The new illegal immigration amnesty bill being pushed by Obama and the Democratic congress has a lot to not like. I don't know about you, but I think it's an outrage.
Lou Dobbs reports the new bill will allow all illegals to become legal within one day of filing an application, even before a background check has been made. Gang members are included by merely saying they will no longer be in gangs. Taxpayers will pay for all illegal immigration attorney bills, new visas can be renewed indefinately, we will use taxpayer money to pay Mexicans to stay in Mexico, illegal immigrants will not have to pay any back taxes, they will quality for the earned income tax credit, there's no provisions for border security, only 200 miles of the 800 mile border fence will be constructed, and all illegals will all get in-state tuition benefits currently denied to American residents. Simply amazing!
Market Update:
There's no real changes in the trend change indicators with the exception of the VIX volatility index, which is decreasing its downward slope slightly and might start going horizontal or spike up with a couple of down market days. The RSI (relative strength indicator) just hit 65±, which has coincided with rally highs and presented good selling opportunities each of the five times it hit this number in the past year.
Also, both the Dow and the S&P just hit their 40-day simple moving average (SMA) yesterday, which has typically resulted in a market top the past couple years. Using recent history as our guide, we should at best expect a period of consolidation at these price levels, or a market decline from here. But the trend is down and the trend is your friend.
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