Friday morning, the S&P 500 Index e-mini futures (ES-H3) declined lower 20.75 points to $1419.75 per contract. It seems that the stock market institutions are now pricing in a failed fiscal cliff deal. Traders should expect continued volatility in the stock market throughout the end of the year as long as there in no fiscal cliff deal struck between the politicians.
At this stage of the game, the politicians should just go over the fiscal cliff and allow taxes to go up and spending cuts to kick in automatically. If they do this, neither side loses. Most traders and investors already know that any tax hikes and spending cuts by government will instantly hurt the stock market in the near-term.
Thursday night, most of the leading Asian stock markets sold off. The Sensex Index (India) was the biggest loser finishing lower by 1.09 percent. This decline tells us that the Indian ADR's are likely to be under selling pressure if the U.S. markets are weak. Some leading Indian ADR's that could be affected by the market weakness include Tata Motors Limited (ADR) (TTM), Infosys Ltd ADR (INFY), Wipro Limited (ADR) (WIT), and The India Fund Inc (IFN).
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Falling Off The Cliff
Published 12/23/2012, 12:48 AM
Updated 07/09/2023, 06:31 AM
Falling Off The Cliff
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