July 29, 2011 4:15 PM – Markets Close Lower

While the debate drags on the markets decline. The S&P 500 was -0.6%, the Dow Jones Industrials -0.8%. Interestingly, small stocks, normally more volatile, were down only 0.25%.

Treasury bond prices were up. Don’t read too much into that.

Its a very important weekend. Congress will pretty much have a sleepover with plenty of pizza and bleary eyes. I don’t remember the national scrutiny of Congress being any more intense. I expect to see some progress this weekend but I doubt there will be a bill for Pres. Obama to sign until next week. The August 2 date is not quite as firm as many have indicated.

It is important not to trade during all this. Better to relax and watch.

Have a good weekend. Think about football, have friends over, see a movie. I thought The Tree of Life was very interesting if somewhat hard to understand in spots. The cinemaphotography is spectacular. Love it or hate it, you’ll end up talking about it.