Well, a lower end or close on Friday is generally considered a swing low when the S&P 500 rises by 1 percent or more. But not all swing lows are created equal and there is a difference between a swing low of 9 or 20 percent and the low of 7 or 12 percent. The difference between a swing low of 7 or 12 percent and the low of 6 percent can be significant enough to cause a major correction.
On a more positive note, a low of 7 as we saw in early 2005 or as we’ve seen on several occasions since, when the S&P 500’s 50-day moving average hit the low of 6, is a good indicator that markets are cooling off, perhaps even for a few months.
The market, however, has been very hot and the latest news on the U.S. government debt ceiling talks and its effect on the markets and the economy are being seen as positive for the markets. As far as the broader markets, the 10-year Treasury note has gained about 1 percent and has climbed about 4 percent since the week ended Friday.
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When the Senate Majority Leader Mitch McConnell’s son posted a photograph of his mother’s face on Twitter, it got them a lot of scrutiny. Unfortunately, the McConnells, who have a long history of hypocrisy in their political dealings, can’t afford to be accused of hypocrisy or even of being a hypocrite for the next 10 years.
Senator Mitch McConnell’s son, Tyler, retweeted a tweet by his mother, who also retweeted comments criticizing McConnell for attending a fundraiser for the wife of his Democratic challenger in the 2016 Kentucky Senate race.
For this reason, the McConnell family’s recent history of hypocrisy is a little clearer.
First off, a recent post by the National Review (which you should totally read, it’s so great and is well worth your $1.99):
Tyler McConnell is, as of now, a freshman senator and freshman Republican senator. That is, he is a young man in a hurry – and not in a good way. This week, McConnell was invited to a fundraiser for his Democratic challenger, Alison Lundergan Grimes, in Louisville Kentucky. Grimes’ campaign posted the details of the event and the fundraising agreement, which was apparently signed on behalf of McConnell. “When asked to sign a document on McConnell’s behalf,” the agreement reads, “the McConnell son did so in his mother’s