confusion sets in this week as investor are getting nervous about a US default. Well who knows if that will happen, but If you look back you can see these morons on capitol hill always leave things to the last moment, and it will be no different this time.
Ever since [Larry] Summers dropped out, Yellen's name was what people were expecting—so the market likes the nomination, but it wasn't necessarily a surprise analyst at Schaeffer's Investment Research. Also, the ongoing woes of Washington are taking attention away from Yellen's nomination.
I think in the shorter term, there appears to be a couple of obstacles that will prevent any real market conviction. Until the government reopens and the debt ceiling debate is settled, the market will be probably unable to develop any bullish momentum.
You can see this in the market, take a look at the DOW JONES that chart still looks pretty bad technically. It can't seem to keep its head above water at the moment.
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