Investors, fund managers have come to their senses this week. European politicians have stalled on acting. No dramatically changes were announced. Well I guess that was all they could have done (firing the two PMs). There weren’t good headlines from Europe. The markets couldn’t find any excuse to rally. Although there were some good news on US economy, they were over shadowed by headlines on how silent the Super Committee’s plan was. No progress has been made in two months.
If Super Committee couldn’t agree to dollar amounts for tax revenues and spending cuts to have a plan in draft to announce next week, markets’ snow storm would be formed. Avalanche on the markets would just be a matter of time. The S&P 500 has changed from 1,263.85 to 1,215.82 (-3.80%).
My portfolio value has changed from $57,328.67 to $59,171.37 (+3.21%)