Daily Market Commentary for September 23, 2011

Two top executive shysters of bankrupt Solyndra sat cold and stone-faced before Congressional committee today as they invoked their Fifth Amendment rights, rather than explain how they blew through $535 million in taxpayer money.
(read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/newscommentary.aspx

For the fourth time since early August, the Chicago Board Options Exchange increased minimum margin requirements for contracts tied to the CBOE Volatility Index, also known as the VIX or 'fear index'. VIX futures are used to construct often-complex bets on swings in the stock market or to hedge against the frequently wild swings.

Gold futures slithered below $1,700 an ounce today, losing more than 4% as turmoil in global financial markets continued and investors rushed to sell metals positions to raise cash. The selloff in the precious metal came amid speculation that Greece is readying for a default and that Greek bondholders would be looking at a 50% haircut in an 'orderly' default. Silver plunged lower by 10% as the global selloff continued.

In just a week a government shutdown looms as the Democratic-led Senate prepares to reject a House-passed funding bill today. The standoff between Democrats and Republicans comes just a week before the end of the current fiscal year, September 30. After Republican leaders convinced conservatives to vote for the spending measure they’d previously rejected, in an after-midnight vote, the House approved a bill to fund the government through November 18. The Senate voted Friday to kill a House-passed bill to keep the government funded through November 18, bringing the possibility of a government shutdown closer. Democrats said the bill does not have enough disaster relief aid as the bill passed on a 219-203 vote. “[The bill] fails to provide the relief that our fellow Americans need as they struggle to rebuild their lives in the wake of floods, wildfires and hurricanes, and it will be rejected by the Senate,” said Harry Reid, the Nevada Democrat who’s majority leader. Both the House and Senate are scheduled to be out on a week-long vacation starting Monday, but the impasse makes the lawmakers’ break uncertain.


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