- Who called the top? Gary Kaltbaum! I listened to yesterday's radio show, where he announced that during his tuesday webcast at 12:00pm EST, he gave a sell signal with the DOW down about 100. He is 100% cash. He has been warning the past few days that the brokerages and financial stocks have been tanking, and that they have been good proxies for the market recently. He last gave a sell signal on May 11th, 2006 which was a good one. So you know.
- Dead cat bounce in the market today? If I had to make a guess, I'd stick with what I said yesterday in that we'll see a little bounce and then more selling. I think the correction is on and will set up a buying opportunity down the road. I remain with low beta holdings and cash.
- Let me paraphrase Ben Bernanke's comments today on the growing costs of Social Security and Medicare: "We're screwed!" He started throwing out numbers about the growth rate of the entitlement programs versus GDP, and it was quite alarming. Basically, we can raise taxes or reduce spending. Can you think of any other options?
- Great night by the American Idol men last night. I thought they did quite well compared to last week's show.
- OK, lunch time...
