Lots of reading on the sequester

I have no idea why, but I tried to get  a handle on how bad this whole sequester could hit the market.  In the end, I don't think it does a thing and is brushed aside as a non-event.

Here's the impact on the various States.

Sequester Impact On States Detailed In New White House Reports
www.huffingtonpost.com
WASHINGTON -- It's looking increasingly like the government is about to impose on itself $85 billion in across-the-board spending cuts. So as part of its strategy to pressure Republicans into accepting new revenues as part of ...

McCain on CNN

Candy Crowley Goes Off On McCain: If Sequester So Bad, Why Is ...
www.mediaite.com
Sen. John McCain (R-AZ) joined CNN anchor Candy Crowley on Sunday morning where he was asked about the ongoing Congressional fight over the mandatory cuts in the sequester slated to take effect next week.
Paul Ryan's view...

Paul Ryan Championed Sequester Since 2004, Now Calls His Own ...
www.politicususa.com
Paul Ryan has been pushing for sequestration since 2004. He bragged about getting it in 2011. Now that it's here, Ryan thinks it's not good government.

The Miami Herald chimes in...

How bad will the sequester be, and who is to blame - MiamiHerald.com
news.google.com
MarketWatchHow bad will the sequester be, and who is to blameMiamiHerald.comIt's Washington's latest case of economic hostage-taking: If Congress and President Barack Obama don't reach a deal by Friday, the budget gets whacked! Voters have heard thes ...

And he's not the only one who thinks this...

Obama exaggerating impact of sequester, GOP senator says - CBS News
news.google.com
Washington TimesObama exaggerating impact of sequester, GOP senator saysCBS NewsPresident Obama is "absolutely" crying wolf on how drastically Americans will be impacted if the deep, across-the-board cuts known as the "sequester" go into effect at th ...


What people are tweeting about it...

washingtonpost
Bob Woodward: Obama wrong about sequester origins -- automatic spending cuts were initiated by the White House. http://t.co/LMzyIJWwuo
Saturday, February 23, 2013 8:51:37 PM

Even the Whitehouse themselves...

whitehouse
What you need to know about the sequester: http://t.co/Z05w0B7lmp. This is about people living with mental illness: http://t.co/eKDhZvsmOV
Sunday, February 24, 2013 10:19:04 AM

whitehouse
Automatic cuts - known as the sequester - would cut lending to small businesses by $540M: http://t.co/6vprs6nNmM http://t.co/MKbB39fSJZ
Saturday, February 23, 2013 5:27:07 PM

And finally, both sides are pointing their respective fingers on where the fault lies.

Both Sides Point Fingers on Sequester - Washington Wire - WSJ
blogs.wsj.com
The Obama administration and lawmakers warned of the consequences if automatic spending cuts kick in Friday and blamed each other for the impasse.

Market Video For The Week Of February 25th, 2013

Oil looks like just a mild bounce before more downside

Oil looks lower, but it should form a Bear flag of sorts here before resuming the downside momentum.

After the kind of move it had, a reversal out of thin air, baring some giant news is unlikely.


Oil snaps 2 days of steep losses, gains modest - SFGate
http://www.sfgate.com/
See Site Index. By early afternoon in Europe, benchmark crude for April delivery was up 30 cents to $93.14 a barrel in electronic trading on the New York Mercantile Exchange.

Video tomorrow, but for now...

I do not think the highs are in

I still think we test up again, and then we measure the divergences, if they appear, which I believe there is a very good chance of.

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Gartman makes his stand

I would consider Dennis Gartman a super guru, but not that kind of super guru (the scam artists I often refer to).  Gartman is well respected by many, and loathed by some too.  Why? because he makes statements that most don't understand.  this one wasn't one of those times.  He was Bearish and nailed this. 

Whether he caught the top or not isn't the point.  He made a stand, and on the short term, was correct. Does he stay that way?  We'll know soon.

In the meantime, good job sir.

Business Insider - MARKET GURU YELLS 'SELL - ' Should You - Business Insider
http://www.businessinsider.com/
A popular stock market guru, Dennis Gartman, made a black and white call earlier this week, telling subscribers to his market newsletter that he was selling his stocks and rushing to the sidelines.

Those were the days....

It's a shame that they will never go back to them, as the market strives to become more and more efficient.  It's why I hate weekly options.  Not as trading instruments per se, but because it gives the market makers a better chance to screw the retail trader.  After all, that's our job, isn't it?

SEC Rethinks the Penny Tick in Stock Trading
www.cnbc.com
Remember when stock market regulators ditched fractions and started rounding to the nearest penny? The SEC is reconsidering.

Sequestration and the market

Will Sequestration have an affect on the market?  I think it will be yet another non event, but of course, with all the hype, it can still give the market jitters.

Now that its only 1 week away, the campaigning is going into overdrive and the blame game continues...

Top Links: One week until sequestration and the Republican ...
tv.msnbc.com
Republicans' attempt to blame President Obama for the sequester cuts doesn't appear to be working. (AP Photo/J. Scott Applewhite). Top story: This time next Friday, Republicans may be ruing their sequestration strategy

Housing may be a different story, and this delves a bit deeper into how that market will be directly be influenced.
...
Why Sequestration Will Hit Housing on Several Fronts
www.cnbc.com At least one government official warns that the massive government budget cuts would be, "deeply destructive" to all aspects of the housing market.

Whatever the final result, it provides us with opportunity, especially coupled with the overbought market.

Next week is set to be an interesting one.

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