"There is a fine line between fishing and just standing on the shore like an idiot."
Steven Wright
I feel sort of like a idiot right now. I had been been expecting a correction, but not a big one, so I haven't been doing much of anything in the market for the last couple of months. Alcoa kicked off earnings season last night and doesn't look like much of a catalyst for a move either way. Lower-than-expected losses on China re-stockpiling is not indicative of strength.
My gut is that the US economy and not individual company earnings is still the key.
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It is interesting that Pimco has withdrawn from PPIP. If I were Geithner I'd be very worried that they know something that I don't know.
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