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| 2010-09-03 01:56 |
SWINGING OUT OF THE FUNK
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There are no quick fixes, said President Obama, but tell that to the stock market. The manic nature of the market has sent shares much
higher mostly because the depression-wrecked August was so horrendous. I keep saying the threat wasn't a double dip for the economy but confidence.
The nation is in a funk because it's lost its belief that we can be the leaders. We've seen great athletes go into funks only to come out later and
the situation for the country is not unlike that. It's all about doing the right thing and following a game plan that worked so well that allowed this
upstart nation to become the greatest ever.
Sure, tweaks were needed and will be needed in the future too but there is a big difference between
that and completely changing our game. Tiger Woods is trying to change his swing completely and it doesn't look too good. We need our swing and our
swagger; we shouldn't feel like dirt bags or be stoked into a frenzy of animosity so powerful it consumes the nation. That is exactly what's happened
thus far. It's a good thing the Institute for Supply Management isn't as respected for its work on the service economy as manufacturing or the market
would be down this afternoon.
The ISM non-manufacturing report came in at 51.5, the lowest since January
In addition critical components all moved in the wrong direction.
I like the action today and think the market can trend
higher but will need more "positive" surprises to break out of the top of the trading range.
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Disclaimer: Securities Operations Forum is providing this research to assist investors in determining when to buy and when to sell. All investment decisions are yours and as a result you could make or lose money. Securities Operations Forum, its employees and/or its affiliates and family members may from time to time take positions in the open market or otherwise with respect to the securities discussed, but not have stock ownership equal to or greater than 1% of the outstanding stock of the covered company nor does any employee of Securities Operations Forum sit on the Board of Directors of any covered company. The statements made herein include information obtained from sources believed to be reliable, but no independent verification has been made and we do not guarantee its accuracy or completeness. The statements made herein contain general information and do not constitute an offer to buy or sell any security. |
