There is some famous saying about being greedy when others are fearful etc etc.
I am seeing some fears today in the pre-market and European session. Japan was closed, so lot of activity came on thin volume. Honestly, I do not believe that US is not going to increase its debt limit. Such an event has never happened in the past and no reason it will happen now. What is happening is just political grandstanding. At the end of the day, they will raise the debt limit, without any tax increase or any meaningful spending cut.
The earning season will start from this week and some of the leaders are braking out. I particularly like Apple chart and I am looking for it to reach $430 range in a month’s time. If the market starts lower today, it will possibly give a buying opportunity and I shall start with some calls on Apple. The quarterly result of Apple comes out tomorrow. I am hoping that 1300 level will hold in SPX and we shall see the low today.
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