There is No Chance the US Debt Limit will Not be Raised

There is No Chance the US Debt Limit will Not be Raised

There is No Chance the US Debt Limit will Not be Raised

$DIA, $SPY, $QQQ, $VXX

US Senate Majority Leader Mitch McConnell said there is “Zero chance” Congress will allow the country to default on its debt by voting to not increase the borrowing limit.

Senator McConnell’s comments came Monday during a joint appearance in his home State of Kentucky with US Treasury Secretary Steven Mnuchin.

Senator McConnell did not mention President Trump during his remarks, his 1st public comments since the President publicly criticized him for failing to pass a repeal of former President Barack Hussein Obama’s ACA healthcare law.

Secretary Mnuchin said it is his “strong preference” that Congress pass a “clean” increase to the debt limit, meaning the legislation would have no other proposals attached to it that would make it more difficult to pass. McConnell did not comment on that request, but vowed to “get the job done.”

Monday, the US major stock market indexes finished little changed at: DJIA +29.24 at 21703.75, NAS Comp  -3.40 at 6213.11, S&P 500 +2.82 at 2428.33

Volume: Trade on the NYSE came in lite with 713-M/shares exchanging hands.

  • NAS Comp +15.4% YTD
  • DJIA +9.8% YTD
  • S&P 500 +8.5% YTD
  • Russell 2000 unch YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.27) Bullish (0.29) Neutral (0.06) Bullish (0.46)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Neutral (-0.11) Neutral (0.01) Neutral (-0.12) Neutral (-0.21)
Heffx-LTN Analysis for QQQ: Overall Short Intermediate Long
Neutral (0.15) Neutral (-0.05) Neutral (0.04) Bullish (0.46)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Neutral (-0.08) Neutral (-0.00) Neutral (0.10) Bearish (-0.33)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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