Thursday, July 13, 2006

 

Todays events

It was a very interesting day. The stock market was weak all day. War isn't good for stocks. I kept wondering if this was the beginning of the big down leg I have been anticipating. I have no idea. I learned it is a bad idea to have a preconceived idea of where the market is going while you are trading. This might sound contradictory but it isn't. The idea is to let the market tell you where it will go. You just react to situations when you see an unexploited value. The time to get short stocks was earlier this week.

I was reading something about the administration reconceiving the war on terror as a long war. Don't ask me where, I often read a lot over the course of the day and if I don't make a special effort to save it then whatever I have read is hopelessly lost to me. What the article got me thinking about is how far is Israel going to go in this war. Are they so fed up with Hezbollah that they are going to take on Syria? I doubt there will be an invasion of Syria but they would do us an incredible favor if they decapitated the regime. (That is a euphemism for whacking Little Assad.)

Something else I found amazing is that the Europeans are not raising too much of a stink about Israel's attempts at self defense. Maybe they will tomorrow but usually they are pretty quick to condemn Israel. Another odd occurrence that made today somewhat surreal.

So keep an eye on the stock market. The S&P futures were down after the close of pit trading and given that we have had two days in a row of weakness it is not good news to see this. The Nasdaq took out its June 6th low, the lowest point since the tops put in around May 9th, but the Dow and S&P 500 have a ways to go before they take out those lows. That will be a critical point allowing me to say, "Ahhh, we are all dooooomed." So enjoy the weekend, the apocalypse might start next week. :-)

Update:

Remember what I said about being surprised about the Europeans being quiet. This has my wow meter pegged.

In a significant move, Saudi Arabia, the Arab world’s political heavyweight and economic powerhouse, accused Hizbullah guerrillas - without naming them - of “uncalculated adventures” that could precipitate a new Middle East crisis. A Saudi official quoted by the state Saudi Press Agency said the Lebanese Hizbullah’s brazen capture of two Israeli soldiers was not legitimate. The kingdom “clearly announces that there has to be a differentiation between legitimate resistance (to Israel) and uncalculated adventures.”


Via Hot Air.

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