Yesterday evening, I was in my car listening to NPR, and the reporter stated that the upcoming federal deficit for the year would be over $1.5 trillion dollars.
Even to someone as cynical as me, I was flabbergasted. It wasn't that many years ago when the nation's entire debt crossed the trillion dollar mark, and people were disgusted at the insanity. Now we're doing that entire amount, plus 50%, in just a single year!
The really gut-wrenching part was when they played Obama speaking about the economy. His two talking points, which he has repeated on a daily basis for months now, are:
+ This wasn't my fault; Bush handed me this disaster;
+ The economy is growing and improving (pfft!), but if we hadn't done the huge bailout and stimulus, it would be much worse
Listen, the results aren't impressive. Even the severely fudged numbers spewing from Washington show a completely anemic economy, and that's with trillions of dollars being poured into a system that will eventually reach ruination.
It occurs to me that we have created the Tori Spelling economy: one in which you have unlimited financial resources to throw at the problem, but no matter how much you spend on plastic surgery (or bailouts for investment banks and people who haven't worked for ages), it's still going to look something like this:
I've got some pretty cool news; I've just received my allocation of Chart Your Way to Profits – Second Edition, and it's ready to ship. If you'd like to buy an autographed copy, read below……
If you'd like me to sign a copy and ship it out to you, just sent a $60 check made out to Tim Knight to the address 555 Bryant Street #711 Palo Alto CA 94301. That's 20% off the retail price, and you get it personally autographed, which easily adds fifty to seventy-five cents of value to the book.
I've never done this before, but I'll be interested to see if any of my readers would like a copy; this is hot off the press, so get 'em while they're hot! If you use ProphetCharts, I think you'll really benefit.
Well that was a day of huge ups and downs, wasn't it? I started off down huge, went up huge, and ended the day up somewhat. Hey, I'll take it! It's a profit.
Tomorrow morning's GDP report is what everyone is waiting for; that comes out an hour before the opening bell. Until then, I don't have much to say . I've got 178 shorts and 2 ultra-shorts. I trimmed some of my larger short positions earlier today (notably XLU, RTH, and SPY) but am still about 125% committed.
One key level to break is shown here:
In the meantime, I suggest you take a look at the following. If you're a Star Trek Original Series fan and Monty Python fan, you'll love it. If you're neither……well……….maybe this isn't the blog for you after all…
This is just a follow-up to my post from July 20th mentioning a big short in Colgate (CL). I covered earlier today at 77.18: