-ceiling crisis on our hands, meaning one that gets resolved messily but does get resolved.

I think some people want to party prematurely. However, days like today remind you that there is a stock market, not just a market of chits in a tug of war between the GOP and the Democrats. Nice to have that remembered now and then.

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