- After Tuesday's strong rally, I think we were all looking forward to an IBD follow-through day Friday or soon thereafter. But before that could happen, the market is tanking in the in-between days. Hammered again today after a nice open. Of course, as soon as the politicians start talking, the market fell.
- And heck, where's the month-end rally?
- Yahoo blames "negative headlines." Yeah. Right. That's all we have had for months.
- It seems like everyday, there is an announcement of another nearly-trillion in borrowing. In the name of fiscal responsibility, of course. Today, Obama announced that he is budgeting for another $750 billion bank bailout for later this year. Yesterday, he announced $634 billion for health care reform.
- Pretty soon we'll be talking about real money.
- All of this to be financed by higher taxes on the rich via restoring tax levels to the Clinton-era rates and eliminating or reducing tax write-offs for the rich. (Which is a massive tax hike, by the way). In addition, the rich limit has been lowered from $250,000 to $209,000. I have a hunch it'll go lower.
- Gary Kaltbaum opened his radio show today saying that the government has declared war on your money. (And war on your wallet).
- It does feel like the government is doing things to prolong the state of the economy and to drive stocks down. I think the government is good for oil and natural gas, as the current administration's energy policy won't produce much energy and will increase our reliance on foreign energy. But that's been the status quo for decades. So can't blame Obama for that. He's not helping, but he's not doing anything different than the guy before him.
- Picture is of Summer Glau. Of course!
