Market Recap – Jan. 31, 2013
Standard, daily recap today. Monthly recap over the weekend (no post on Friday).
Market had a fairly quiet day. Momentum is definitely waning. SPY and QQQ were down, IWM was up. SPY had a bit of a sell-off right at the close, but don’t read too much into it. After the closing bell, Congress kicked the can down the road a little more by extending the debt ceiling (…yes…again) and after-hours futures are pointing up.
Investors still cheer on any additional debt at this point. The money printing will kick us in the ass at some point…the trillion $$ question is when.
Payroll figures are released early tomorrow. I will be busy drinking coffee and yawning when it happens. Today’s charts (courtesy of StockCharts.com and VIXCentral.com) are below…plus a bonus one from Bianco Research via The Big Picture.