Around the SPX had retested 2560 and tried to rally. The market hit SPX 2564 just after 2pm then began to ease back.The market then pulled back to SPX 2561 and closed there.Higher opens get pullbacks, lower opens get rallies. Then after hitting the high just after the Beige book the market pulled back into the close. Except that this last wave has now reached SPX 2564. Short term support is at the 25 pivots, with resistance at the 25 pivots.Short term momentum continues to display a negative divergence. Within two decades he was one of New York’s most successful lawyers and had written major portions of The Federalist Papers.Within three decades he had served as Treasury secretary and forged the modern financial and economic systems that are the basis for American might today.
The larger issue that engulfs the rivalry issue is the fact that partisan bias and historical revisionism afflict just about every biography written for either founding father.
SHORT TERM: IBM powers DOW, DOW 160 Overnight the Asian markets were mixed. US index futures were higher overnight, and at both housing starts and building permits were reported lower.
The market opened at SPX 2564, a new high, and naturally following recent patterns, began to pullback.
Chernow puts Hamilton on a pedestal while trashing Jefferson and his republican cohorts: “Washington’s first term was devoted largely to the economic matters in which Hamilton excelled and Woodrow Wilson justly observed that ‘we think of Mr.
Hamilton rather than of President Washington when we look back to the policy of the first administration’.