That'll be the day I go
Back to Annandale...1973
Looks like the Steely Dan guys will be going "back to their old school."
IOU
The revenue shortfalls that will be experienced by States and Municipalities will be one of the factors for further economic deterioration. This "new world order" can only pull us out of the debt binge by economic expansion. Growing government is not the way to economic expansion.
Our update on June 10, 2009 turned out to be quite timely. The final exit of the stock market has pinned the exact high. Our short sales have done nicely.
Today's sell off has reached a very short-term oversold position. Shorts were closed today around 3:30 p.m. The market should keep heading lower in July but perhaps next week either a sideways or counter-trend bounce will relieve this oversold condition. At such point the market will be reassessed and we will re-enter positions.
Remember the meaning of the 4th of July! Let freedom ring!
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