Saturday, May 16, 2009
6:00 AM Saturday
(The above illustration was swiped from Jesse's Cafe Americain, which is as good a read as anyone could hope for)
The week is over, thank God.
When I applied to the fedguv ranch, I wanted one of the high paying jobs, with good benefits, consisting of little or no work that I had heard tell about. Well, I didn't get that one. Nuff' said.
So anyway, I have been taking peeks at what has been happening in the phony world of the stock market lately. It would appear that there are a lot of folk out there who are trying to ignore the evidence that the game as changed. They are ignoring the change as hard as they can.
Now, I have no issue with hope. But anybody who buys into a market that is defined by the above graph has been smoking hopium even more potent than the stuff bandied about by BHO and the gang. I think that the bulk of the gains have been made by big houses selling to other big houses, hoping to convince the folks in the street that the water is fine, come back to us.
Everyone that I meet has downshifted. No one that I know spends money the way that they did six months ago. Not a one of them think that "the bottom is in".
at 5:59:00 AM