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Well, I guess it shouldn't come as a suprise, but for the 8,835th time, a "breakdown" has lasted all of one trading session. The entirety of the drop from the S&P downgrade has been more than reversed, and Wednesday already looks like a good day for the bulls (judging from the ES and NQ right now).
If the SPX gets above 1340, there's very good reason to believe that 1430 is the next stop. Everything depends on that horizontal line.
Further to my Monday comment on Steve Liesman, Turbo Tim Geithner's interview with Liesman this morning made me shake my head as well. In essence Turbo Tim suggested that the President's plan to reduce the deficit would protect the middle class and social security while reducing over time the fiscal deficits.
I'm a simple man (no jokes please), but to me the government doesn't create anything. It in essence takes resources from some parts of society and redistributes them (less the cost of running the various programs) to other members of society.
The unasked question (thanks to Liesman) if the deficit is going to be reduced and heaven forbid, the national debt paid down, who is going to pay for it? Tim says not the middle class or seniors …. maybe one of the talking heads at CNBC might ask that simple question.
Cheers … in my cave with my loaded gun and cans of beans.
A couple of stocks that came up on my screens today were Toll Brothers (TOL) and Pulte Group (PHM) … I can't figure out why today of all days (Editor's note – this post was written yesterday) these stocks look like they want to break higher.