The last two stock market trading days have displayed the stress of a way over bought condition. This huge move up has once again been built on a sand foundation which is beginning to show big cracks. Virtually every group has been down the past two sessions and even stocks that have shown resistance to recent sell-offs, are now feeling the pain. This is a dangerous situation developing. If you can, I would be raising cash.
There is an old Wall Street adage that I have often mentioned about not fighting the tape. To be sure, I really can't believe that the current surge in the market is based on anything but irrational exuberance about an economic recovery that is anemic at best. Still, for us bears it's hard not to acknowledge that there is still the potential for further short term market gains given the technical aspects of the market which look strong. However, I continue to believe that there can be a decisive turn in market opinion very soon given the probable realization that unemployment will remain difficult to turn around and that housing remains a problem. So for now, the bulls are celebrating but how long will it last?
I for one am delighted that the White House has decided to take on the creeps at Fox News. Regular readers of this blog know how much I detest the extreme right wing shills at the Roger Ailes network. Fox is not a news organization. It is very definitely positioning itself as the "voice" of the opposition to Obama. There is no objectivity at all in their reporting. Just bash, bash, bash Obama. In my opinion, they are a real threat to the republic.
While watching the Sunday news programs I happened upon another Republican bimbo - Liz Cheney. She was pontificating upon all matters particularly foreign policy. Can anyone tell me what this women's qualifications are besides being the offspring of Darth Vader? Of course, she was appearing on Fox News, which is nothing more than an offshoot of the Republican propaganda machine.
I reckon that the Fox Business Network is celebrating Halloween early. Their anchor right now is Dagen McDowell who is dressed entirely in black to go with her long black hair. She looks just like a witch. Just missing the hat and broom. Really, this channel has the most comical looking women in TV. Just a hoot watching!!
During the past few days I have been personally experiencing the hell that is the insurance component of the health care system. My insurance company (Blue Cross/Blue Shield) has lied to me on four separate occasions, all in an attempt to deny me benefits that I clearly qualify for. These companies are predators and should be replaced not with a public option, but with a SINGLE PAYER system run by the government.
