Senate Majority Leader Harry Reid has caused a bit of a market sell-off today as comments have come out on wires. Senator Reid said little progress has been made in resent Fiscal Cliff discussions. He has also said that he is disappointed with the progress so far. Whether or not this was a ploy (or a plot) to encourage more of a rapid grand compromise is something we will leave up to you. Unfortunately the markets right now are still reacting to every new headline from major politicians as if the words were in a vacuum and as though they are the only words that matter.
The markets were in slightly positive territory before these comments were made. Now the S&P 500 is down about 5.50 around 1,400 and the DJIA is down 72 points at 12,894.
JON C. OGG