Market Is in a Cliff-Lock
Other than a little drama in Apple (AAPL), this was one of the dullest weeks in some time. If you want a particularly good illustration of how slow it has been, just pull up a chart of the iShares Russell 2000 (IWM). Over the past five days, the market has moved just 0.1% overall. What's worse, the entire trading range during that time was a miniscule 1.6%. It has held up very well but hasn't been able to build any momentum.
There isn't any big mystery about what is causing this action: It is frozen by the fiscal cliff. On one hand, market players are optimistic that a deal will be made, so there's no selloff. On the other hand, political negotiations are still going on and nothing is likely to happen until the deadline is near. Hopefully, the politicians will be eager to leave for the holidays and do something before the Jan. 1 deadline, but I'm not sure even the holidays can do much to speed up this obnoxious process....121 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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