Stock market is still locked in the same old trading range

Yes, the proximate "cause" of the market decline is the impending and presumed failure of the joint congressional deficit super-committee, but that's simply the superficial excuse for traders and short-term speculators to take advantage of the profit potential of a wider trading range. This could be a one-day event, or maybe not, but the $1.2 trillion automatic spending cuts that will be triggering if there is no deal will more than make up for any spending and tax accord that the Democrats and Republicans were likely to come up with anyway.

 

For long-term investors today is nothing more than a buying opportunity.

-- Jack Krupansky