Traders React to Obama Town Hall

The CNBC Town Hall Meeting with President Obama is generating discussion on the Street. In an informal poll of several dozen traders and and strategists, traders mentioned three issues they wanted the President to address more than any other:

1) extension of the Bush tax cuts to everyone was far and away the most widely mentioned;

2) a pledge there would be no more new major initiatives until we can asess the impact health care and financial reform are having on business;

3) lighten up on the "class warfare" card; stop vilifying the financial sector and people who make over $250,000 a year that do not consider themselves to be rich. (See: Obama: I Am Not Villifying Business)

A smaller percentage mentioned two interesting issues several times:

1) call on the Senate to approve the three nominees to the Federal Reserve Board of Governors. Leaving those vacancies on the 7-member board is hurting the ability of the Fed to operate effectively.

4) additional tax cuts; most commonly mentioned was a "payroll tax holiday" for new hires for the next one to two years.

Meantime, the markets are finally breaking out of the trading range it was stuck in last week; the S&P 500 needs to close over 1127 to hit a four month high, and is now comfortably over that at 1135.

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