- President Obama will seek Congressional approval for a strike on Syria.
- Obama says he has "decided the United States should take military action against Syrian targets."
- By leaving the decision to a Congressional vote, the President has effectively ensured any military action will be delayed until at least September 9, when Congress comes back into session.
- For investors, this provides at least a bit of clarity in terms of timing and also another week to sort things out before any potential strikes actually begin.
- On the other hand, the decision is now pushed that much closer towards other key events for the market, such as the FOMC meeting on September 17 and 18. Additionally, the President's move sets up a potentially fractious situation in the event Congress votes "no."
- Investors should note that the market's initial knee jerk reaction was decisively negative when Secretary of State John Kerry seemingly indicated that strikes were more likely than not in a speech last week.
- SPY, DIA, QQQ, IVV, SPY, VOO, RWL, SFLA, SSO, UPRO, SDS, SPXU, SH, EPS, RSP, BXUB, BXUC, BXDB, DIA, DDM, UDOW, DXD, SDOW, DOG, QQQ, QQEW, TQQQ, QID, SQQQ, PSQ, QLD, QQQE.
Obama to seek Congressional approval on Syria strikes: Clarity or more uncertainty?
Aug 31 2013, 15:43 ET