US stocks dip on earnings; Debt deadline nears

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  • Say No to BO Mapleton, UT
    Oct. 10, 2013 9:18 a.m.

    First off, the DOW is a fantasy. It is based on speculation with very little correlation to the health of the companies it represents.
    The market drivers are things like gas prices, consumer confidence, housing starts, unemployment data, bond prices, gold prices...just about everything but information about the companies themselves.
    To be sure, the analysts pay attention to the annual reports and dividends. But most of the day-to-day market sales are based on general speculation. The market exists to feed its own frenzy.
    If it were based on the reality of the US government it would have collapsed under the $17 trillion in debt that is not being controlled. It would have collapsed with the first round of quantitative easing. It would have collapsed when the terms of the cliff deal weren't met in January of this year after having months to rationally invoke the mandatory cuts required in November of 2011.
    In short, the market would have collapsed under the realization that there is no leadership in Washington to solidify our currency.