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Wednesday, October 15, 2008

Idiot Of The Week

This weeks' Idiot for the week comes via the Big Picture, and is none other than Charlie "Gasbag" Gasparino, who wrote an Oped for the NY Post, which I'm not going to waste time reading, as Barry Ritholtz summarizes the basic points in his post. Good old "rumor of the day" Charlie believes the market is coming unglued because Barack Obama is leading in the polls, and of course, we all know Barack is one of those commies who wants to raise taxes. Especially good was Gasparino's response to Ritholtz, just dripping with arrogance and condesention. Barry must have the patience of a saint to put up with the likes of Gasparino, Kudlow, and two-time idiot of the week winner Donald Luskin.

Speaking of markets coming unglued, that is what is happening right now. All sectors are getting beaten up, but energy and materials are in full crash mode. It's safe to say we don't need to watch for a follow through today. To make matters worse, both the TNX (10 year) and IRX (90 day) are rising. This is not good at all. The news isn't helping. The cost of the $700B bailout is now at $3 Trillion and rising (I hate to say I told you so, but, well, I told you so). Congress is considering another Stimulus package, using money they don't have. I have a feeling whoever wins the election in November will end up wishing he had lost.

There is nothing on the earnings list reporting today. There are no breakouts, and 3 new highs (all ETFs).

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