Friday Stocks Go Down the Hole

Submitted by stockmaster1 on Fri, 12/21/2012 - 06:12

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With Boehner's Plan B defeated expect terrible trading Friday.

If you haven't heard Plan B has been dropped and Dow Jones Futures are down 200 points. Expect a terrible day and a kick in the pants for your 401(k), IRA's, and personal trading portfolios. It's going to suck.

Late Thursday night here is how things are looking:

Stock Futures | Americas

Index Future	Date	Last	Net Change	Open	High	Low	Time
DJIA INDEX	Mar13	13,072.00	-195.00	13,247.00	13,247.00	12,996.00	00:47:34
S&P 500	Mar13	1,417.90	-22.70	1,440.50	1,441.20	1,391.70	00:47:32
NASDAQ 100	Mar13	2,647.75	-42.25	2,687.50	2,688.00	2,637.25	00:05:21

If something doesn't happen fast and it looks like it won't we could be for a terrible bear run on equities. House Speaker John A. Boehner threw efforts to avoid the year-end “fiscal cliff” into chaos late Thursday, as he abruptly shuttered the House for the holidays after failing to win support from his fellow Republicans for a plan to let tax rates rise for millionaires.

Volatility is going to be off the hook tomorrow. If you happen to own shares of the iPath S&P 500 VIX Short Term Futures (VXX) you are going to win big.

Hang in there fellow Masters.