Last week saw a lot chess pieces move around the board. First Russia offered the US a way out of confrontation with Syria. The US jumped at it and Syria seems to be ready to comply with the agreement. Then Larry Summers withdrew from consideration for Fed chairman, making Janet Yellen the new front runner. Finally on Wednesday the Fed announced it was in no hurry to begin tapering QE3.
Friday the S&P index fell down -15.0 after flying to close to the sun with Wednesday's all time highs. Gold also took a beat down -36.8. Nov crude also posted it's lowest settlement of the week at 104.75. it seems that all of the good news from Syria, Libya and Iran was just too much bear.
No market reports due out today. We'll still be listening for news on the shutdown showdown out of Washington. As the rhetoric heats up and brinksmanship ensues Big Daddy Fed may have to kick the can further down the road.